Back Office & Operations Launches & Closures

Jupiter closes offshore office following demands for regulated funds

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Jupiter Asset Management is closing its Bermuda office this year as a result of declining hedge fund assets and the shift towards regulated products.

Last October the asset manager merged its largest remaining hedge fund, Europa, into its Luxembourg-domiciled UCITS because of investor demands for liquidity, transparency and regulatory oversight (see earlier story).

Jupiter Financials and Hyde Park Hedge Funds had $38.6 million (£25 million) assets under management at the end of 2011 and in the last quarter of last year the strategies had net outflows of $54.1 million (£35 million). It is expected the two hedge funds