The Cayman Islands has reached a financial milestone as a global leading investment funds centre by registering a record 30,000 funds.
According to the Cayman Islands Monetary Authority, there were 30,038 registered investment funds in Cayman as of 4 Sept. Of that,17,080 were private funds and 12,958 were mutual funds.
Deputy Premier and Minister for Financial Services André Ebanks described it as a “country achievement” which showed that the Cayman Islands was “going from strength to strength” as a financial hub.
“Reaching 30,000 funds registered is certainly a collective country success for the Cayman Islands,” he said, in a press release from the financial services ministry.
“It speaks to the vision and the work of successive government administrations; the Monetary Authority, with its respected track record that spans more than 25 years; and the contributions of industry members, from retired pioneers to the cutting-edge practitioners of today.
“It tangibly demonstrates how we in this country work tirelessly together to create a global investment funds centre of excellence.”
CIMA Managing Director Cindy Scotland said there were several reasons for the popularity of Cayman’s investment funds framework with investors.
“This accomplishment underscores the strength and resilience of our regulatory framework, which continues to inspire confidence from the international funds industry,” she said., in the release.
“It is a clear indication that the Cayman Islands remains the funds centre of choice for fund managers worldwide, reflecting our commitment to maintaining the highest standards of excellence and integrity.”
Cayman Finance CEO Steve McIntosh said the milestone showed the quality of Cayman Islands as a financial hub.
“Cayman Finance congratulates the many individuals and organisations whose hard work made this milestone possible, from those on the front lines driving our industry forward, to the policy makers who created the rules of the road and the regulators that make sure the rules are followed,” he said.
The current projections indicate the 2024 year-end total will surpass last year’s registrations, building on the steady growth of private funds since the introduction of the Private Funds Act in 2020, according to the release.
Last year saw 16,551 private funds, the previous high for registrations, along with 12,802 as the prior high for mutual funds registrations.
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