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Komfie Manalo, Opalesque Asia for New Managers:

The British Virgin Islands has introduced two new fund products to expand its existing funds offering, according to international offshore law firm Harney Westwood & Riegels.

It said that The "incubator fund" and the "approved fund" are two new lightly regulated fund products which are primarily aimed at start-up emerging managers and those managing funds for smaller groups of closely connected investors.

The incubator fund is aimed at managers who do not necessarily have the benefit of seed investor capital but who wish to set up quickly and establish a track record with minimal set-up costs and without having to comply with onerous regulatory obligations. The product is therefore expected to be very attractive to start-up managers who are seeking the best environment to grow their assets under management in the most cost-efficient manner.

Under the Regulations, the incubator fund is permitted to operate for two to three years with no functionaries and no requirement to appoint an auditor, provided it remains within the relevant......................

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