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When it comes to doing business in a new jurisdiction, someone who has just gone through the process of opening a new office can offer the best insights. In that context, Centaur Fund Services, which provides fund administration services to some of the world's largest institutions, is perfectly placed.  Centaur was established in Dublin in 2009 by three founding partners: Eric Bertrand (pictured), Ronan Daly and Karen Malone. All three had formerly worked in Bermuda and as senior managers within Hemisphere Management, Bisys Hedge Fund Services and Citi Hedge Fund Services between 1997 and 2009.  The recently opened Bermuda office, says
Harbour Financial Services Limited is an independent fund administrator that has earned a strong reputation in Bermuda for providing award-winning service to a range of alternative investment and private equity funds.  Brian McDevitt, a seasoned executive within the Bermuda industry, is Chief Operating Officer. Since joining Harbour he has implemented a market-leading accounting and technology platform and his presence has attracted the right talent to drive the business forward.  McDevitt reports: "The fund administration business tends to be quite fluid so far as human capital is concerned. We have a stable employee base and each of our staff members has experience
To investigate the extent to which technology is disrupting the financial services sector, KPMG recently partnered with the Alternative Investment Management Association (AIMA) and the Managed Funds Association (MFA) to determine how managers are responding.  More than 100 hedge funds with approximately USD300 billion in AUM responded to the online survey and the findings of the report were clear: 94 per cent of managers, for example, feel that technology will have an impact on their business over the next five years. Some 90 per cent identified improved controls and compliance as a primary reason for investing in technology, with 78
Last year proved to be hugely successful for the Bermuda Stock Exchange (BSX). From a pure growth perspective, the BSX ended 2016 with a total market capitalisation of USD343.8 billion, up more than 41 per cent on the previous year. The same was true of trade volume. The RG/BSX Index closed out the year at 1,923.79, up 47.52 per cent on the calendar year 2015, with a reported 31.75 per cent increase in trading volume, which saw 8.2 million shares traded.  Commenting on the performance of BSX, its Chief Compliance Officer, James McKirdy, said that 2016 saw positive listing activity
The Horseshoe Group was established in 2005 and is a leading provider of insurance management services to insurers, reinsurers, as well as insurance linked securities (ILS) structures such as sidecars and catastrophe bonds.  In June 2016, Horseshoe acquired IKONIC Fund Services allowing it to expand into fund administration (referred to as Horseshoe Fund Services). This followed what had previously been a highly successful joint venture for four years between Horseshoe and IKONIC – called ILS Fund Services – which focused on providing fund administration to ILS funds, combining IKONIC's expertise on the fund administration side with Horseshoe's expertise on the
For managers who may already be using an onshore Delaware LLC, they now have the opportunity to use a Bermuda LLC as an offshore vehicle. This follows the formal introduction of the Limited Liability Company Act 2016 (LLC Act), which was passed in the Senate in July 2016 and became operative on 1 October, 2016.  "There is already strong interest in this new legal vehicle," confirms Mark Baumgartner (pictured), Partner at Deloitte and leader of its asset management practice. The LLC is a hybrid entity, which merges characteristics of both a limited partnership and a company limited by shares, providing
By Sally Penrose (pictured), Appleby – The Limited Liability Company Act 2016 (LLC Act) came into force on 1 October, 2016 and introduced into Bermuda its first new corporate structure in 100 years. Appleby is pleased to have been able to work closely with the legislature to ensure that Bermuda's existing funds law is simultaneously amended so that LLCs are available immediately for use in investment fund structures. Appleby are ideally placed to advice with respect to LLCs. What is an LLC? A limited liability company, or 'LLC', is a hybrid legal structure allowing the contractual and operational flexibility of a partnership
Bermuda's financial regulator, the Bermuda Monetary Authority, takes a risk-based approach to regulating and supervising the entities for which it is responsible, including investment funds, investment providers, fund administrators, trust companies, insurers and banks.  The Authority's mission, says Melissa Morton (pictured), Assistant Director, Licensing & Authorisations Department, is to protect and enhance Bermuda's reputation "as a leading financial services jurisdiction, utilising a team of highly skilled people. Bermuda is a full member of the International Organisation of Securities Commissions (IOSCO) and as international standards evolve, we must align Bermuda's legislation accordingly. At the moment, the Authority is performing a review of
By Ross Webber (pictured), Bermuda Business Development Agency (BDA) – Global regulatory burdens, cost pressures, fintech disruption, and political uncertainty on both sides of the Atlantic are shaping up to pose significant challenges to the asset-management industry in 2017 and beyond. Britain's sortie into extended Brexit negotiations and Trump's tax-reform ambitions seem to be holding investors and companies on tenterhooks. The only thing constant, as the old axiom goes, is change. In Bermuda, we keep abreast of geopolitical developments that affect all our jurisdiction's industries. While perplexing issues will continue to run their course, choosing Bermuda as your domicile remains
As family offices look for the best jurisdictions in which to establish trusts and wealth preservation vehicles, being able to benchmark the institutional quality of a specific jurisdiction and rely on high-quality outsourcing options, are increasingly important considerations. The following report provides an overview of how and why Bermuda is living up to these expectations.  It may only measure 21 square miles but Bermuda, with its close proximity to New York (less than a two-hour flight away), its well-established legal system, stable government and a lifestyle experience that is the envy of most other global jurisdictions, packs an awful lot

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