A further indication that hedge funds are really taking off as an alternative investment vehicle is the news that Span is to get its first locally-domiciled hedge fund. It has come about through a joint venture between Banco Bilbao Vizcaya Argentaria (BBVA) and a team of traders from Banco Santander.
However, according to Leon Bartolome, former co-head of proprietary trading at Banco Santander, the hedge fund will not be sold in Spain and will only be available for sale to offshore investors. Previously investors would only be able to access Spanish funds which are managed in domiciled in traditional offshore jurisdictions such as Dublin and the Cayman Islands.
The fund has not yet been named and is in the process of getting regulatory approval. The four traders behind the fund will set up their own investment management company which will form the basis of the joint venture with BBVA. Deutsche Bank is set to provide prime brokerage to the new hedge fund.
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