A major offshore investment company has announced that it will
quit Bermuda and re-locate to Southern California, citing tough
new work permit restrictions as the main reason for the move.
STW Fixed Income Management CEO William Williams announced the
move last week amidst a barrage of accusations from the international
business sector that the Bermuda Government has adopted an "unfriendly"
attitude towards offshore business and is promoting anti-foreigner
sentiments through its new workplace racial equality ("CURE")
regulations.
"Our company competes with the top asset managers in the world. We must be able to freely recruit and retain the very best talent and to manage our business efficiently. If we cannot, we will fail in our fiduciary responsibility to our clients and lose out to our competitors who are not similarly hamstrung in the conduct of their businesses," Mr Williams said.
Mr Williams said that STW was "concerned about the new work permit policies", but reserved his strongest criticism for the CURE regulations which he described as "disastrous". "The employment of the best qualified individuals at all levels of a business regardless of race is an important goal for employees seeking good jobs and employers wishing to hire the best workers. This legislation, rather than promoting opportunity, threatens to cripple or drive away the very businesses that provide the jobs," Mr Williams said.
Mr Williams said that Bermuda is a very expensive place to do business, but when STW moved there six years ago Bermuda's light regulation was a major factor in offsetting the high costs. He went on to warn the Government that if it continues with its current policies more international businesses will follow STW and relocate elswhere. "The government and the people of Bermuda must respond to the reality that much of the international business here is highly mobile," Mr Williams said.
STW Fixed Income Management manages around $10 bn in assets and will relocate its operations to California (where it already has a subsidiary) in August this year.
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