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Alternative Market Briefing

Cayman must stand firm against demands to embrace UCITS type rules

Friday, January 18, 2013

Benedicte Gravrand, Opalesque Geneva:

The Cayman’s financial sector is well positioned for the alternative funds industry and should not try to please everybody else, said participants at the recent Opalesque Cayman Roundtable.

All jurisdictions are chasing the money and trying to get an increased share of the global alternative business, said Darren Stainrod, Managing Director of UBS Fund Services in the Cayman Islands.

He added: "Hong Kong, for example, has a good PE structure and now they are looking at creating a hedge fund type product there to compete with the Cayman model as well as other products to capture assets as China continues to open up. Singapore, Malta, Gibraltar, the Channel Islands and elsewhere are also competing with the Cayman / Dublin / Luxembourg products. Bahamas has a less expensive SMART fund which is heavily marketed to start-ups and family offices in Brazil, and obviously UCITS are a continuous project in Europe."

But for the moment, in the midst of all the regulatory changes in Europe (ahead of the full AIFMD implementation), he added, "there hasn’t been a lot of actual asset flows or re-domiciliation out of Cayman which remains stable in assets and the number of funds registered."

Cayman fund regulation is simple......................

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