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Benedicte Gravrand, Opalesque Geneva:
This the first of our three articles on hedge fund re-domiciliation trends and challenges.
According to a recent report by TheCityUK, an independent membership body, by the end of 2010, the US was the largest management centre for hedge funds with 68% of the global total, down from 86% a decade earlier. Europe followed with 22% and Asia 6%.
Location, location, location
New York is the world’s leading centre for hedge fund managers, followed by London. TheCityUK estimates that around 41% of global hedge fund assets under management (AuM) ($1.9tn) were managed from New York in 2010, down from more than half a decade earlier. London’s 19% share was slightly down on the previous year mainly due to faster growth in AuM in North America than in Europe. London is by far the largest centre in Europe; the 700 hedge funds located in London managed around 70% of Europe-based hedge funds’ assets.
Around 60% of hedge funds in 2010 were registered in offshore locations. The popular Cayman Islands accounted for 37% of all hedge funds, slightly down on its 39% share in the previous year. It was followed by Delaware (US) 27%, British Virgin Islands 7% and Bermuda 5% (total: 76%). Around 5% of global hedge funds were registered in the European Union (EU), primarily in Ireland and Luxembourg. Hedge funds are however predominantly mana...................... To view our full article Click here
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