Ross Turner and Hadyn Cunningham, directors of Pelham Capital Management, opened an office in London in July of this year, from which their new long/short European equity hedge fund will be launched to institutional investors on the 1st November. Their aim is to raise US$500 million before closing to new investors. The company's operations have now been split between London and the Isle of Man.

Brian Donegan, Isle of Man Finance commented on the relocation:

“We are delighted to welcome Pelham Capital to the Island. Having such a high calibre organisation on the Island is a testament to our new dynamic and comprehensive funds regime we now have available. It also proves the success of the model we developed as part of our recent strategic review of the sector."

He continued: "There is tremendous scope for the international hedge fund manager community in terms of working with the Island. We anticipate that our new funds initiative will accelerate growth of 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.”

The Isle of Man officially launched its new funds regime on September 20, 2007. The regulations offer a new and enhanced suite of fund categories, including SF (specialist fund) and QF (qualified fund) products. The regime includes a major new focus on alternative funds in order to secure business for the incorporation, domiciliation and establishment of fund management operations in the Isle of Man.

Commenting on the move, Ross Turner observed that there are also several other factors making the Isle of Man attractive to hedge fund managers.

“As triple ‘A’ rated by Standard and Poor’s the Isle of Man offers an investment grade location for hedge fund managers; further the dual attraction of experienced staff and a competitive cost base make the Isle of Man a perfect location for our growing business. Further attractions for us are the Island’s tax neutral environment, strong regulatory reputation and it’s close proximity to our London office, within the same European time zone," he stated.