Skip navigation


Current DateTime: 04:32:26 01 Dec 2009
LinksList Documentid: 24355697
  • The Cost of True Love

      In the popular holiday song "The 12 Days of Christmas," the cost of gifts - from the 12 drummers drumming to a partridge in a pear tree - is quite pricey.

  • Runway Angels

      The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.

  • Smartphone Guide

      Here's a need-to-know guide to nine devices, based on features, price, network and platform.

FEATURED QUIZZES


Current DateTime: 04:32:26 01 Dec 2009
LinksList Documentid: 33793611
  • Test Your Google IQ

      How much do you know about the most popular search engine in the world? Take the following quiz and find out.

  • How Well Do You Know Your Bird?

      Let's talk turkey. Test your turkey knowledge and perhaps pick up a bit of trivia to trot out at your holiday meal.

  • A Healthier & Wealthier You

      Take the following quiz and find out how much you know about the impact of obesity on the health of the U.S. economy.


Current DateTime: 04:32:26 01 Dec 2009
LinksList Documentid: 24890560
  • Holiday Central

      There are plenty of reasons to believe that this Christmas holiday season will not be as bad for retailers as last year.

  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

powered by digg
Cayman-Registered Hedge Funds Exceed 10,000
By: Reuters | 28 Jul 2008 | 02:36 PM ET
Text Size

The number of hedge funds registered in the Cayman Islands exceeded 10,000 in June for the first time, another indication that the hedge fund industry continues to grow despite market turmoil, Cayman authorities said Monday.

At the end of June, there were 10,037 hedge funds and fund-of-hedge-funds registered in the offshore tax haven, up from 9,413 at the end of 2007, according to the Cayman Islands Monetary Authority (CIMA).

Hawaii
U.S. and European hedge funds register in the Cayman Islands to attract global investors, as it is often more tax efficient for them to invest through offshore locations than to invest directly in a domestic hedge fund.

There are more hedge funds domiciled in the Caymans than in any other jurisdiction, including competitors British Virgin Islands and Bermuda, and CIMA has been pushing to maintain that lead.

The industry growth comes despite a year-long financial market credit crisis that has caused many hedge funds to post slumping returns.

Still, there hasn't been "a significant spike" in fund terminations, according to Walkers, a major Cayman law firm whose clients include many hedge funds.

"There have been some forced closures; but in cases where funds are struggling, the managers we work with are being pro-active by placing hard-to-value securities in side pockets, suspending redemptions and imposing (redemption) gates," said Walkers attorney Nick Rogers in a statement. "Such measures may enable a fund in distress to ride out the storm or to wind down its affairs in an orderly manner."

While Cayman authorities in recent years have made a major effort to cooperate with U.S. investigators into possible tax fraud through offshore tax havens, they still face criticism from U.S. lawmakers.

The U.S. Government Accountability Office recently found that there is one mutual fund or hedge fund for every five residents in the Cayman Islands, prompting some lawmakers on the Senate Finance Committee last week to call for stronger laws to prevent tax cheating.

Copyright 2009 Reuters. Click for restrictions.
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • Ever wished your cab driver would stop chatting and just get to where you're going? Well, that moment is closer than ever.
  • UPS truck
  • UPS is giving its customers the option to offset its carbon emissions when sending a package.
  • Romania's presidential campaign has been rocked by a video that may show the president striking a 10-year-old boy.
  • alligator
  • Raising alligators is hard work, and the fickle taste of rich consumers has just made it much harder, says the NY Times.
  • A recent issue of ESPN Magazine was one of its top sellers ever, and it only took scantily clad athletes to make it happen.
  • The continued real estate boom in China is partially fueled by a generational flood of newlyweds.
ADD COMMENTS
Remaining characters


Current DateTime: 01:25:14 01 Dec 2009
LinksList Documentid: 29778428

Current DateTime: 01:00:36 01 Dec 2009
LinksList Documentid: 29779196

Current DateTime: 01:30:54 01 Dec 2009
LinksList Documentid: 29779199

Current DateTime: 01:02:20 01 Dec 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters