By Parin Shah, 17 December 2012, www.prohedge.co.uk
Florida has experienced significant growth as a hedge fund centre, a trend driven by the move of Latin American hedge fund managers setting up with a view to attracting US investors to invest in LatAm or direct Latin American capital into US markets on behalf of investors.
And now Apex Fund Services, a major player in the fund administration space with $20bn of assets under administration, has been pulled into the area recently opening up a new office in Miami. Thalius Hecksher, Global Head of Business Development at Apex believes that there is much more growth to come, much due to the Florida’s geographic location. Speaking to HedgeCo.net Hecksher comments that “the Bahamas has realised that their fund structure has become very attractive to high-net worth individuals based out of Brazil. Again, with the Bahamas being on our doorstep, we’re definitely going to see an awful lot of flow coming our way”.
Miami is seen by Latin American hedge fund managers as “a gateway for North America to South America”. “Miami is actually well-positioned for Europe as a very strong hub,” adds Hecksher. Of course it is not just location attracting hedge fund managers. Taxes for funds remain very low and the Florida Alternative Investment Association has been making a conscious effort to attract manager and build up service providers in the region which remain limited.
And with the Miami lifestyle, it is unlikely that fund managers will be averse to taking advantage of the growth prospects the city has to offer.
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