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Cayman Finance Anthony Travers

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Cayman fund registrations buck global trends

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The Cayman Islands are bucking all global trends, according to the increase in new fund formations.


The Cayman Islands are bucking all global trends, according to the increase in new fund formations.

Cayman Finance chairman Anthony Travers predicts that trading talent will continue to migrate out of the EU as more restrictive remuneration provisions come into effect.
 
CIMA reports that at the end of August 2010 the yearly month on month average for new registrations increased to 105 per month, a five per cent increase over the comparative figures for 2009.
 
More importantly, fund terminations for the same period decreased by 40 per cent over the comparative 2009 figures to an average of 45 per month.
 
Total regulated funds in Cayman also increased to 9,623 closing in on the all time high water mark of 10,200 achieved in 2008
 
Travers says: “These numbers continue to show the attraction of a transparent jurisdiction which is free of intrusive regulation with respect to investment strategy.
 
“These statistics are in line with our earlier predictions and I would anticipate terminations will decline further as smaller funds wind down and fund managers make decisions about the high water mark.
 
“No doubt Eurocentric managers feel obliged now to form Ucits products but as we see from the recent comments of Peter de Proft, the director general of Efama, the regulatory position in Europe is increasingly troubled particularly with respect to custodian liability.
 
“We remain of the view that the Ucits product is quite different and unlikely to compete with the returns of the hedge fund proper.”

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