TaxAdministrationCayman hedge funds pass 10,000 mark

Cayman hedge funds pass 10,000 mark

Latest CIMA figures show hedge funds registered in the Cayman islands have passed 10,000

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.’

Further reading:

Man caught in Cayman hedge fund collapse

Read
the Tax-News.com story

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