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11 Aug 2008
The Cayman Islands Monetary Authority's latest figures show the Cayman Islands financial services industry has passed the 10,000-mark of investment funds registered in the jurisdiction.
At the end of June, 10,037 funds were on the authority's register compared with 9,681 at the end of the previous quarter and 8972 in mid 2007, according to its figures.
The current annual growth rate at the island tax haven of 12% in new hedge funds, which takes cancellations into account, is significant given the deterioration in global markets following the sub-prime crisis and associated credit crunch, Tax-News.com notes.
‘This is yet another round of impressive statistics,’ Mark Lewis, senior investment funds partner at Walkers, the leading offshore law firm, told Tax-News.com. ‘The 10,000 barrier has been breached as hedge funds continue to be formed in the Cayman Islands, which remains the clear jurisdiction of choice for investment managers and their advisers around the world.'
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