Disgraced fund manager Neil Woodford could set up new venture in notorious tax haven of Cayman Islands
Disgraced fund manager Neil Woodford is poised to set up his new venture in notorious tax haven, the Cayman Islands.
Woodford, whose Equity Income Fund was at the centre of a scandal two years ago, had previously suggested his company could be based in Jersey.
But after the crown dependency’s regulator warned it could not be used as a ‘back door’ to restart the 61-year-old’s career, he has turned to the Caribbean, according to financial website Citywire.
Life’s a beach: Neil Woodford is said to have registered WCM Partners Healthcare on April 16 in the Caymans
He is said to have registered WCM Partners Healthcare on April 16 in the Caymans, a British overseas territory.
The islands were dubbed ‘one of the world’s most notorious tax havens’ by Oxfam last year, due to their light-touch regulatory regime and tax exemptions.
It comes after Woodford’s decision to start a new fund prompted dismay among politicians and savers who lost under the stock picker.
Some £200million is owed to investors.
The fund’s collapse is being investigated by City regulators, while a legal battle is also underway over compensation for savers.