"We never had to deal with any bureaucratic delays in
Gibraltar and the relocation from the Bahamas to Gibraltar was both
simple and cost effective in the execution"
In 2005, we had three Futures Funds (two global diversified
futures funds and a specialized commodity futures fund), with one
based in Luxembourg and two domiciled in the Bahamas. I now would
like to describe the reasons why we decided to move the funds from
the Bahamas to Gibraltar.
On 1st July 2005 the European Union Savings Directive
(Directive 2003/48/EC, the "EUSD") came into effect.
Around that time we received confirmation that, as the Bahamas was
not a signatory to the EUSD, all funds domiciled there would be
deemed to fall within its scope. The only way a fund could then
exempt itself was based on a specific asset test, as outlined in
the EUSD. The principal asset test is that a fund is excluded from
the EUSD if less than 40% of its investable assets are invested in
interest bearing
