Financial consultant KB Associates has announced the launch of a new office in New York City.

The firm, which provides advisory services on UCITS funds, hedge funds and funds of hedge funds, is expanding its network by providing advisory and project management support to US-based managers planning to set up shop in Europe and those re-domiciling existing offshore businesses into the region.

The office will be led by John Pagano, who steps in from Skandia Securities and has particular expertise in UCITS funds.

Much attention has been focused on UCITS funds and other alternative asset choices after the recent global crisis highlighted the risk of banking all investments onto traditional, interest-rate related activities. UCITS fund vehicles can be bought and sold across European state borders. Managers now have freedoms to use derivatives to take short as well as long positions in these funds, encouraging some figures in the investment industry to brand them as "hedge fund lite" products.

The company opened a similar office in London in early May to support both interested investors wanting to transfer to Europe and London-based asset managers.