Withers in hedge fund drive with third US arm” />Private client specialist Withers is planning to open an office in the hedge fund capital of the world – Greenwich, Connecticut.
The expansionist firm, which opened an office in Geneva earlier this year, has pencilled in the second half of 2006 for its third US office after New York and New Haven.
Greenwich is considered one of the richest towns in the US and is the base for many of Withers’ current, and hopefully future, clients.
“There are very few firms in Greenwich and no international firms at all,” said the firm’s UK managing director Margaret Robertson. “Many of the clients there currently use New York firms.”
Robertson added that the firm would also be looking at establishing a West Coast presence in the future, although this was not currently on the agenda.
The last financial year has been another year of investment for Withers, which merged with US firm Bergman Horowitz & Reynolds in 2002. As well as opening in Geneva at a cost of around £1m the firm has upgraded its IT with a new Elite accounting system, setting it back some £1.2m.
Despite the outlay, global revenues last year increased 15 per cent, from £52.4m to £60.3m, while average profit per equity partner rose 11 per cent to £313,500.