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Editor's Note
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Dear Reader,
There have been speculations in the international mainstream press like Cayman is going to fail because the EU is going to rise. The members of this Opalesque Cayman Roundtable do not see things that way: Europe's success does not have to mean Cayman's failure, as the products and regulations are seen as complimentary by the members of the Opalesque 2010 Cayman Roundtable.
In fact, a minimal number of funds have left Cayman for an European jurisdiction. As of September, only four funds move to Luxembourg and two to Malta, while Cayman continues to be the leading hedge fund jurisdiction and expects to register 1,200 new open-ended funds in 2010. This is the same figure as in 2009, bringing the total the number of Cayman hedge funds back to the pre-crash level of 9,589. Cayman Islands hedge funds are still the global benchmark and premium hedge fund products - if fund managers explore or set up European offerings, it is usually complimentary to their existing fund offerings rather than as a substitute for Cayman Islands funds.
Leading law firm Maples and Calder has shared the following statistics on Cayman hedge funds:
- The vast majority of funds formed in 2010 have at least one independent director and over 60% have two independent directors
- 80% have independent fund administrators
- About 25% have more than one prime broker at launch
- Downward fee trend: Less than half of funds still charge 2% management, but over three-quarters are in the range of 1% to 2%
- Incentive fees remain predominantly at 20%
- Very few funds have incentive fee clawback mechanisms
- About 50% of funds still have a fund level gate and only about 15% have an investor level gate
- About 25% of funds have a soft lock and about 15% a hard lock.
OECD further strengthens Cayman's recognition
Meanwhile, in a qualitative review following the initial quantitate review, the OECD recently recognized Cayman Islands' legal and regulatory regime complies with international standards for transparency and exchange of tax information. Cayman achieved this "white list" status fairly early on and now has 20 signed tax information exchange agreements and is awaiting signature on a further six agreements and currently negotiates with four more OECD member states. This recognition by the OECD adds to earlier recognition of Cayman's adherence to international standards by the International Monetary Fund (IMF), International Organization of Securities Commission (IOSCO) and the Caribbean Financial Action Task Force (CFATF).
The Roundtable was sponsored by Maples and Calder and Maples Finance and took place on Sept. 28th 2010 at their local Georgetown office with:
- Jon Fowler, Head of Investment Funds Group, Maples and Calder Cayman
- Karen Watson, Senior Vice President, Maples Fund Services
- Norm McGregor, Partner, Deloitte
- Don Seymour, Managing Director, dms Management
This Roundtable further includes details on:
- Historical review: How did Cayman manage to became the dominating offshore hedge fund jurisdiction?
- How important are the recent developments of jurisprudence in Cayman? Can international investors have confidence using the Cayman Island structure knowing that if something does go wrong, they can rely on a very robust court system here that will readdress the grievances?
- What should hedge fund managers and investors know about ASC 740 or FIN 48? Would the fund changing from US GAAP to IFRS help? Should, or can, the fund attempt to restate NAV's and/or adjust subscriptions/redemptions? Is there potential for clawback of redemption proceeds under Cayman Islands law once an investor has redeemed out? Does the fund pass the entire liability on to current investors?
- FATCA, the Foreign Account Tax Compliance Act, will be a massive undertaking from an operational standpoint for many stakeholders in the hedge fund industry due to the requirement to gather information on the ultimate investors. How can the industry prepare for FACTA?
Enjoy the read!
Matthias Knab
Director Opalesque Ltd.
Knab@opalesque.com
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15. FERI Hedge Funds Day Bad Homburg Sept. 17
Since 1987, FERI has been synonymous with independent investment expertise and is now one of the leading multi-asset specialists in the German-speaking world. We combine our outstanding expertise in traditional and alternative investments with experience, innovation, and sustainability. More than 280 employees at eight locations in four countries work every day to safeguard and sustainably grow our clients' assets.
Experience a day (on site or join online) in the world of hedge funds! In addition to interesting insights into the strategies of international hedge fund managers, you can look forward to an exciting panel discussion on the topic "Long/Short Equities - Hedge Funds Made in Germany."
