Delaware and not Bermuda is now the formal home of W.P. Stewart & Co., Ltd., advisor to the $21 million W.P. Stewart & Co. Growth Fund. The fund advisor, which runs its portfolios from a New York City office, also has tapped a new chief investment officer.

Mark Phelps, CEO, stated that the company reincorporated from Bermuda to Delaware as part of an effort to simplify its ownership structure and reduce its underlying cost base.

Meanwhile, W.P. Stewart also promoted James Tierney, as senior vice president of U.S. equity research. Tiernay has been at the asset manager since 2000.

Shares of the company continue to trade on the Pink Sheets under the symbol "WPSLF" although company officials said a new trading symbol may be issued. The shares will no longer be listed on the Bermuda Stock Exchange. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE