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Pelham Capital Management opens Isle of Man branch

The Isle of Man has announced the establishment of new hedge fund managers Pelham Capital Management on the island.

Pelham Capital Management has split its operations between the London office and the Isle of Man.

Pelham Capital Management directors Ross Turner and Hadyn Cunningham opened the office in London in July this year, from which their long/short European equity hedge fund will be launched to institutional investors on November 1. Their aim is to raise US$500 million before closing to new investors.

Isle of Man Finance director of foreign direct investment Brian Donegan says: “We are delighted to welcome Pelham Capital to the Island.

“There is tremendous scope for the international hedge fund manager community in terms of working with the island. We anticipate that our new funds initiative will accelerate growth of the number of hedge fund managers coming to the island. We are confident of reaching our target of US$50 billion funds under management and US$100 billion of funds under administration by 2010.”

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