Cayman-based law firm, Maples & Calder has suggested that efforts by some European finance centres to tempt hedge funds back 'onshore' are unlikely to be successful, and has praised its home jurisdiction's regulatory and tax regime with regard to the treatment of hedge funds registered there.
Speaking to Reuters this week, Gray Smith, a partner at the firm, explained that:
"Cayman rules are simple and flexible, there are no restrictions on investments and investors are free to decide what they want to invest in. The legislation is geared up for people who can look after themselves."
Announcing that according to recent estimates, more than 80% of the world's 8,000 hedge funds are registered with the Cayman Island Monetary Authority, Mr Smith suggested to Reuters that the draw may be that the jurisdiction provides the accounting and legal expertise that is necessary for individuals and institutions to make investment decisions, but with the minimum of regulatory interference.
He then went on to reveal that a hedge fund can be established in just one day in the Cayman Islands, provided strict anti-money laundering criteria are met.
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