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Carne expands global fund governance team with director

Carne Group has announced that Julie O’Hara is the latest independent fund director to join its office in the Cayman Islands.

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Groome joins Highwater Group

Former Chairman of the Alternative Investment Management Association (AIMA) and hedge fund industry veteran, Todd Groome, joins the Highwater Group.

Hedge funds grow assets, but industry still underperforms

The hedge fund industry experienced a challenging year in 2012 with lower than average returns, fewer new fund launches, a larger number of funds closing down and a generally challenging capital raising environment.

CIDA continues growth pattern

The Cayman Islands Directors Association admitted 28 new members this year, raising the total membership to 215.

Correction

The article “Mixed future of Cayman’s hedge funds industry” in the December edition of the Journal quoted Rohan Small. Mr Small is a partner with Ernst & Young. The article incorrectly associated him with a different accounting firm.

100 Women in Hedge Funds

Organisers are seeking professionals to start a local chapter of industry association 100 Women in Hedge Funds.

AIMA and Deutsche Bank publish hedge fund guide

The Alternative Investment Management Association (AIMA), the global hedge fund association, and Deutsche Bank have launched a new edition of the educational guide for institutional investors in hedge funds - the Roadmap to Hedge Funds.

Local firms promote 100 Women in Hedge Funds

International firms, Maples and Calder and Deloitte have teamed up to promote a local membership drive for the global association, 100 Women in Hedge Funds.

Cayman competitiveness in hedge funds services questioned

Cayman’s ability to compete globally and to attract and retain the talent needed to service the hedge funds industry has been put into question by a panel debating the future of the industry at the Campbells Cayman Fund Focus at the Westin Casuarina on Friday, 16 November.

New directors accredited

The Cayman Islands Directors Association held an awards ceremony at Karoo at Camana Bay to celebrate the 23 Cayman Islands’ directors who successfully completed the Directors Accreditation Course held in May.

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George Town is simply capital

George Town will prove it's just capital with its Heritage Day.

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Business in brief

Business in brief

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Alternative investments eyed

The Cayman AI Summit will present an ideal opportunity to network with leaders from the world of institutional investors, hedge funds, private equity and other alternative investments in one of the world’s top international financial centres.

Offshore law firm Forbes Hare to open in London

Offshore law firm, Forbes Hare, is set to open an office in London next month.

High number of redomiciliations has dropped off in 2012

The number of companies that redomiciled from the Cayman Islands to other jurisdictions increased by 11 to 68 in 2011, but in the first 8 months of 2012 only 17 companies transferred out of Cayman.

KRyS Global expands to Guernsey

Corporate recovery and insolvency firm KRyS Global will be launching its fifth international office, in Guernsey, in October 2012.

Summit examines future of alternative investments

The speakers at the Cayman Alternative Investment Summit.

Island luau to support hungry kids

Feed our Future will host its second annual charity pig roast on 6 October to provide funding for school lunches for children who don't have enough to eat.

Cayman business in brief

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Hedge Funds Care Cayman allocates $225,000 to local charities

Hedge Funds Care Cayman, a charity for the prevention and treatment of child abuse and neglect, has allocated a total of CI$225,000 in local grants to eight charities this year.

Master fund registrations fall short of expectations

Following new legislation on the registration of hedge funds, 1,732 master funds have been registered with the Cayman Islands Monetary Authority by the end of the second quarter of 2012, falling short of the 3,000 to 4,000 expected by the government when announcing the plans in 2011.

New officers elected to oversee STEP programme

Maples and Calder trust partner Nigel Porteous has been elected chairman of the Cayman Islands branch of the Society of Trust and Estate Practitioners at the annual general meeting in June.

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Business in brief.

Grapplers looked up to the stars

It looked like an extremely difficult task to pull off well, but in the end, Bob Daigle managed it with aplomb.

