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Americans with money in pension fund are likely to have some in Cayman, so why all the fuss about Jack Lew’s investment?

Tuesday, February 19, 2013

From Komfie Manalo, Opalesque Asia - Why are people still surprised that Americans including both Republicans and Democrats have money invested in Cayman investment funds, asks Cayman Finance. Especially since when it is certainly the case that all Americans who have a pension fund will likely have their money indirectly invested in a Cayman private equity or hedge fund.

The Cayman industry association made the statement in reaction to the recent United States Senate Finance Committee confirmation hearing of Jack Lew, President Obama's nominee for Treasury Secretary, where he was asked about his investment in a Cayman Islands investment fund domiciled in Ugland House.

Cayman Finance said in the statement that, as the 2008 Government Accountability Office's Report stated, "Cayman is the domicile of choice and a center of excellence for some of the world's leading international investment funds."

The association reasoned that investment funds domiciled in the island are an important part of helping to solve the pension funds' need for investment diversification and the global allocation of capital. Some of this capital is, for example, invested in important infrastructure projects in emerging market countries. "As a consequenc......................

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