Administrators have made claims against him for misreporting the value of assets under management and the insufficient disclosure of an offshore fund.

So who are the offshore fund groups marketing products onshore?

However, certain offshore funds are set up to distribute dividends, not interest, subject to higher-rate tax at 32.5% or 10% at the basic rate.

However, early indications suggest that offshore funds could give their onshore counterparts a real run for their money.

We can now offer clients access to talented hedge fund managers, for example, who were previously available only through offshore funds.