If you were asked which is the only ranked international financial centre in the Caribbean that is independent, The Bahamas may not leap to your mind but that is the status they enjoy, having attained independence from the UK in 1973. Aliya Allen is CEO & Executive Director of the Bahamas Financial Services Board, having started in her role in 2012. Previously she was a partner in a Bahamas law firm working in financial services.
The Bahamas has over 700 funds with domiciled and administered fund assets totalling $90bn. Allen explains that the islands have been in the financial services business for a long time, since the 1930s, but have largely focused on wealth and asset management services. Raising their profile to attract hedge fund business is not a new initiative but an adjunct to their existing business. "What you are seeing is a combination of renewed efforts and commitment by the Government along with a push to diversify from traditional wealth management business" Allen explains.
"What we offer hedge funds is our history - a huge advantage of The Bahamas is the history and depth of service providers. We have roughly 270 banks here, 35 of the top 100 global banks are here and have been here for over 70 years so around that infrastructure has grown a group of highly skilled service professionals."
Allen explains that the regulatory environment is internationall......................