Solutions
Despite being a relatively new entrant to the BVI, global law firm Mourant Ozannes is fielding its fair share of enquiries in relation to fund formation. The firm established its BVI office with Corporate, Finance and Litigation practices in 2012, followed 18 months later by its investment funds practice.
Rachael McDonald (pictured), Managing Partner, Mourant Ozannes (BVI) believes that the recent introduction of the approved and incubator funds will prove to be a great addition to the BVI's funds armoury: "We're seeing our fair share of enquiries and new instructions with respect to these funds. Both products are being well
Since the BVI introduced the Approved Manager regime at the end of 2012 demand has been encouraging, but it has taken time to build. Currently, there are 101 Approved Investment Managers licensed in the BVI, based on figures published by the Islands' financial regulator, the BVI Financial Services Commission (as of 30 September 2015).
That the BVI now has a set of funds – the Incubator Fund and Approved Fund – to complement this lighter touch regulated fund manager regime augurs well for the future. But like the Approved Manager, it will take time for fund numbers to pick up.
ATU Fund Administrators (BVI) Limited was the first fund administrator to receive a license from the Financial Services Commission in the BVI on 30th December, 1997. By the early 2000s it had grown to become the largest fund administrator on the islands.
The firm grew steadily until the financial crisis struck in 2008 and in the aftermath, it was decided that the company, which was part of a joint venture with Liechtenstein-based VP Bank and Allgemeines Treuunternehmen (ATU), would be acquired by ATU in full. During the same period, its sister company, ATU General Trust (BVI) Limited, was experiencing very
Currently, there are 101 Approved Investment Managers licensed in the BVI, based on figures published by the Islands' financial regulator, the BVI Financial Services Commission (as of 30 September 2015).
Factor in that the BVI now has two new fund products (the BVI Incubator Fund and BVI Approved Fund) and these are positive times.
"It's exciting to be able to provide something new to clients. It shows that the jurisdiction is working to support fund managers in different ways," says Mara Spencer (pictured), Managing Director of ACE Fund Services, an independent BVI fund administrator. "The Approved and Incubator funds had long
Regulatory and investor pressure have drastically altered the hedge fund industry in recent years. With managers increasingly looking for fund administrators to provide more middle-office and value-added services, whilst at the same time squeezing them on fees, the situation has become a Gordian Knot. Administrators must find ways to remain relevant, attract new clients, and continue to build revenues at a time when everyone is adjusting to FATCA, AIFMD, and shortly Common Reporting Standards.
Folio is one of the BVI's most recognised independent fund administrators and whilst the group is glad that the BVI is evolving its fund product range,
When the British Virgin Islands introduced the Approved Manager regime at the end of 2012 it was heralded as a significant step forward. With start-up managers facing dual pressures of investor preference for regulatory oversight, and higher barriers to entry (from a cost perspective), there was no satisfactory option. The new regime changed that. Managers suddenly had the ability to enjoy lighter touch regulatory oversight that was more in line with their needs, and had an alternative to becoming SIBA-licensed on day one.
This was the first sign of the BVI actively responding to meet a genuine need of start-up
The challenge for any aspiring hedge fund start-up has been well documented in recent times. Year after year, the barriers to entry rise. Five years ago, the onset of global regulation prompted industry commentators to suggest that the break-even point of a hedge fund was USD100 million. One could argue that on an annualised basis, that break-even figure has risen by USD100 million. Not all will agree, but there is a growing consensus that to cope with the sheer breadth of regulation, today's start-up manager needs to be targeting Day 1 AUM of around USD500 million.
That's a scary figure,
Verras Professional Services Limited has been approved as a Listings Member of the Channel Islands Securities Exchange (CISE).
Verras Professional Services Limited holds a Category 1 and Category 2 membership of the CISE, enabling the firm to arrange and sponsor the listing of investment funds and debt securities on the CISE. Through its group affiliations, the firm is also able to arrange legal, fiduciary and marketing services for Channel Islands-based and international clients.
Verras Professional Services Limited is affiliated to MJ Hudson, The Alternative Asset Law Firm. MJ Hudson has offices in Jersey and Guernsey as well as London,
Eze Software Group experienced record growth in 2015 across its product lines within the Eze Software Investment Suite.
Since its formation in 2013, the company has focused on integration of order management, execution management, portfolio accounting, data management, compliance, and commission management within the Investment Suite, with customers increasingly adopting more integrated solutions in the past year.
In 2015, the company added 275 new clients using one or more application in Eze Software Investment Suite across all major market regions. The EMEA region saw particularly strong growth versus 2014, with over 50 deals closed. Notably, more clients have been signing on
FINCAD, a provider of valuation and risk analytics for multi-asset, multi-currency portfolios, has added several key enhancements to F3, its object-oriented valuation and risk platform.
These enhancements benefit buy-side firms searching for alpha in a low-yield environment and pursuing multi-asset, multi-currency strategies.
F3 now enables unprecedented front office productivity, faster and more efficient integration and enhanced analytics coverage. Using the new streamlined workflow, the front office can now trade new instruments and asset classes quickly and confidently – delivering unprecedented productivity, expanded investment opportunities, cost savings and rapid return on investment.
FINCAD’s F3 continues to make integration between