More information, registration: events@feri.de
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Legends4Legends Conference - Amsterdam, Oct. 1
Join Theta Capital for the 10th edition of Legends4Legends on October 1 in Amsterdam - an exclusive gathering of around 350 institutional investors, family offices and UHNWIs exploring the institutional adoption of blockchain and digital assets.
This year's theme:
"From Speculation to Institutional Adoption: How Blockchain is Rewiring the Global Financial System"
The conference focuses on where traditional finance and crypto are converging, the major real-world use cases emerging today, and how increasingly important infrastructure for the AI economy is being built on-chain.
Legends4Legends is deliberately different from typical industry conferences: no retail, no sales pitches and no noise. Every attendee, including Theta's own team, is asked to leave the pitch at home, creating an environment where managers and allocators can speak candidly.
The speaker lineup includes:
- Mark Cutis - Managing Director, Office of CEO, Abu Dhabi Investment Council
- Joe Marenda - Head of Hedge Fund Research & Digital Assets, Cambridge Associates
- Chris Perkins - Head of Crypto, Franklin Templeton
- Patrick J. Witt - Executive Director, President's Council of Advisors for Digital Assets at the White House
- Robert Leshner - Founder, Compound & Superstate; GP, Robot Ventures
- Haseeb Qureshi - GP, Dragonfly
- Tarun Chitra - Founder, Gauntlet; GP, Robot Ventures
- Matt Walsh - GP, Castle Island Ventures
- David Pakman - GP, CoinFund
- Min Teo - GP, Ethereal
- Lasse Clausen - GP, 1kx
- Scott Lawin - President, Pantera Capital
- Tyler Spalding - Co-founder, Flexa; Founder, Anvil Protocol
A limited number of invitations are available through Opalesque, particularly for institutional allocators who are curious about blockchain and digital assets but haven't yet found a credible way into the space.
If you are interested in attending, or know an institutional allocator who would benefit from joining, please register here:
https://luma.com/legends4legends?coupon=OP-26
Attendance is limited to 350 allocators and all registrations are subject to approval by Theta Capital.
As always, Legends4Legends supports Alternatives4Children, with every seat filled contributing directly to children's education.
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Family Office Forum ZURICH Nov. 10-11, Dolder Grand
Join Opalesque founder Matthias Knab at the 13th Prestel & Partner Family Office Forum in Zurich along with 100+ Family Offices!
This is YOUR opportunity to:
- Meet private investor peers in person
- Be part of a trusted community in a "safe place"
- Share experiences and views
- Access information across Family Governance & Investment best practice topics.
Investors attend for free, if you are interested in joining, let me know (email knab@opalesque.com and I'll make an introduction to the organizers.
I can also facilitate discounted tickets for investment managers / service providers given my 10+ year relationship with the organizers, please reach out as well.
See here for agenda and more information: https://prestelandpartner.com/familyofficeforumzurich.html
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| AlternativeSoft's Laurent Favre on the Future of Fundraising: AI, Avatars, and a Click to Invest |
“In five years, all will be done with AI.”Raising capital is one of the biggest challenges for hedge fund managers, while discovering and analyzing promising small to mid-sized funds is a time-consuming task for allocators.AlternativeSoft, a platform trusted by 150 institutional clients ...
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Interested in featuring your firm here? Contact us
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| Technical Research Briefing |
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S&P FUTURES (@ES) – Daily
Currently: Long Looking to: Sell @ 4,118.75
As of 3/21/21 @ 7:58pm EST: 3,896
LAST WEEK: We suggested buying dips to 3,875 with stops on a close below 3,840 and with a target for selling longs / getting short at 4,118.75.
UPDATE: S&P futures had a terrible day Thursday and limped into the weekend. Right now, we put possible short-term ceilings at 3,918 or 3,950. If 3,918 holds as short-term resistance, we will look for a dip in the ES futures to 3,818 – 3,820. If 3,950 is tested and holds as resistance instead, we will look for a dip to 3,848 – 3,850 to follow. After this bounce and subsequent dip, we will be buying S&P futures aggressively (unless evidence presents itself that forces us to change our opinion) near one of those support levels.
We would look to buy dips to either 3,849 or 3,818.50 with stops honored on a close below 3,847 and 3,815, respectively. The upside target for either entry will be 4,119. NO SHORTING RIGHT NOW!
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