Deacons in the international media 8 March 2006 Hong Kong's decision to scrap profit tax on offshore funds has boosted its competitive edge against rival financial centres and could lure more money managers to the city. The move should especially help Hong Kong in its long-term fight with Singapore to win a bigger chunk of the fast growing global hedge fund sector. It has also given some valuable international exposure to the Firm. Rory Gallaher was interviewed by several journalists about Finance Bill 2005. As well as being reported in a story that went out on the international Dow Jones wire service (reported in a previous What's New) Rory was quoted in a story about the Hong Kong funds tax on Reuters' wire service. "It will lead to more managers setting up here ... there are a lot of large European and U.S. hedge fund managers that have been looking to set up operations in Asia over the last few years. We do know that a number of them have gone to Singapore, simply because they did not want the uncertainty of the potential exposure to tax hanging over them." said Rory.