AppleInsider is reporting that Apple has formed a new company to manage its large reserves of cash.
Braeburn Capital is an asset management company based in Reno, Nevada, Apple incorporated the company recently and began placing "help wanted" ads looking for financial officers.
BusinessWeek writes, "Apple's cash reserve has nearly doubled over the last two years. At the end of 2005, Apple had $8.7 billion in cash and short term investments, about 15 percent of its market capitalization,"
Apple commented on the recent investment stating that Braeburn will function as a regional office on par with existing offices in Cupertino, Singapore and Cork.