GIBRALTAR is to amend its financial legislation in a bid to attract up to a fifth more hedge funds to the Rock.

The proposal will allow funds to be domiciled without the administrator having to be based there, according to finance minister Gilbert Licudi.

Previous rules dictated that administrators had to be based on the Rock, which had acted as an obstacle to attracting large funds.

“There is potential for expansion – providing we get it right,” said Licudi.

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