Smith & Williamson To Move Hedge Fund To Ireland

Sep 30 2009 | 2:24am ET

Another firm is preparing itself for the inevitability of new hedge fund regulations in Europe by moving its hedge fund onshore.

Smith & Williamson plans to convert its £80 million Enterprise Hedge Fund into a UCITS III-compliant vehicle by the first quarter of next year. In addition, anticipating new restrictions on offshore funds, the firm plans to switch the Enterprise fund’s domicile from the Cayman Islands to Dublin, Ireland.

“We thought six months ago we would launch a new UCITS III fund to run alongside Enterprise, but as our discussions progressed we realized with the sea-change in attitudes taking place in clients and regulators it was much better to take the existing pot of assets and move into much more of a user-friendly environment,” Nick Hodgson, head of marketing and sales at the firm, told Investment Week.

The conversion, which would also change the fund from monthly to daily liquidity, requires both shareholder approval and that of Irish regulators.

“To us, it makes sense, because what is clearly driving the hedge fund world is liquidity and transparency, as well as regulatory oversight,” Hodgson said.

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