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From Precy Dumlao, Opalesque Asia:

The Cayman Islands, which is part of the British Overseas Territory in the western Caribbean Sea, are indeed one of the top offshore financial centres in the world and the Caymanians are proud of this distinction.

But Cayman's position, as the "industry standard" for hedge fund jurisdiction is facing a major challenge, specifically from the perceived effect of the alternative investment fund managers (AIFM) Directive that is expected to make certain European countries the jurisdiction of choice for more European funds (See Opalesque Exclusive: Cayman newly established Financial Services Board makes jurisdictions legal structure more robust - Opalesque Cayman Roundtable here).

International law firm Katten Muchin Rosemann Cornish presented an alert early this month pointing out that the AIFM directive poses a threat to Caymans dominance as a hedge fund domicile. The law firm advises Cayman Islands to attract custodians to comply with the directive.

However, Jon Fowler, head of the investment funds group of international law firm a href=http://www.maplesandcalder.com/ target=_blank......................

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