Regulation Pushes Hedge Fund Offshore And No One Wants To Move To The Small, Sketchy Island Where There's Nothing To Do

guernseyWhy did they choose Guernsey over the island of Jersey?

BlueCrest, Michael Platt’s $15.5 billion hedge fund, has recently relocated to a tiny island off the coast of France.Reuters got a hold of the fund’s letter to investors, which says they plan to move just two partners to Guernsey. No traders will relocate to the island and the fund will have to recruit several more to work there.

That’s funny, but not surprising that they have to recruit people to move to Guernsey. At first glance, the island does not look like an ideal place to live.

But, don’t sell this place short, BlueCresties. The townspeople can turn a boring leadership presentation into a war re-enactment complete with “chain mail outfits” (?) so imagine what kind of fun you have to look forward to when these folks get a few drinks in them. Storytime in the Peace Garden anyone? At least one of Geurnsey’s residents knows a good one about a duck with purple stripes.

Presumably though, BlueCrests move is for more boring, but very important tax reasons. The island is said to be a great place for headquarters because of their favourable tax system and “low levels of bureacracy.” Lawyers confirmed with Reuters that BlueCrest would pay less in both corporate and personal tax.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.