Tyrus Quits London For Monaco

Apr 11 2012 | 1:30pm ET

Tyrus Capital has all but left London, relocating most of its staff—including its top staff—to Monaco.

Tyrus, the largest European hedge fund launch of 2009, had opened an office in the miniscule principality on the French Riviera last year, giving some staffers the chance to skirt higher British taxes. At the time, it was reported that Tyrus, which has US$1.8 billion in assets, would remain headquarter in London, with both founder Tony Chedraoui and chief operating officer Mark Madden remaining in the British capital.

But both Chedraoui and Madden have moved to Monaco, along with most of Tyrus' staff, Reuters reports. Also making the move were investor relations chief Charles Hopkinson-Woolley and partner Xavier Portes, whose Financial Services Authority registrations have become inactive. In addition, all four have resigned as directors of Tyrus Capital LLP .

According to a regulatory filing for Tyrus Capital Services, Chedraoui is now a resident of Monaco.

The motivation for the move seems to be impending European Union regulations. Monaco, like Switzerland, another popular destination for London hedge fund managers fleeing taxes and regulations, is not a member of the 27-nation bloc.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...