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Cayman Named Top Hedge Fund Domicile

by Amanda Banks, Tax-News.com, London

21 December 2011


The Cayman Islands was named as the most favoured domicile for hedge funds in the recent Hedge Funds Review’s Service Provider Rankings.

In the survey, the Cayman Islands was found to be the most favoured domicile in terms of the quality of service provided by local practitioners, followed by Luxembourg and Ireland, ranking second and third respectively, according to the feedback received. The survey results were based on the opinions of more than 1,000 hedge funds, funds of hedge funds (FOHFs) and investors (for example, family offices, pensions funds, sovereign wealth funds, insurance companies, asset allocators) who invest into hedge funds, or asset managers allocating to hedge funds and FoHFs.

Welcoming the findings, Richard Coles, the Chairman of Cayman Finance – the promotional agency for the island's financial services industry, said: “It is welcome yet unsurprising news that the Cayman Islands was named the most favoured domicile in the recent Hedge Funds Review’s Service Provider Rankings. The survey underscores Cayman’s ongoing relevance in the worldwide financial industry and role as a key player in the funds industry in particular.”

Coles added that the Cayman Islands was ranked as the top domicile by 52.9% of the survey respondents – well ahead of Luxembourg in second place with 13.1% - testament not only to the number of funds domiciled in the islands, but also to the quality that local service providers offer.

“This is gratifying and important news for Cayman given the funds industry’s extensive compliance requirements, increased regulation and industry concerns over counterparty risks,” Coles continued. “That Cayman shines in a time of increased due diligence by the majority of the funds industry is a major indicator of our continued success and dominance as the hedge funds domicile of choice worldwide.”

TAGS: tax | investment | pensions | insurance | hedge funds | international financial centres (IFC) | Cayman Islands | offshore | regulation | services

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