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By Rémi Chevalier and Olivier Sciales, Chevalier & Sciales – I. Why Luxembourg? The establishment of the European Union’s single market has enabled the Grand Duchy of Luxembourg to become one of the leading global domiciles and service centres for both traditional and increasingly alternative investment funds and related vehicles, ranked as the world’s second-largest fund centre measured by assets under management after the United States. From the establishment of Luxembourg’s first fund in 1959 and a total of 805 at the end of 1990, the industry number has grown to 3,874 funds, comprising a total of 13,412 separate investment
By Ashley Le Feuvre, Senior Manager Funds/SPV Group, Volaw Trust & Corporate Services Limited – Jersey is an international finance centre for a range of financial services including fund administration. Businesses are attracted to Jersey by the Island’s stable government, its proximity to both the UK and continental Europe, the significant expertise developed by the industry in a wide range of financial services and a competitive, co-operative and well-regulated tax environment. Jersey is a parliamentary democracy that is a dependency of the British Crown. It is a British Island, but is not part of the United Kingdom, nor is it
By Dillon Eustace – 1. What, if any, are the investor restrictions? Irish Funds are not required to have a minimum number of investors, however, certain Irish regulated funds must, depending on the category of fund, and the specific wording of the legislation, invest capital raised from “the public” (UCITS), raise capital by providing facilities for “direct or indirect participation by the public” (Non-UCITS investment companies) or must constitute an arrangement made for the purpose, or having the effect, of providing facilities for the participation by “the public” (non-UCITS unit trusts).
There are certain other categories, which are not widely
By Paul Wilkes, group partner, Collas Crill – Introduction: Collective investment funds have been operating in Guernsey for four decades, and Guernsey-based funds are promoted and sponsored by leading institutions in over 38 countries. As a result, there is a healthy choice of experienced fund service providers such as administrators, custodians, auditors, tax and legal advisors.
The main advantages of establishing a fund in Guernsey are:
Flexibility of structure and regulation
Experienced service providers
Stability of government and internationally compliant standards
Access to the Channel Islands Stock Exchange (CISX)
Taxation
Legal structures
By James Lasry, Hassans – Since 2005 with advent of the Financial Services (Experienced Investor Funds) Regulations 2005, recently updated to Financial Services (Experienced Investor Funds) Regulations 2012 (“EIF Regs”) Gibraltar’s funds industry has experienced positive and qualitative growth. As the majority of Gibraltar’s funds are Experienced Investor Funds (“EIFs”) this article will focus primarily on that regime.
Investor restrictions
The investors who are eligible to invest in EIFs include investors who:
1. Have EUR1million in assets besides the value of their residential home; or
2. In their ordinary employment activity are investment professionals; or
By Marco Martins and Patrick Colegrave, Harneys – The Cayman Islands is the leading jurisdiction for the formation of alternative investment funds, having approximately 9,990 registered, administered and licensed funds under the Mutual Funds Law (as amended) of the Cayman Islands (the “MFL”) as at 31 March 2012.
The MFL requires all investment funds falling within its definition of a “mutual fund” to be registered, administered or licensed with CIMA, unless such mutual fund is an “excluded fund”, being a mutual fund that is not a master fund domiciled in the Cayman Islands and having 15 or less investors, the
By Ross Munro, Harneys – The British Virgin Islands is a leading jurisdiction for the formation of alternative investment funds, having approximately 2,525 funds registered or recognised under the Securities and Investment Business Act 2010 (SIBA). Funds recognised or registered under SIBA are regulated by the Financial Services Commission (the Commission), the financial regulator in the British Virgin Islands.
SIBA requires all investment funds falling within its definition of “fund” to be recognised or registered with the Commission. SIBA restricts the definition of “mutual fund” to open-ended funds that entitle investors to demand redemption of their fund interests
The European Energy Exchange and TEIAŞ, the Turkish Electricity Transmission Company, have signed a memorandum of understanding for a co-operation on the establishment of an organised energy market.
Turkey represents one of the biggest energy markets with an important geographical position within the Southeastern European and Asian region.
“As a bridge between Asia and Europe, Turkey has the potential to develop a reference price for this region. The establishment of a Turkish Energy Exchange with liquid power spot and derivatives markets is crucial for the successful liberalization and further growth of the electricity markets,” says Metin Kilci (pictured), undersecretary
The Credit Suisse LAB Index was up 1.40 per cent in June, according to Dr. Jordan Drachman, head of research for alternative beta strategies at Credit Suisse.
The event driven strategy was the most significant contributor to performance, finishing up 4.75 per cent for the month, bringing performance to 4.71 per cent year-to-date.
HSBC has appointed Paul Busby as head of prime services sales, Americas, with immediate effect.
Busby previously worked at Bankers Trust and Deutsche Bank for 18 years, most recently as managing director and co-head of equity finance Americas.
Busby will report locally into Tom O’Leary, head of equities, Americas and functionally into Chris Barrow, global head of prime services sales.
Also joining the bank, Brian Hughes will report locally into Paul Busby and functionally into Terry Minkey, global head of prime services client services. He joins as client services manager to cover clients in the US market.
Paul Hamill, global
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