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Prodigy Capital Partners plans to redomicile its Cayman fund to Luxembourg

London-based Prodigy Capital Partners is initiating plans to restructure and redomicile its Prodigy Asia & Emerging Markets fund from the Cayman Islands to Luxembourg it said in a shareholder circular reported by Reuters this week. If approved by shareholders it will see the existing hedge fund structure converted into an UCITS-type fund structure. Grant Thornton Lux Audit S.A. are to become auditors to the Lux-domiciled fund and replace Grant Thornton in The Caymans, subject to the fund being successfully approved by CSSF, Luxembourg’s financial regulator. In addition to the offshore Cayman fund, Prodigy also manages a UK fund – PFS Prodigy Asia Emerging Markets Fund. The rationale for restructuring the funds was, said the firm, to reduce overall costs of both funds to shareholders and to simplify the management of the funds into a single entity. Consequently, shareholders of the UK fund will be merged into the redomiciled Luxembourg fund, which will then be managed as a single UCITS umbrella. Prodigy said that the onshore fund’s mandate would be similar to the existing offshore mandate. As the firm points out, one of the advantages to moving onshore is that the fund will only charge a 10 per cent performance fee as opposed to 20 per cent currently employed in the Cayman fund. Another clear advantage to creating a Luxembourg SICAV structure is that other managers could potentially establish sub-funds under the umbrella and therefore create economies of scale for Prodigy and its investors.


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