With a steady uptake in clients seeking to launch funds under the new Incubator and Approved Funds regime, as well as plans to overhaul the Partnership Act and extend the use of SPCs for unregulated closed-ended structures this year, the British Virgin Is
"We see the funds industry as continuing to contribute to the overall offering of financial services. There remains good interest in the BVI product and we envisage that will continue," asserts Glenford Malone, Director, Investment Business Division, BVI Financial Services Commission, when asked to comment on the growth of the BVI's funds industry.
One of the reasons as to why the BVI introduced the Incubator and Approved Fund products in May 2015 was, partly, in response to the fact that fund launch numbers in the global hedge fund industry had started to steadily decline. Rising regulatory and compliance costs were hurting start-up managers and dissuading people from coming to market.
Proper fund governance has long been championed by leading offshore law firm Conyers Dill & Pearman, which for the last decade has encouraged its hedge fund clients to hold at least annual directors meetings. Initially this was met with some resistance according to Robert Briant (pictured), Partner and head of Conyers' BVI office, who confirms that such resistance has softened over the last few years.