Latest News
By Ian Montgomery, Partner, Collas Crill – A new generation of offshore incorporations: Succession planning for offshore incorporations, particularly those where companies are controlled by one individual, needs careful consideration. Problems can arise where a significant proportion of shares in a BVI company are held by a foreign-domiciled deceased individual with a foreign will or no valid will at all, particularly where the deceased was the sole director of the company.
As a matter of BVI law, a BVI grant of probate has to be obtained to allow shares in a BVI company to pass to the intended successors. This can be
By Simon Gray, BVI Finance – The crypto hedge fund is a new phenomenon, created by entrepreneurial investment managers looking to take advantage of the huge gains that cryptocurrencies have experienced over the last three years.
At present, the sector is still in its fledgling phase. A 2019 report by PwC estimated that there are fewer than 200 active crypto hedge funds collectively being managed today, with only USD1 billion in total assets under management (AUM).
It seems more a sector for plucky managers who see the potential in the asset class for now – the average crypto hedge fund team
By Paul Waldron (pictured), Harneys BVI – The BVI approved manager product, first introduced in 2012, continues to be a popular choice with start-up and emerging managers all over the world. It was introduced as an alternative to the full investment management licence available under the Securities and Investment Business Act, 2010 (SIBA) in the BVI, which remains a robust product ideally suited to institutional managers.
However the application process and ongoing obligations were considered to be somewhat daunting for managers running a lower AUM, or without the experience and track record to meet the requirements. The process also took
Discipline is one of the key traits of any successful fund manager – sticking to the core investment strategy and avoiding style drift. And in some respects, the same is true of offshore jurisdictions.
Over the years, rather than try to compete for mega-funds with the Cayman Islands, the BVI industry has instead focussed its efforts in carving out a reputation as the natural home for mid-sized and emerging managers across both the hedge fund and PE/VC fund space.
Relative market positioning is difficult to quantify in the unregulated PE/VC space, as offshore regulators do not maintain statistical data for
By Simon Gray, BVI Finance – While the popularity of the British Virgin Islands (BVI) as a centre for hedge funds is testament to the ease and cost-effectiveness of establishing funds in the jurisdiction, the quality and sophistication of its legislative, regulatory and judicial framework is also a significant reason for managers choosing to set up their funds in the BVI.
Litigation against hedge funds is a rarity in the sector, but that is not to say that hedge funds are immune from legal proceedings. With the rise of more onerous international regulations, coupled with hedge funds being used by
The theme of digitalisation took centre stage at the annual Meet the Regulator Forum held by the BVI’s financial regulator, the Financial Services Commission (‘FSC’) this July. During the forum, Deputy Managing Director, Corporate Services of FSC, Jennifer Potter-Questelles emphasised the importance of embracing digitalisation, stating that “digitalisation is our ticket” and that as the FSC continues to innovate, so the industry is encouraged to do the same at all levels of their organisations.
With close to 1,500 registered funds, the British Virgin Islands (BVI) is a leading offshore domicile with hedge fund managers from all over the world choosing the jurisdiction to set up and manage their businesses.
The popularity of BVI funds is testament to both the ease and cost-effectiveness of establishing business in the jurisdiction, as well as the quality and sophistication of the BVI’s legislative, regulatory and judicial framework.
This is reflected in the confidence hedge fund managers have in the jurisdiction as a result of our longstanding reputation as a respected globally integrated international business and finance centre.
Our
Saxo Bank Securities (Saxo Bank Japan), an investment and trading specialist, has gone live with the first phase of its migration to Torstone Technology’s Inferno.
Saxo Bank Japan has replaced its legal ledger legacy system with Inferno to support regulatory reporting on the cloud for its existing and new equity business. Through Inferno, Saxo Bank Japan is able to reduce operational risk and ensure quick and efficient post-trade reporting processes while achieving compliance with Japan’s regulatory requirements.
Inferno’s cloud-based infrastructure is modular which facilitates Saxo Bank Japan’s phased migration to a complete middle and back office solution by allowing the
For the second year running, a 14-strong team from Aksia Europe participated in Centrepoint’s Annual Sleep Out, taking the total raised by the specialist research and portfolio advisory for the UK’s leading youth homelessness charity to GBP120,000 over the past two years.
In support of the UK charity’s 50th anniversary, Team Aksia slept out in the cold for one night to gain a small insight into the challenges faced by homeless young people.
Centrepoint’s Director of Fundraising, Di Gornall, says: “Aksia has shown amazing commitment fundraising for Centrepoint and helping to positively change the lives of the young people we
Avelacom, a global connectivity and IT infrastructure provider for the financial services industry, has launched its multi-cloud connectivity solution to simplify and accelerate how traders connect to cryptocurrency exchanges.
The solution delivers secure, direct and ultra-low latency access to cryptocurrency exchanges hosted in Alibaba Cloud, Amazon Web Services (AWS), Microsoft Azure and Google Cloud platform.
Proprietary trading firms, hedge funds and other professional currency traders can access multiple exchanges, with a consistent experience delivered via a single provider. Users benefit from rapid access to pricing data, while gaining a competitive advantage by executing orders faster than other market participants.
