Financial services stats remain mixed

The number of funds and banks in the Cayman Islands is decreasing, but captive insurance, company, partnership and trust registrations grew in the first quarter of 2013, data from the Cayman Islands Registry and Cayman Islands Monetary Authority shows.  

 

Hedge funds 

The Cayman Islands counted more hedge funds during the first quarter of this year, but only because the number of master funds, first registered in 2012, is still increasing. Another 240 master funds were registered from January to March, bringing the total to 2,131.  

However, registered, administered and licensed funds, excluding master funds, dropped by 149 (1.7 per cent) in the first quarter and 352 (3.8 per cent) in the past 12 months. 

 

Banking 

The number of banks continued to drop by 11 to 222 compared to the first quarter of 2012, a fall of 4.72 per cent. Between 2010 and 2012, the external positions of banks in the Cayman Islands fell by $330 billion from $1.76 trillion to $1.43 trillion.  

 

Insurance 

Captive insurance experienced modest growth during the past 12 months, with an increase of 1.8 per cent from 728 to 741 in the number of captive insurers. Segregated portfolios also increased by 1.7 per cent to 657. There continued to be 27 class A insurers over the past year. 

 

Companies 

In the first quarter, 2,252 new companies were registered, slightly fewer than during the same period in 2012 – 2,379. Active companies on the register jumped to 94,191 from 93,712 in the previous quarter. 

 

Company management 

The number of company managers grew by 7 to 91 (8.3 per cent) and the number of corporate service providers also increased from 10 to 14. 

Trusts 

The number of trust companies fell by 4.1 per cent to 142 compared to last year, a figure last seen in the 1990s. Registered private trust companies in turn surged from 65 one year ago to 83 by the end of March 2013.  

The number of registered trusts also increased to 1,856 from 1,842 as new trust formations accelerated during the first three months of this year and terminations decreased considerably.  

 

Partnerships 

Four hundred eighty newly registered partnerships in the first quarter 2013 constituted a drop year on year, following 544 registrations during the first three months of 2012. However, overall the number of partnerships on the register grew to a record level of 13,183. 

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