Cayman business in brief

Only 58 percent of hedge funds deliver positive returns 

The performance of the hedge fund industry has confirmed once again this year that manager selection is key for investors in the alternative investment space. About 42 percent of hedge fund managers reported losses through November, according to data provider Eurekahedge. 

Around 20 percent of the managers have posted gains in excess of 8 percent this year, while around 15 percent have reported losses exceeding 8 percent. 

Hedge funds overall are up 2.45 percent for the year to date. Assets under management have grown by US$110.7 billion, consisting of US$71.2 billion of investor inflows and US$39.6 billion of performance-driven gains. This compares with an AUM growth of US$121 billion in 2014 where investor allocations stood at US$34.8 billion, while performance-driven gains came in at US$86.2 billion. 

Tortuga obtains license to export rum to the US 

Tortuga International Holdings is now licensed to import Tortuga’s newly rebranded 5-year-old and 12-year-old rums to the United States. Tortuga rum is manufactured in Barbados and Jamaica. 

“We are excited about this opportunity to share some of the finest aged rum blends from the Caribbean with consumers in the United States,” said Marcus Simmonds, CEO of Tortuga International Holdings Limited. “We are currently in discussions with U.S. liquor distributors and brokers for placement of the newly packaged 5-year-old and 12-year-old rums in 2016.” 

This year the 5-year-old Tortuga Rum won Gold by The Spirits Business magazine, published in early 2015. 

In addition, Tortuga Rum Cakes are on the shelves of Costco and Sam’s Club, two of the largest retailers in the U.S., this Christmas season, Tortuga announced in a press release. Tortuga Rum Cakes will also be available at 50 of the 113 U.S. stores operated by Total Wines & More. 

“We are proud of our island brand and are always very pleased when we can share the taste of the Caribbean with the U.S. and the world,” said Tortuga founder Robert Hamaty. “These new opportunities, for the rums and for the rum cakes, are our way of proliferating the brand through different channels.” 

Appleby advised Fosun on acquisition of Ironshore Insurance 

Appleby served as Cayman and Bermuda counsel to Fosun International Ltd. in its acquisition of the remaining 80 percent equity interest in Ironshore Inc. by way of merger. The transaction successfully closed on Nov. 20 and Ironshore is now an indirect wholly owned subsidiary of Fosun International Limited. 

Fosun, a Shanghai-based investment group with a global foothold, completed the initial acquisition of 20 percent of Ironshore’s total ownership interest in February 2015. Fosun has established an insurance platform covering property and casualty insurance, life insurance, reinsurance, general insurance, labor insurance and specialty insurance with presences in major markets around the world. 

Ironshore Inc. is the Cayman Islands holding company for the Bermuda-based insurer, Ironshore Insurance Ltd. 

Charities featured on Butterfield roundabout 

As part of its Christmas decorations, the roundabout sponsored by Butterfield Bank (Cayman) Ltd. is featuring some of the many local charities which have benefited from Butterfield’s corporate giving in 2015. 

The roundabout is at the intersection of Esterley Tibbetts Highway, North Sound Road and Godfrey Nixon Way. 

“We thought we’d do something a little different this year with our roundabout decorations. As Christmas is the ‘season of giving,’ we’re highlighting the worthy charities who benefited from our Community Giving program in 2015,” said Deputy Managing Director Mike McWatt. “We wanted to let the public know why there are so many logos on the roundabout, and remind them of the many worthy causes that we support.” 

Some of the featured organizations are the Cayman National Cultural Foundation, Breast Cancer Foundation, Cayman Arts Festival, Cayman HospiceCare, Special Olympics of the Cayman Islands, National Gallery of the Cayman Islands, National Council of Voluntary Organisations and the Island Games. 

For the Christmas season, the Butterfield roundabout features numerous charities that benefited from the bank’s corporate giving.
For the Christmas season, the Butterfield roundabout features numerous charities that benefited from the bank’s corporate giving.