It is the second such announcement by IoM Finance in as many weeks, after the department publicised Pelham Capital Management's decision to split its operations between London and the Isle of Man to take advantage of the jurisdiction's new fund laws.

Partners Nick Corby, Gary Cressman, Aelita Arampova and Mark Slater established Bridge Asset Management in August, 2007. The management company’s first fund, Bridge Global Opportunities Fund (BGOF), launched in October 2007, is event-driven and will concentrate on special opportunities within the emerging markets. Over time, Bridge Asset Management intends to increase the size of the operation on the Isle of Man as other fund strategies are added.

Brian Donegan, Director of Foreign Direct Investment at Isle of Man Finance, commented on the relocation that:

“We are delighted to welcome Bridge Asset Management to the Island. The establishment of this high calibre organisation on the Island is a testament to our new dynamic funds regime and a further indication of the success of the model developed from our recent strategic review of the sector."

“There is tremendous scope for the international hedge fund manager community to base a substantial part of their operations in the Isle of Man. We anticipate that our new funds initiative will accelerate growth in the number of hedge fund managers coming to the Island. We are confident of reaching our target of US$50 billion funds under management and US$100 billion of funds under administration by 2010.”

Mark Slater, General Counsel, Bridge Asset Management added:

“When we formed the business we were presented with a number of choices in the decision of where to base our management services. In the end the choice was simple. The Isle of Man authorities were eager to assist us in the establishment of operations on the Island and the process of gaining the requisite licences was extremely efficient and prompt. The prevailing ‘can do’ attitude and professionalism is impressive.”