Tewksbury Capital Management (formerly Trout Trading Management Co Ltd), quashed rumours that they may be relocating to the US yesterday.

The company confirmed that they have established a company called Stephens Capital Management LP, a US based service provider that will be supporting Tewksbury's operations here in Bermuda.

The company currently has approximately seventy employees in Bermuda. Over the next year up to thirty people currently based here will be relocating to Philadelphia, including potentially some Bermudians.

Andy Kain, general counsel for Tewksbury said: "Stephens Capital was set up in order to ensure personnel continuity and an ongoing capability to attract skilled professional who will be dedicated to the management and the administration of the Tewksbury Investment fund."

He emphasised that Tewksbury Investment Fund Limited is staying in Bermuda as is the management company, Tewksbury Capital Management Limited.

The fund, which trades any asset class, including securities and futures, has not been open to new investment since July 1994.