Hedge Funds Care Sets Up First Offshore Chapter In Cayman Islands

by Amanda Banks, Tax-News.com, London

28 July 2005

Hedge Funds Care, a charitable organisation which seeks to raise money from the hedge fund industry in order to fund childrens charities, has established its first offshore chapter in the Cayman Islands.

Hedge Funds Care was first established by industry professionals in 1998 to focus on providing assistance to victims of child abuse. It has since established chapters in New York, San Francisco, Dallas, Chicago, Atlanta, Toronto and now the Cayman Islands.

“The Cayman Islands has established itself as the jurisdiction of choice for offshore hedge funds," noted Glen Wigney, partner at Deloitte (Cayman) in a Cayman Net News report. Mr Wigney, who is a member of the 'Committee of Hearts' which helped to spearhead the project in the jurisdiction, added that:

"Given that a number of accountancy firms, law firms and banks derive significant fees from providing professional services to the industry we felt it important we give something back to the community."

Mr Wigney went on to explain that Hedge Funds Care is a charity specifically incorporated to raise funds from the hedge fund industry which are then channeled into charities that are working to prevent child abuse and care for abused children.

"All funds raised from Hedge Funds Care Cayman will be used to further child care programmes in the Cayman Islands. We are the first offshore chapter of Hedge Funds Care and are thrilled to be part of this rapidly growing charity," he explained.

The Cayman Committee of Hearts comprises individuals from across the financial services and legal professions, including from Deloitte, Ogier and Boxalls, Fortis Funds Services, DMS Management Ltd., Rawlinson and Hunter, Ernst & Young, Citco, Maples and Calder, UBS Fund Services and Walkers.

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