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Alternative Market Briefing

Funds industry grows in Cayman

Thursday, March 28, 2019

Bailey McCann, Opalesque New York:

Fund assets under management in Cayman are rising and delegates at the recent Opalesque Cayman Roundtable suggest that Brexit could be a positive for the local investment funds industry.

According to the recently released Investments Statistical Digest from CIMA, there was an increase of 12% in the Net Assets of Cayman funds, moving from $3.6 trillion in 2016 to $4 trillion in 2017. Total gross assets increased from $6.1 trillion to $6.9 trillion, representing an increase of 13%. For 2018, there was growth in the total number of funds, moving from 10,559 to 10,992, about a 4% increase. In terms of quarterly statistics, CIMA approved around 109 funds per month compared to 97 funds in 2017. Those numbers reflect renewed investor interest in private funds and according to Juliette Maynard, Deputy Head Investments Supervision Division, at the Cayman Islands Monetary Authority (CIMA).

Revenues are on the rise as well. Total return on gross assets increased from 2% in 2016 to 5.52% in 2017, and the return on net assets increased from 3.56% to 9.5%. Maynard says that the positive trends reflect the overall strength of the funds industry in Cayman and should calm fears around the potential impact of recent regulatory changes.

Much of the new activity is coming from managers in the US and Asia. Hong Kong is the top Asian location for investment managers with Cayman funds, according to the Investments Statistical Digest. Craig Smith ......................

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