The principals of STW Fixed Income Management are joining the ranks of Californians seeking greener pastures elsewhere. The firm, which manages just less than $10 billion in fixed-income assets, just completed a move from Carpinteria, Calif., to Hamilton, Bermuda.
Nearly half of the staff made the move, said William H. Williams, chief investment officer. Despite its reputation as a tourist destination, Bermuda also is a recognized financial center, so qualified personnel has not been hard to come by, he said.
The impetus for the move was not an interest in offshore assets or tax considerations, but rather a quality-of-life issue, said Mr. Williams, who has been visiting the island since 1984. He likes Bermuda and technology makes it possible to relocate there, he said.
"You can live and work anywhere, as long as you can get your computers fixed and the telephone working," he said.
As for client contact, the new location actually will mean less travel, said Mr. Williams. The firm has a number of clients in the East and Midwest, and it's a much shorter flight from Bermuda than from the West Coast.
The new STW offices have three portfolio managers, including Mr. Williams and his fellow principal, Edward Jewett. Mr. Williams would not identify the third portfolio manager pending a final agreement with the manager's previous employer. Frank Haines, formerly vice president for fixed income and manager of the bond and intermediate cash funds of The Common Fund, Westport, Conn., joined STW as head of client service and marketing. He replaces Mitchell Little, who didn't make the move south.
Mr. Haines' resignation from the Common Fund is effective March 30, said President David K. Storrs. He will be replaced on an interim basis by MaryEllen Beaudreault, assistant vice president, while the fund searches for a permanent replacement.