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Gary Linford By Beverly Chandler, Opalesque London:

Participants in the Opalesque Cayman Roundtable discussed global developments for the alternative investment industry and how they would affect hedge fund business closer to home.

Gary Linford, Managing Director of HighWater commented on the number of political motives at play in the global alternatives industry. "There is very little that the Cayman Islands can do about that other than continue to do our best to attract business here based upon service and price, but I fear we will continue to see onshore governments create laws that artificially require you to do business in their jurisdiction."

Linford said that while that may not be an issue for global firms such as fellow Roundtable participant Darren Stainrod, Managing Director, UBS Fund Services (Cayman Islands), he felt it may not be good for the Cayman Islands itself. "Increasingly all of our good service providers here on Cayman are or will have to become global as inappropriate CIMA regulations and offensive new fee increases reduces the attractiveness of Cayman. Sadly, there is increasingly less of an impetus for someone like say Darren to get engaged and argue why certain business should be directed to or stay in Cayman. If it's correct legally ......................

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