Asset management company WP Stewart & Co. Ltd. has completed its reorganisation from a Bermuda company to a US company and has delisted from the Bermuda Stock Exchange.

As reported by this newspaper in April the restructuring will see the Bermuda operations moved to New York, with the loss of five jobs on the Island.

WP Stewart announced yesterday that it had completed the share transaction necessary to become a Delaware corporation, with the approval of the Bermuda Supreme Court.

The company's chief executive officer Mark Phelps said: "We thank our former employees in Bermuda for their years of dedicated service to the company and we thank Angus King, Henry Smith and Richard Spurling for their service as directors of the company prior to the restructuring.

"We also look forward to the expected benefits of a more stream-lined corporate structure going forward."

WP Stewart also announced the appointment of James Tierney, senior vice-president of the company's US equity research and portfolio management subsidiary, as the firm's chief investment officer.