AIMA Opens Cayman Chapter

by Amanda Banks, Tax-News.com, London

19 May 2006

The Alternative Investment Management Association (AIMA), the global hedge fund and alternative investment industry association, has announced the launch of its Cayman Islands Chapter.

Described by AIMA as "unique" in its history, the new chapter has been formed at the request of the industry and with the strong backing of the Cayman Island regulator, the Cayman Islands Monetary Authority, in addition to the government's finance department.

The Cayman Islands is the undisputed global leader as a hedge fund domicile, and it is estimated that about 80% of the world's circa 8,000 hedge funds are registered there. CIMA registered 960 new funds in the first nine months of 2005 alone, a 15% increase compared with the same period in 2004 - a year in which a record 1,405 new hedge funds were registered.

“This is a notable and natural milestone, and a signal of AIMA’s growing influence worldwide. Cayman is an integral part of the hedge fund industry, with the majority of hedge funds globally domiciled there," observed Christopher Fawcett, Chairman of AIMA.

The Cayman Islands becomes AIMA’s seventh Chapter worldwide following Australia, Canada, Hong Kong, Japan, Singapore and South Africa. AIMA now has over 1,000 corporate members in 46 countries.

Gary Linford, Head of Investment & Securities Division for the Cayman Islands Monetary Authority commented that:

“With the wealth of knowledge that sits in the Cayman Islands, this new AIMA Chapter will provide the ideal platform for the Cayman hedge fund industry to make a more public contribution to the global hedge fund debate."

Andy Stepaniuk of KPMG has been chosen as the chairman of the AIMA Cayman chapter.

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