Hacker News Reader

No, it isn't. The people who decide what the fund buys and sells are in London, NYC, Zurich, etc. They pay taxes according to where they are.

The fund vehicle is in the Caymans / Bermuda / IoM etc.

Why aren't they based in NYC or London then?

Read what I wrote. The management company is based in London, the fund that holds the investments is based in the Caymans.

There's nothing in your links that contributes to this discussion.