Cayman Enterprise City gains traction

Cayman Enterprise City is “slowly gaining traction” despite being about four months behind schedule, according to CEO Jason Blick. Speaking at a luncheon hosted by the Cayman Islands Society of Professional Accountants, Mr Blick said the company has an active tenant base of nine to ten companies, while 17 companies are going through the licensing process. In addition CEC is working with another 20 companies.

Hedge funds outperformed equities, bonds and commodities

Hedge funds significantly outperformed traditional asset classes such as equities, bonds and commodities over the last 17 years, according to a new study by The Centre for Hedge Fund Research at Imperial College in London.

Rob Aspinall earns CAIA designation

Deloitte Cayman Islands has announced Rob Aspinall, senior manager, financial advisory services, has passed the Level II exams of the Chartered Alternative Investment Analyst programme and has been admitted to the programme’s membership ranks as an official charter holder.

Campbells wins victory for US shareholders in Cayman court

Earlier this month, Chief Justice Smellie made a historic ruling in the Cayman Islands Grand Court by which he ordered the winding up of a hedge fund so that its major investors – three United States pension funds – could recoup its investments. Campbells was the Cayman law firm which represented the investors.

Regulations, investor demands put pressure on hedge funds

New regulations and investors demands have put financial pressure on many new and smaller funds, which in turn squeeze the fees of service providers, delegates at the GAIM Ops conference on hedge fund due diligence heard last week.

PwC: Tax regs to impact businesses

In recently issued proposed regulations regarding the Foreign Account Tax Compliance Act, the United States Treasury Department and the Internal Revenue Service appear to have listened to global stakeholder comments and made an effort to address their concerns to minimise the additional compliance costs imposed on financial services institutions, PwC said in a press release.

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Business in brief.

DMS invites students to apply for the annual GAIM Ops

DMS Offshore Investment Services will provide the opportunity for one Caymanian student to gain exposure to the financial services industry by attending the upcoming Hedge Fund conference. DMS, the largest fund governance firm serving the hedge fund industry, partnered with South Street Capital Management LP and GAIM to present the GAIM Ops Scholar Award at the seventh annual GAIM Ops Cayman conference, hosted at The Ritz-Carlton, Grand Cayman from 22 to 25 April.

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Business in brief

Business in brief

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Monetary Authority, US sign new cooperation agreement

The Cayman Islands Monetary Authority has signed a memorandum of understanding with the United States Securities and Exchange Commission, governing the oversight by both supervisory bodies of regulated entities operating in Cayman and the US.

University of Alabama course in Cayman ‘a real eye opener’

20 law students from the University of Alabama School of Law spend a week in the Cayman Islands as part of their studies to gain insight into the offshore financial services offered here. It is the eighth year that Professor Andrew Morriss has brought a class of students to the Cayman Islands, but for the first time with the University of Alabama.

Mars tempted by quick reward

The Valentine’s Mile run was won by Marius Acker last week. No surprise there when considering half a dozen of Cayman’s top runners have left in recent months.

Valentine’s Mile loved by all

The Valentine’s Mile, re-introduced to Cayman’s running scene by event management organisation Race Caribbean, turned out to be a great fun event for all the family.

Mourant seminar highlights SEC enforcement trends

Enforcement actions by the Securities and Exchange Commission have increased in number and sophistication over the past two years and increasingly target hedge funds.

Greek debt crisis eases, but drama is not over

More than two years after it came clean about its addiction to debt, Greece may finally have begun its long and painful road to recovery.

Romantics love Valentine’s run

The much anticipated reincarnation of the popular Valentine’s Mile is on this Sunday with proceeds benefitting local charity Hedge Funds Care Cayman.

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Business in brief.

Mourant seminar focuses on SEC enforcement

Offshore law firm Mourant Ozannes is hosting a seminar on SEC Enforcement and US Derivative Actions against Cayman Hedge Funds on Friday 10 February at the Westin Casuarina Resort from 2pm to 5 pm.

