Bank of Bermuda has teamed up with Goldman Sachs, PriceWaterhouseCoopers PwC and Deacons to launch the Kangaroo Fund -- a cut-price incubator hedge fund for small alternative investment managers in Australia.
The fund is designed to help local fund managers attract money from offshore investors by circumventing Australia's rigid and prohibitive tax rules. Managers with less than $10 million under management are eligible to join the fund and will benefit from its offshore jurisdiction.
They will also benefit from a promise by the four members of the Kangaroo consortium to offer their fund establishment and administration services at a low cost. Those signing up for the incubator will pay...
