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Cayman Seeks To Quash Fund Investment Taboo

by Phillip Morton, Investors Offshore.com

25 February 2013


The Cayman Islands' Chamber of Commerce has challenged critics of the tax affairs of the new US Treasury Secretary Jack Lew, following reports that he had held investments in a Cayman Islands investment fund domiciled in Ugland House, during his private sector career.

Those in opposition say the appointment of Lew highlights the duplicity of the Obama Administration's response to offshore investments following incessant pre-election criticism of the tax affairs of the Republic presidential candidate Mitt Romney.

In a bid to dispel myths surrounding Cayman investment, the territory's Chamber of Commerce stated: "At this juncture, it is perhaps worth asking why people are still surprised that Americans, including both Republicans and Democrats, have money invested in Cayman investment funds, when it is certainly the case that all Americans who have a pension fund will likely have their money indirectly invested in a Cayman private equity or hedge fund."

"There is nothing wrong with that at all. As the 2008 Government Accountability Office's Report attests, Cayman is the domicile of choice and a center of excellence for some of the world's leading international investment funds."

"Cayman investment funds are an important part of helping to solve the pension funds' need for investment diversification and the global allocation of capital. Some of this capital is, for example, invested in important infrastructure projects in emerging market countries. As a consequence Cayman helps US fund managers manage money for foreign investors, thus supporting jobs and service providers based in the US."

"It is high time that Cayman's important role in the global economy and capital markets is better understood by policy makers."

TAGS: tax | investment | private equity | capital markets | investment funds | equity investment | Cayman Islands | offshore | alternative investment

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