Oxbridge colleges invested millions of pounds offshore, the Paradise Papers reveal
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Oxford and Cambridge universities have been revealed to have invested millions in offshore funds, following the leak of the Paradise Papers. The Guardian reported that the elite universities have both invested significant funds to a private equity firms based in the Cayman Islands. According to the leaked documents, in 2006 Oxford invested £2.6 million in Coller International, a Guernsey-based private equity firm. Cambridge joined the same scheme, investing and estimated of £1.3 million. The arrangement allowed the universities to avoid a US tax on hedge-funds and receive dividends tax-free, by routing money through what is known as a “blocker” corporation usually executed through a partnership with a US-based fund. It has also been revealed that 29 Oxford colleges have invested in oil-and-gas linked fund, managed by Coller as well as other offshore partnerships. Trinity, the richest college in Cambridge, has invested nearly £10 million in different A and B funds. Other Cambridge colleges involved include Clare, Downing, Gonville and Caius, Jesus, Murray Edwards Newnham, Pembroke, St Catharine's, St John's and Trinity Hall. The list is extended by the Oxford colleges All Souls, Nuffield, Somerville, St Antony's, St Catherine's, Queen's, Trinity, University, Wolfson and Worcester.
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