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Cayman Hedge Funds Break 10,000 Barrier,
by Amanda Banks, Tax-News.com, London
Monday, August 11, 2008
Recent second quarter figures from the Cayman Islands Monetary Authority (CIMA),
have confirmed the achievement of a key milestone by the Cayman Islands financial
services industry, with more than 10,000 investment funds currently registered
in the jurisdiction.
At the end of June 2008 there were 10,037 funds on CIMA's register, compared
with 9,681 at the end of the previous quarter and 8,972 at the mid point of
2007. The current annual growth rate of 12% in net new hedge funds, which takes
cancellations into account, is particularly striking in the context of the deterioration
in global markets following the sub-prime meltdown and associated credit crunch.
"This is yet another round of impressive statistics from CIMA,"
said Mark Lewis, senior investment funds partner at Walkers, the leading offshore
law firm. "The 10,000 barrier has been breached as hedge funds continue
to be formed in the Cayman Islands, which remains the clear jurisdiction of
choice for investment managers and their advisers around the world."
Mr Lewis added: "Business remains active and the volatility which has
impacted world markets as a result of the credit crisis, and the relatively
weak valuations of many securities, has provided hedge fund managers with great
opportunities to create alpha after a number of years of relatively flat returns.
Hedge funds have also provided the market with much needed liquidity, which
has been especially beneficial amid the current tight lending conditions."
According to Walkers, the continued growth in net hedge fund registrations
is also partly explained by the absence of a significant spike in fund terminations.
While the firm has observed a slight increase in terminations over the past
12 months, funds are not being closed at an unprecedented rate.
"There have been some forced closures, but in the cases where funds are
struggling, the managers we work with are being pro-active by placing hard-to-value
securities in side pockets, suspending redemptions and imposing gates. Such
measures may enable a fund in distress to ride out the storm or to wind down
its affairs in an orderly manner," said Walkers investment funds partner
Nick Rogers.
"In the Cayman Islands the key drivers behind the actions being taken
are the need to treat all investors
equitably and to act in the best interests of the fund, and this provides a
firm foundation for protecting market participants and preserving value,"
he added.
Among the new funds that have been established in the Cayman Islands, strategies
such as distressed debt and special opportunities presented by the widespread
markdown in asset prices have continued to feature strongly, Walkers notes.
"There has also been significant ongoing activity in emerging markets
and commodities," Mr Rogers added. "The convergence of these two hot
asset classes has been particularly interesting."
Walkers believes that there are a number of factors behind the Cayman Islands'
attractiveness as a domicile for hedge funds, in particular the stable economic
and political climate, the close relationship between the public and private
sector and the presence of the world's leading professional services firms.
Furthermore, the regulatory regime in the Cayman Islands has been recognised
internationally, notably by the International Monetary Fund (IMF) and the Caribbean
Financial Action Task Force (CFATF) for its high standards. In the area of transparency
and "know-your-client" regulations, these standards surpass many of
the world's top international financial centres.
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