The Isle of Man today confirmed the establishment of leading fund management firm, Bridge Asset Management, on the island.
Bridge Asset Management will base significant operations including its middle and back office and trading execution, in the Isle of Man. The fund advisor will be based in the Mayfair head office, thus adopting the model recently advocated by the island as part of its new fund regime.
“There is tremendous scope for the international hedge fund manager community to base a substantial part of their operations in the Isle of Man. We anticipate that our new funds initiative will accelerate growth in the number of hedge fund managers coming to the island. We are confident of reaching our target of $50 billion funds under management and $100 billion of funds under administration by 2010,” says Brian Donegan, director of Foreign Direct Investment at Isle of man Finance.
“The Isle of Man authorities were eager to assist us in the establishment of operations on the island and the process of gaining the requisite licences was extremely efficient and prompt. The prevailing ‘can do’ attitude and professionalism is impressive,” adds Mark Slater, general counsel, Bridge Asset Management.