Apple has set up a company based in Nevada that's charged with managing its cash and short-term investments.

The decision to field the firm in Nevada is designed to exploit local tax advantages there, according to Business Week.

The new asset management company is called Braeburn Capital. A Braeburn is a type of Apple, as is a Macintosh (although spelt McIntosh).

Driven by the mass market success of its iPod, Apple's cash reserve has almost doubled in the past two years, the report states. It now holds $8.7 billion in cash and short term investments - up 91 per cent since the end of 2003.

"Apple has placed ads looking for a senior and junior financial officer who would report to chief financial officer Peter Oppenheimer and Apple's board on a quarterly basis," the report explains.