Arrow (musician) for Island Records' Mango label, with two further albums released on the label. Cassell also established himself as a businessman in Montserrat in 1973, owning the Arrow's Manshop store in Plymouth. When this was destroyed by the Soufriere Hills volcanic eruption, he relocated to St. John's. He organised a fundraising calypso festival on the island in 1996, in response to the devastation caused by the volcano. Cassell co-headlined Bermuda's Soca '96 festival, and continued to regularly release albums. In 1988, he was given the Living Legends award by the organizers of the Caribbean Song Festival and the Bahamas Tourist Board.
Long-Term Capital Management invested in other derivatives such as equity options. Under prevailing US tax laws, there was a different treatment of long-term capital gains, which were taxed at 20.0 percent, and income, which was taxed at 39.6 percent. The earnings for partners in a hedge fund was taxed at the higher rate applying to income, and LTCM applied its financial engineering expertise to legally transform income into capital gains. It did so by engaging in a transaction with UBS (Union Bank of Switzerland) that would defer foreign interest income for seven years, thereby being able to earn the more favourable capital gains