Tyrus Opens Monaco Office, Will Stay In London

Jul 6 2011 | 12:30pm ET

Tyrus Capital, the largest European hedge fund launch of 2009, is the latest to give its staff a chance to avoid British taxes.

The London-based firm has opened its first office outside of the British capital, in Monaco, the miniscule principality on the French Riviera that has long served as a playground for the rich. What it has not been is a major hedge fund haven, counting only a few top industry names, among them SRM Global and Knight Vinke Asset Management, as residents.

Tyrus, which debuted with US$800 million and now manages more than US$2.5 billion, picked Monaco over several other possible destinations, including ones in Asia. It is unclear if the firm, founded by former Deephaven Capital Management star manager Tony Chedraoui, investigated a branch in Switzerland, the destination of choice for most London hedge fund managers fleeing the U.K.'s new top tax rate of 50%.

Tyrus will remain headquartered in London, and both Chedraoui and chief operating officer Mark Madden will remain at its Grosvenor Place offices. How many of the firm's 25 employees will move to Monaco remains unclear; Tyrus plans to hire locally as well, the Financial Times reports.

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