Emerging markets specialist Bridge Asset Management has been in the vanguard of new operations establishing in the Isle of Man as a result of the Island’s new licensing regime designed to attract leading hedge fund managers.
The company comprises four highly experienced players in the industry who used to work together at City firm, Argo Capital Management. Partners Nick Corby, Gary Cressman, Aelita Arampova and Mark Slater got together to form the new business in September 2007.
Bridge is basing its middle and back office and trading execution in the Isle of Man, while the fund adviser will operate from the company’s head office in London’s Mayfair. The firm’s first fund, the Bridge Global Opportunities Fund, was launched in October 2007. The event driven fund will concentrate on special opportunities within the emerging markets. ‘Globalisation is still opening up these frontier markets and I’m looking forward to harnessing this potential at Bridge,’ says CEO Aelita Arampova.
The team of fund advisers have a formidable track record in running similar funds and now plan to build on their success in this sector of the market. They see the move as an exciting opportunity for investors to gain further access to unique and diversified situations within the emerging markets by capitalising on the strong deal flow generated by the partners.
The Isle of Man…by choice
Mark Slater is Bridge Asset Management’s General Counsel supporting the investment process and dealing with the regulatory and compliance aspects of the business. As such, he has been heavily involved in the decision to locate a major tranche of the new operation in the Isle of Man.
‘When we formed the business we had a number of choices over where to base our management services. In the end the choice was simple: The Isle of Man authorities were keen to get our business and the can-do attitude and professionalism is impressive. The process of gaining the requisite licences within the Isle of Man was extremely efficient and prompt.’
Bridge Asset Management (Isle of Man), is being run by Executive Director, David Gannon, who has extensive experience in the administration of various fund types. Prior to joining Bridge, he was a senior administrator at Bridgewater (IOM) and Northern Trust (IOM) which acquired the operations of Barings in the Isle of Man (www.bridge-am.com).
Local expertise
Bridge Asset Management chose Isle of Man based Caledonian Fund Services (Europe) to administer the Bridge Global Opportunities Fund, and to provide certain administrative and compliance services to its new Isle of Man operation to help it become established. Caledonian holds at category 4 investment business licence issued by the Financial Supervision Commission and administers a variety of funds, including Cayman and BVI domiciled funds as well as Isle of Man domiciled schemes.
Gordon Wilson, Caledonian’s local Managing Director, says: ‘Caledonian is delighted that Bridge has come to the Isle of Man and established a base of operations. We are also delighted the company chose Caledonian to help it become established and to administer its fund.
‘Bridge joins a growing number of fund managers who see the compelling proposition of the Isle of Man as a base of operation to complement their UK based investment advisory businesses - and their close proximity to us as their administrator is bringing the anticipated efficiencies to the administration process. We wish Bridge every success.’
Caledonian, which has had a significant presence in the Island for more than a decade, recently moved to spacious new offices in Douglas bringing together the 35 staff working in its fund and trust operations. Its ultimate parent is Caledonian Global Fund Services, one of the fastest growing fund administrators in the world (www.caledonian.com).
Dynamic environment
The Isle of Man offers considerable scope for expansion of the global hedge funds industry. The early location of a company of Bridge’s calibre is a testament to the attractiveness of the Island’s dynamic new specialist funds regime launched in September 2007.
At the core of the package is a new suite of funds designed specifically to meet the demands of modern institutional and non-retail investors. New Manx legislation required to introduce the Specialist Fund and the Qualifying Fund, and to update the Experienced Investor Fund, came into effect in October 2007.
Professional endorsement
The Isle of Man funds industry has worked with government to come up with the ‘bespoke’ model to suit the highly competitive global marketplace. Response to the new licensing regime has been such that the industry is now confident of achieving its target of reaching $150 billion funds under management or administration by 2010.
Backing up the industry is a bank of superior professional expertise. Many of the Island’s leading accountants and law firms now routinely handle complex multi-jurisdictional business on behalf of blue chip international clients - further enhancing the Isle of Man’s reputation as a centre of business excellence.
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