Cayman seeking to escape tax haven shadow
GEORGE TOWN, Cayman Islands, Thursday December 15, 2011 – The main private sector association for international business in Cayman is touting the jurisdiction’s new top ranking among hedge fund domiciles as proof of its upstanding regulatory regime.
Richard Coles, Chairman of Cayman Finance, said of the Cayman Islands’ status as the most favoured domicile in the recent Hedge Funds Review’s Service Provider Rankings that “the survey underscores Cayman’s ongoing relevance in the worldwide financial industry and role as a key player in the funds industry in particular.”
Coles added that the fact that the Cayman Islands is ranked the Number 1 domicile by 52.9% of the survey respondents – well ahead of Luxembourg in second place with 13.1% - is testament not only to the number of funds domiciled here, but also to the quality of service providers in the Cayman Islands as well as the clarity and robust nature of the jurisdiction’s regulatory regime.
The survey was completed by respondents primarily at senior management level representing more than 1,000 hedge funds, funds of hedge funds, and investors from across the globe clearly showing the widespread confidence in the Cayman Islands as a jurisdiction.
The publication’s website indicates that the poll should be considered a reflection of how market professionals view their service providers in terms of overall quality of service.
“This is especially gratifying and important news for Cayman given the funds industry’s extensive compliance requirements, increased regulation and industry concerns over counterparty risks,” continued Coles.
That Cayman shines in a time of increased due diligence by the majority of the funds industry is a major indicator of our continued success and dominance as the hedge funds domicile of choice worldwide.”
The statement by Cayman Finance went on to stress that the jurisdiction had placed great emphasis on creating a transparent and rigorous yet user-friendly regulatory framework with both the Cayman Islands Monetary Authority and local fund services providers remaining diligent in keeping up-to-date with developments in the industry and ensuring that risk to investors in Cayman Islands-based funds was limited.
Cayman Finance is a private-sector membership-based organisation established to promote Cayman’s financial services industry through public relations, public affairs and marketing initiatives.