They love Valentine’s run

Road runners have a great choice of races and the next one has a very romantic angle.

Directors Association now counts 200-plus

Paul Harris, president of the Cayman Islands Directors Association announced at CIDA’s annual general meeting that the organisation has accepted more than 200 company directors based in the Cayman Islands as members.

Worst year for hedge funds since financial crisis began

Amid the sovereign debt crisis, high volatility and deteriorating economic conditions, hedge fund performance in 2011 was the worst since the financial crisis, according to various hedge fund indices.

Local contractors blast Chinese port deal

Leading Cayman contractors blasted the Government’s handling of cruise port negotiations with China Harbour Engineering Company, airing concerns about the company’s health standards and ability to dominate the local construction industry.

DMS’ Seymour calls for CIMA regulation of fund directors

Don Seymour, managing director of DMS Management, one of the largest fund governance firms in the Cayman Islands, has called for closer regulation of hedge fund directors and the introduction of a director disqualification regime.

The future of Cayman’s relationship with the UK: Dealings should be symbiotic

 Today’s viewpoint is from Anthony Travers, chairman of the Cayman Islands Stock Exchange and a former senior partner at Maples and Calder.

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Business in brief.

Business in brief

Business in brief

Survey: Cayman hedge fund governance is found wanting

A survey of hedge fund allocators by fund governance service provider Carne found that 63 per cent were unhappy with the level of fund governance in the Cayman Islands.

HedgeServ opens in London

Global fund administrator HedgeServ announced it opened a London office 22 August. The office will focus on business development with hedge funds, funds of hedge funds, private equity funds and institutional investment managers.

Grand Court judgment ‘wake up call’ for fund directors

The Grand Court of the Cayman Islands has found two directors of a Cayman-registered fund guilty of wilful neglect or default in the discharge of their duties and fined each of the defendants US$111 million.

Walkers summer interns gain experience, insight of law firm

Walkers law firm takes on six law students as summer interns.

HedgeServ sales 
managing director

Global fund administrator HedgeServ announced that Farnaz Milani has joined the company as Managing Director in its sales team.

Appleby hires new associate

Angelina Partridge is joining Appleby’s Corporate and Commercial Practice Group as a member of the Funds and Investment team.

Editorial for 8 August: Economic diversification

If Cayman wants to create an economy that can sustain itself and avoid the complicating ramifications of direct taxation, then Cayman must diversify its economy.

Editorial for 29 July 2011: Cooperation needed

We hope the signing of and agreement between the government and the Chamber of Commerce this week marks the beginning of a new era of cooperation between the public and private sectors.

Cayman directors learn about changes to the Companies Law

The Cayman Islands Directors Association hosted a lunch on 13 July at The Whard to highlight recent changes in the Companies Law to CIDA members.

Budget surplus?

Cayman either has a $12 million projected operating surplus, or a $61 million budget deficit - it just depends on how you look at it.

Caledonian acquired by local firm

International financial services firm, The Caledonian Group, announced that it has been acquired by New World Holdings Inc. a privately held investment company in the Cayman Islands.

Hedge fund, firm registrations
rebound in numbers in 2011

The total number of investment funds registered in the Cayman Islands has increased to 9,409 in the second quarter of 2011 after declining in the previous six months.

KPMG receives HFMWeek award

KPMG has been named the best hedge funds audit services firm by HFMWeek.

Premier: UK green-lights budget

UK approval has been received and Cayman's budget now awaits final passage.

Lawyer enjoying Hong Kong

With offices spread throughout the Caribbean, Europe, Asia, the Middle East, and recently North America, the Maples Group provides great opportunities to work in places all over the world. The firm’s global reach not only brings a lawyer closer to his or her client, wherever that may be, it also opens the door to new areas for growth and development.

Editorial for June 13, 2011: Anxious for budget details

Budget address leaves out needed details.

Budget surplus, premier tells LA

The Premier says Cayman is back in the money – but just barely.

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