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Euronext is to launch a new Sugar commodities futures contract in the autumn of 2016 allowing the industry to hedge its positions against price fluctuations and anticipate future price movements, just as the Sugar quotas expire in the European market.  The European Union is the third largest sugar producer and the second largest consumer in the world. Following a profound modification in its common organisation of the markets in agricultural products, the EU will abolish sugar production quotas on 30 September 2017. This major reform follows those covering the oilseeds, grains and dairy sectors in the EU over the last
Institutional investors worldwide say it is challenging to find diversification among traditional asset classes, with more than half (54 per cent) saying stocks and bonds are too highly correlated to provide distinctive sources of return. That’s according to a recent survey by Natixis Global Asset Management, which also finds evidence that alternative assets are taking on new prominence within institutional portfolios to help generate better risk-adjusted returns – the top priority of institutional investors in 2016.   “In the current market, traditional asset allocation has become a zero-sum game,” says John Hailer (pictured), chief executive officer of in the Americas
The Cayman Islands Government published The Limited Liability Companies Bill, 2015 on 18 December 2015 which, when enacted, will provide for the introduction of a new Cayman legal vehicle, the Cayman Limited Liability Company (LLC). The draft legislation closely aligns the Cayman LLC to the United States' Delaware LLC model which will mean that the new structure will be instantly recognisable to the US market. This is a significant development for Cayman. "The introduction of the Cayman LLC will be an important step for Cayman and will represent an entirely new corporate form for managers and investors to use in
Susan Lock (pictured) is a partner in the investment funds team at Campbells, a leading Cayman Islands law firm which has been established for over 45 years, advising on both Cayman Islands and British Virgin Islands law. She observes that the launch environment for new funds and emerging managers has become "manifestly harder, more competitive, costly and more time consuming". Fund launch costs are rising, primarily because of the increased need to meet regulatory and compliance reporting and investor scrutiny. "Investment managers now have to not only show a compelling investment strategy and a proven track record but they also
The debate around appropriate corporate governance continues with institutional investors, in particular, seeking greater insight into the role, responsibilities and skill sets of those appointed to the boards of corporate funds. 
With more consolidation expected in 2016 within the hedge fund administration space, those that thrive and survive will likely be ones with a strong reputation, a robust operating model that is able to support managers of all shapes and sizes, and a clearly defined multifarious revenue stream.  In the Cayman Islands, administrators are continuing to see a stable start-up market, but as Jack McDonald, President and CEO at Conifer Financial Services points out, there has also been a good level of takeaway business as managers look to rotate out from their existing administrator into a new one. "At Conifer we've
ICG Management Limited ('ICG') is an independent director services provider. It was established in 2006 by Ralph Woodford (pictured) and Andrew Galloway. Along with Galloway and Woodford, the firm's two other directors, Brad Cowdroy and Greg Link, ICG provides director services to offshore funds.  Speaking to Hedgeweek, Woodford and Cowdroy explain how the agendas and contents of board meetings are changing, principally in response to growing regulation, and the subsequent impact this is having on a Director's role.  Fund valuations Following the implementation of AIFMD, the responsibility for fund valuations has morphed from the Fund Administrator's responsibility, with board oversight,
The Cayman Islands is preparing to introduce a new vehicle, the Cayman LLC, in response to growing demand among U.S. fund managers and attorneys. The Cayman Islands published a bill for a new stand-alone LLC law on 18 December 2015 and according to Hayden Isbister (pictured), Partner at Mourant Ozannes (Cayman Islands), the expectation is that it will be approved by the Cayman Government and enacted in early 2016. The draft bill is based, in part, on equivalent Delaware LLC legislation and therefore provides for a legal framework that will be familiar to practitioners using Delaware LLCs.  "At the moment
By Ashley Gunning (pictured) & Charlotte Beales-Hart – Commentators to the hedge fund industry agree that the fund administration landscape has been altered significantly by the mergers and acquisitions activity of the last few years. The consolidation of larger institutional services providers in this space, along with the exit of some smaller administration shops, has naturally flowed through to impact the industry in the Cayman Islands. Recent notable consolidations include SS&C Technologies' acquisition of Citigroup's Alternative Investor Services hedge fund and private equity offerings and the agreement by UBS to sell its administration business, including the UBS operation in the
By Geoff Ruddick – There has been an extraordinary focus on and trend towards `split boards' in the last few years. For most people the accepted definition of a 'split board' is having independent directors from different fiduciary firms. It is considered by some to be the best way to construct a board. In reality this is an overly simplistic definition and assessment of how to recruit and construct an effective and diverse board. So how did this readily accepted definition come to be? In some respects there is merit and in other respects it is simply a sales pitch. 

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