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Alternative Market Briefing

There is trend towards boutique directorship services firms

Wednesday, March 12, 2014

amb
Darren Stainrod
Komfie Manalo, Opalesque Asia:

The focus on corporate governance that is pushing for higher standards in the hedge funds space culminated in the Statement of Guidance issued by the Cayman Islands Monetary Authority (CIMA) in January this year, declared Darren Stainrod, a Principal at HighWater Limited, a boutique provider of corporate governance services, during the latest Opalesque Cayman Roundtable.

"The increased activities of the larger institutional investors are pushing trends in the industry, Stainrod said and added, "There is an ever-growing trend away from larger volume players that offer directorship services on a platform basis towards the boutique firms with a smaller number of experienced directors and smaller, more focused client portfolios."

He said the trend is also away from corporate governance provided by firms affiliated to the offshore law firms. "Although this situation is resolving itself as the law firms continue to sell off these businesses in order to help manage and fund the generational change of the old guard," Stainrod added.

In January, CIMA finalized new guidance on fund governance. The new rules apply to all funds regulated under the terms of Mutual Funds Law. The guidance has been developed following a broad review of fund gove......................

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