Friday, 6 May 2016
Last updated 2 hours ago
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.