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The SS&C GlobeOp Forward Redemption Indicator for December 2014 measured 5.87%, up from 5.05% in November.
“In line with other year-end averages, December forward redemptions represented a 12 month-high, with the bulk of activity falling in the under 1 month category,” says Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies.
The SS&C GlobeOp Forward Redemption Indicator represents the sum of forward redemption notices received from investors in hedge funds administered by SS&C GlobeOp on the SS&C GlobeOp platform, divided by the AuA at the beginning of the month for SS&C GlobeOp fund administration clients on the SS&C GlobeOp
- 19/12/2014
By Chris Humphries, Managing Director, Stuarts Walker Hersant, Attorneys-at-Law – The Cayman Islands continues to be the leading offshore jurisdiction for mutual funds and hedge funds. Its position as the premier jurisdiction is as a result of innovative legislation and the absence of taxation together with the presence of sophisticated and professional service providers and a favourable regulatory environment.
The Cayman Islands offers:
• A straightforward fund registration procedure.
• A flexible investment fund regime within a clear and effective regulatory environment.
• Experienced legal, administrative and accounting service providers.
• No requirement to have Cayman Islands based directors or
- 19/12/2014
- 19/12/2014
In 2011, ahead of the introduction of the AIFMD in Europe, an article entitled “A foot in both camps”, was written by Derek Delaney, Managing Director of DMS Offshore Investment Services (Europe) Limited. In it, Delaney (pictured) wrote: “There is an enduring perception that the established European domiciles such as Ireland and Luxembourg are in direct competition with the leading offshore domiciles such as Cayman. This perception has transcended reality to the extent that leading participants in both camps deem it necessary to fight their corner.”
With over 225 staff, DMS is the world’s largest provider of fund governance services
- 19/12/2014
- 19/12/2014
UBS Fund Services has had one of its strongest years in terms of winning new clients according to Monette Windsor (pictured), who heads up the Cayman Islands business.
“We’ve invested heavily in our business development team this year and we’ve had to beef up our client onboarding team. We have 165 staff now; we’re the largest administrator on the island,” says Windsor.
Not only has the firm seen client numbers rise, it has also seen a good number of existing managers launch new products. Interestingly, Windsor notes that many of them are not commingled funds but rather products for single
- 19/12/2014
- 19/12/2014
Derek Adler (pictured) ACSI is a director and founder member of International Financial Administration Group (‘Ifina’), which has now been around for 17 years providing fund administration services to small and emerging fund managers as well as large institutional clients. Over the last three years, Ifina has been successfully running a turnkey fund solution in Cayman for managers keen to avoid the cost and time to market to launch a standalone fund.
The umbrella fund structure, known as the Primary Development Fund, provides a segregated sub-fund arrangement and in Adler’s words, acts as a useful “stepping stone” for managers to
- 19/12/2014
- 19/12/2014
Gemini Alternative Funds has launched the Galaxy Plus Fund, a Delaware series limited liability company offering qualified investors access to a select group of commodity trading advisors.
The new platform reflects the continuing growth of Gemini Alt's comprehensive line of investment vehicles designed to meet the evolving needs of advisors and high-net-worth clients.
The Galaxy Plus Fund enables qualified investors to access multiple underlying trading advisors, through a centralized platform that offers a fixed fee structure, frequent liquidity, enhanced transparency, leverage and financing options and risk management. Investors in the Galaxy Plus Fund also benefit from Gemini Alt's operational
- 19/12/2014
After signing Model 1 inter-governmental agreements (IGA) with both the US and the UK in November 2013, in July 2014 the Cayman Islands government passed the necessary regulations to provide legal obligations with respect to US and UK FATCA as a matter of Cayman Islands law. Also in July 2014, the Cayman Islands Tax Information Reporting Authority (‘TIA’) issued the first official version of the Cayman Islands FATCA guidance notes.
The next expected development comes early next year with the opening of an information exchange portal – which foreign financial institutions (FFIs) will use to file their FATCA reports to
- 19/12/2014
- 19/12/2014
By Giorgio Subiotto (pictured) & Shameer Jasani, Ogier – We have witnessed a clear evolution in how the composition of boards of directors on Cayman investment funds has been structured.
The concept of using independent directors is not new. Many US managers have used them on their boards of the feeder fund, in large part driven by US tax rules to do with investment fees and deferral rules. It was a pure tax planning device, where little thought was given to the selection of the directors so long as they weren’t related to the Investment Manager.
But this check the box approach,
- 19/12/2014
- 19/12/2014
By Nicholas Butcher, Maples and Calder – Cayman Islands exempted limited partnerships (“ELPs”) are currently riding the crest of a wave. Consistently a popular form of investment vehicle for hedge and especially private equity funds, 2013 saw a record 2,368 ELPs formed and registered in the Cayman Islands, and with the tally of new registrations in the calendar year to November 2014 already standing at 2,580, that record is set to be eclipsed this year.
In degree this popularity is explained by strong demand for Cayman Islands vehicles for use in offshore transactions as a result of a combination of Cayman’s
- 19/12/2014
On 6 December 2013, after a period of consultation with industry practitioners, the Cayman Islands Monetary Authority (CIMA) – the Islands’ financial regulator – released its Statement of Guidance for Regulated Mutual Funds (‘SoG-MF’). In essence, the SoG-MF codifies and sets guidance on the minimum corporate governance standards required by operators of regulated mutual funds (directors, general partners) and gives the operators a clear understanding of their primary duties.
CIMA expects the oversight, direction and management of a regulated mutual fund to be conducted in a fit and proper manner in accordance with the Mutual Funds Law. The Statement
- 19/12/2014
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