Cayman And New York Hedge Fund Administrators Merge

by Mike Godfrey, Tax-News.com, New York

19 August 2002

Prominent Cayman Islands hedge fund auditing company Young & Young and its affiliate Cayman Accounting Services Limited has joined with New York-based Rothstein, Kass & Company to form a major hedge fund service organisation in Cayman, where 60% of all offshore hedge funds are registered.

The new firm and its affiliate will be known as Rothstein Kass and Company (Cayman) and RK Consulting (Cayman) Limited, which will as an approved full fund administrator will specialize in providing administrative services to the fund industry to include Net Assest Valuations (NAV) calculations, subscription register, directorships, in addition to all related services in this area. It started performing third-party accounting, shareholder-services, directorship and other functions under the RK Consulting name on July 1.

"Since the announcement of our merger in June the volume of local business coming through our office is nothing short of overwhelming," said Peter Young, former owner of Young & Young CPA, who now holds the title of Managing Partner of Rothstein Kass and Company (Cayman) CPA and CEO for RK Consulting (Cayman) Limited.

Mr. Peter Young, along with his brother, Samuel Young, say they are planning to increase staff from 14 to mroe than 60 - and will be looking first among local people: "It is our plan to cultivate local employment first by training and filling the positions with members of the Cayman community," said Peter Young.

David Liebman, Business Manager for Rothstein Kass & Company in New York, said the expansion of the company's services to Cayman was a huge step forwards.

"We currently have offices in New York, Beverly Hills, San Francisco, Dallas, Walnut Creek, CA, and Roseland, NJ, and offshore offices in Bermuda. To add the Cayman Islands is a wonderful opportunity for the country and for our company," said Liebman.

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