The average hedge fund returned 3.14 percent in the first half of 2017. Almost 75 percent of managers showed positive returns and another 18 percent outperformed such equity benchmarks as the MSCI AC World Index, data provider Eurekahedge reported.
The average cost of goods and services in Cayman has increased by 1.7 percent in the first quarter of this year, the fastest rate in three years. The main drivers of inflation in the consumer price index were the restaurant and hotels category.
Banks that are concerned about falling afoul of anti-money laundering regulations cut their correspondent relationships by 6 percent worldwide between 2011 and 2016. The number of active correspondent banks for U.S. dollar and euro transfers fell even further, by 15 percent.
As of Aug. 1, businesses that operate as charities can be categorized as nonprofit organizations, which will allow them to avoid substantial fees. The new Non-Profit Organisation Law, 2016, is part of Cayman’s preparations for the December 2017 evaluation of its regime countering money laundering and terrorist financing.
The Cayman Islands on July 1 began to operate under new laws that will introduce a technology-based system to enhance its existing regime of maintaining and exchanging information about the true owners of Cayman-registered entities.
Ministers and high-level officials from more than 60 countries and jurisdictions on Wednesday are to sign a multilateral convention to reduce the opportunity for tax avoidance by multinational enterprises.
Independent fund, fiduciary and corporate service provider JTC, which has had a presence in Cayman since 2013, has confirmed the acquisition of Merrill Lynch Wealth Management’s International Trust and Wealth Structuring business.
Australian fund administrator MainstreamBPO is acquiring Trinity Fund Administration in Ireland and the Cayman Islands. The total combined purchase price of the acquisition is US$5 million. Subject to regulatory approval within the relevant jurisdictions, the acquisition is expected to be completed in July.
Following an industry consultation, the Ministry of Financial Services has selected a type of beneficial ownership platform that it says is “highly secure” but “less convenient” for the financial service providers.
Fake documents posted anonymously on websites Mixtape and 4Chan on May 3 purport that French presidential candidate Emmanuel Macron had set up a company in Nevis and maintained a bank account in the Cayman Islands.