 | Hedge -Best Hedge in SW1 Real Estate Hedge Domicile The specific legal structure of a hedge fund -- in particular its domicile and the type of entity used -- is usually determined by the tax environment of the fund's expected investors. Regulatory considerations will also play a role. Many hedge funds are established in offshore tax havens so that the fund can avoid paying tax on the increase in the value of its portfolio. An investor will still pay tax on any profit it makes when it realises its investment, and the investment manager, usually based in a major financial centre, will pay tax on the fees that it receives for managing the fund. At the end of 2004 55% of the world's hedge funds, accounting for nearly two-thirds of total hedge fund assets, were established offshore. The most popular offshore location was the Cayman Islands, followed by the British Virgin Islands, Bermuda and the Bahamas. The US was the most popular onshore location, accounting for 34% of funds and 24% of assets. EU countries were the next most popular location with 9% of funds and 11% of assets. Asia accounted for the majority of the remaining assets. Amaranth Advisors Bridgewater Associates Caxton Associates Centaurus Energy Citadel Investment Group D. E. Shaw & Co. Fortress Investment Group Goldman Sachs Asset Management Long Term Capital Management Man Group Pirate Capital LLC Renaissance Technologies SAC Capital Advisors Soros Fund Management Marshall Wace |
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