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From Kirsten Bischoff, Opalesque New York:
Texas may not spring to mind as a top hedge fund center, but the Texas Hedge Fund Association represents over 200 members, and the most recent Opalesque Roundtable: Texas, gathered fund managers who oversee assets ranging from $100m to $8bn, illustrating the diversity of the state's manager base. With a growing population of managers, and signs of new life in Texas-based startups, the lone star state's hedge fund industry is on the rise. In fact, the Texas Hedge Fund Association was one of the first hedge fund industry organizations asked to join the Managed Funds Association's (MFA) affiliate program.
"I am very bullish on Texas over the next 10 years, and believe that for the next decade we will see an influx of good businesses and good people here, which is going to be very beneficial for commerce, our industry - as well as other industries," said Kyle Bass, Managing Partner at $536m Hayman Capital, who's main fund was said to be up approximately 160% for 2009, driven partially by Bass' positions based on the prediction of a looming sub-prime housing crisis. (Source
Part of the draw for businesses is that Texas is one of only seven states that do not impose a state income tax on residents. Compared to tax rates in some of the other large U...................... To view our full article Click here
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