CIMA: Small increase in funds in third quarter

In the third quarter of this year, the number of registered mutual funds in the Cayman Islands increased slightly to 9,431 from 9,409, the latest statistics from the Monetary Authority show.

The slender growth underlines a stabilisation of fund numbers in the past six month. However, this will be put into perspective by the fourth quarter figures, when historically fund terminations are between three and five times higher than on average in the first three quarters of a year.

The number of mutual fund administrators in Cayman dropped by one to 129 last quarter, continuing a decline since 2008.

The number of captives recovered slightly to 730 following a six year low of 720 in the first quarter of this year, whereas the number of class A insurers dropped by one to 28.

Meanwhile both the number of class A and class B banks remained unchanged at 16 and 234 respectively.

While the total number of trust companies dropped by one to 146, registered controlled subsidiaries and registered private trust companies maintained their growth trend from 23 to 28 and 56 to 60, respectively.