Community Corner
Malta a Magnet for U.S. Hedge Funds
A recent article in Bloomberg News tells the story of how Erik Nelson, who was working as a research analyst in the Stamford offices of FMG USA, was asked by his bosses in 2009 if he'd be willing to relocate to the Mediterranean island.
Economists have been predicting that over the next several years a significant percentage of U.S. hedge funds will up-root and move to small countries overseas where they are taxed less, and their workers, with their hard earned American dollars, are a welcome addition a struggling economy.
Currently the Mediterranean island country of Malta appears to be such a destination for U.S. hedge funds: An article in the February issue of Bloomberg Markets Magazine tells the story of how Erik Nelson, who was working as a research analyst in the offices of FMG USA, was asked by his bosses in 2009 if he’d be willing to relocate to Malta after it relocated its headquarters there from Bermuda.
At first Nelson replied that he’d “have to think about it,” according to the report, but after mulling it over for three months he decided to take the deal. Today he plays squash, sails and goes spear fishing every week on the beautiful island, where it is sunny about 300 days of the year. What's more his office is only a stone's throw away.
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As the report points out, U.S. hedge funds are increasingly being lured to Malta, thanks to its “low taxes, cheap labor” and “coveted address inside the European Union.” And for some hedge fund workers in "gloomy old" Fairfield County, an opportunity to relocate to an island paradise may be simply too good to pass up.
