Guernsey Finance

BlueCrest Capital Management – one of Europe's third largest hedge fund manager – has relocated to Guernsey.

In a letter sent to investors this week, the $15.5bn firm said it had formally made the move to Guernsey on 1 April. That would mean the relocation came just days before the UK Government’s introduction of a 50% top income tax rate for those earning £150,000 or more a year.

Guernsey law firm Ozannes has advised on the reorganisation, including establishing a new group head office in the Island.

Michael Platt, the firm’s founder, said that issues such as the European Union’s Alternative Investment Fund Managers (AIFM) Directive were a factor behind the decision. Guernsey – which is outside of the EU – operates a ‘Zero-10’ corporate tax regime. This is being reviewed but currently all companies pay a zero rate of tax, except banks which are levied at 10% on some elements of their activity.

It also follows a similar announcement in March from London-based stockbroker Shore Capital. 

For more information on relocating to Guernsey use this link: Relocating to Guernsey

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