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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
The European Energy Exchange (EEX), in cooperation with Cleartrade Exchange (CLTX), is to launch an extension to its Trade Registration services for fertiliser contracts on 6 January 2015.
The product offering includes six derivatives contracts for fertilisers based on Urea, Diammonium Phospate (DAP) and Urea Ammonium Nitrate (UAN) for different delivery points in the United States, Europe and North Africa. All products are cash-settled agreements settled against market indexes, published by Argus Media Limited, Fertecon Limited and CRU International Limited in “The Fertilizer Index*” report. Due to the small contract sizes of 25 tons compared to the standard size of
- 19/12/2014
Commodity Pool Operator (CPO) and Commodity Trading Advisor (CTA) AlphaMetrix is to pay USD5.6 million in restitution and penalties to settle US Commodity Futures Trading Commission (CFTC) charges.
A court order requires AlphaMetrix to pay restitution of USD2.8 million and a civil monetary penalty of USD2.8 million and requires parent company AlphaMetrix Group to pay disgorgement of USD2.8 million. The Order also prohibits AlphaMetrix from further violating anti-fraud provisions of the Commodity Exchange Act (CEA), as charged.
The Order stems from CFTC charges that AlphaMetrix failed to pay at least USD2.8 million in rebates owed to some of its commodity
- 19/12/2014
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