Reuters- The pastel-colored buildings lining Bermuda’s main commercial district are home to thousands of the world’s top hedge funds — from Europe’s Man Group and GAM to Connecticut’s DKR Capital.
But the British colony has been struggling to catch up to its Caribbean cousins, the Caymans and British Virgin Islands, in the race for the $2 trillion (1 trillion pound) hedge fund industry’s fast-growing offshore business.
That could soon change, said Cheryl Packwood, a U.S.-trained lawyer who as chief executive of the Bermuda International Business Association heads the campaign to attract hedge funds.
In the next 12 months, the 22-square-mile (57-sq-km) land of pink beaches and rolling golf courses expects to raise the number of registered funds by 50 percent to 3,000, she said.
