Fri, Oct 9, 2015
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Other Voices: Post-Weavering - independent or affiliated fund directors?

Friday, October 07, 2011

By Victor Murray, LLB, PG Dip LP, Accredited Director and who has been resident in the Cayman Islands from 2002. He is the Assistant Secretary of the Cayman Islands Directors Association. He is admitted as a Lawyer in New York and as a Solicitor in Scotland. He has considerable offshore fund experience as in-house counsel for Citco and thereafter as a director of many hedge funds.

Following the Weavering decision what should a Cayman Islands fund expect from their directors?

Although the recent Weavering case (Weavering Macro Fixed Income Fund 26 August 2011) did not create any new law, it does provide some insight as to the basic minimum standards that should be expected from a fund director at least by the Cayman Islands Court.

In the Weavering case the directors of the fund were found not to meet basic standards in relation to the discharge of their fiduciary obligations. The judge in the case stated that the Cayman Islands funds industry “…works on the basis that investment management, administration and accounting functions will be delegated to professional service providers and a company’s independent non-executive directors will exercise a high level supervisory role.” There was no evidence of the directors of Weavering asking any questions of any service providers.

The judge further went on to say that the directors of the Cayman Islands fund must:

  • have relevant experience in the review of offering documents to ensure that t......................

    To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Manager Profile - Pimco alternative funds flourish as 30-year bond rally fades[more]

    From Inside Pacific Investment Management Co., the bond behemoth that lost two chief investment officers last year and saw almost $500 billion of client money leave, a hidden profit engine is easing some of the pain. For more than a decade, Newport Beach, California-based Pimco has qu

  2. Niche Investing - Art investment funds: Attracting institutional and other new investors[more]

    From The Deloitte/ArtTactic Art and Finance Report 2014 (the "Art and Finance Report") noted that the "global art investment fund market was estimated to be worth at least $1.26 billion in the first half of 2014." This seems almost inconsequential when juxtaposed with the $54 billion of

  3. Hedge fund Barnegat survives September’s market selloff[more]

    Komfie Manalo, Opalesque Asia: Bob Treue’s $679 million Barnegat Fund proved resilient after another month of market letdown as the hedge fund gained 2.2% last month, bringing its year-to-date gains to 2.8%. Treue said in his monthly report to i

  4. …And Finally - Japanese men want upgrade on their virtual girlfriends[more]

    From Five years after News of the Weird mentioned it, Japan's Love Plus virtual-girlfriend app is more popular than ever, serving a growing segment of the country's lonely males -- those beyond peak marital years and resigned to artificial "relationships." Love Plus models (Rinko

  5. Hedge funds relatively resilient in Q3[more]

    Komfie Manalo, Opalesque Asia: Hedge funds fell in the third quarter as market conditions remain challenging, but still outperformed the S&P 500. The Lyxor Hedge Fund index was down 3.6% during Q3 while the S&P 500 fell 8.2%. According to Lyxor, "hedge funds were quite resilient in Q3. Falling en