The number of funds registered and licensed by the Cayman Islands Monetary Authority has grown to roughly 9,990 at the end of the first quarter of 2012. However, the new figures, just shy of the all-time high of 10,291 in the third quarter of 2008, include 837 mostly pre-existing master funds, which had to be registered under the Mutual Funds (Amendment) Law 2012.
The number of master funds might still grow as the initial registration deadline was extended from 21 March to 21 May, but it is not clear whether the government will reach the 3,000 to 4,000 master funds it expected in order to raise $7 million. A registration fee of $2,500 applies to each master fund, including those that have only one feeder fund. Prior to the amendment of the Mutual Funds Law, master funds were exempt from registration.
Without the master funds, the number of funds registered by CIMA would have fallen by 105 funds or 1.13 per cent to 9,153. The number of fund administrators in Cayman also continued to decline by two to 127.
Captive insurers, or Class B insurance licence holders, dropped by 11 to 728 in the first quarter of the year. Meanwhile, bank statistics remained steady at 233 after falling by one and the number of trusts increased by one to 148.
Related Videos
