The fund linked to U.K. Prime Minister David Cameron’s father in the leaked Panama documents may be sparking questions about tax avoidance, though whoever invested in it didn’t fare so well.
The Blairmore Global Equity Fund, of which Cameron’s late father was director, has risen about half as much as the MSCI All-Country World Index since he became prime minister in May 2010. The $30 million fund invests primarily in stocks worldwide, with a focus on financial companies, and has climbed 21 percent in the period.
The inclusion of the fund linked to Cameron’s father, Ian, in the 11.5 million documents leaked from a Panamanian law firm has dominated U.K. media coverage this week, prompting Cameron to say that he has “no shares, no offshore trust, no offshore funds, nothing like that.” His office followed up with statements that neither he, his wife, nor his children benefit from any offshore funds. The Panama documents led to the resignation of Iceland’s prime minister on Tuesday.
Patrick Smiley and Nick Peppiatt, the managers of the Blairmore fund at Smith & Williamson, didn’t reply to calls and e-mails seeking comment on its performance.
A person familiar with the security confirmed that it is the same one Ian Cameron was a director of. Founded in the 1980s, the Panama-based entity was moved to Ireland in 2012, the person said. Investors in the fund who are U.K. taxpayers are required to pay income tax on dividends and capital gains made from selling their stake.