- Contagion Fears Calmed by Dubai World Plan
- China Hires Foreigners to Manage Forex Reserves
- Bank of Japan Offers Liquidity at Emergency Meeting
- Somali Sea Gangs Create Pirate Stock Exchange
- Cutting Jobless Will Take Time: White House's Summers
- GE, Vivendi Agree to Value NBCU Stake at $5.8 Billion
- Manufacturing in Focus as Bulls Call for Turn in Dollar
- Euro Zone Manufacturing Grows Faster Than Forecast
- Arrest Imminent in Florida Ponzi Case: Report
- Treasury Threatens Banks, Not Borrowers
- We're Approaching a Market Bubble: Portfolio Manager
- Hershey Shares: What Options Are Saying
- Nov. 30: Unusual Volume Leaders
- Why Careful Shoppers Are Great for the Box Office
- Blue Nile CEO: 'We're Having the Best Cyber Monday Ever'
- Best Online Retailers to Buy Now: Internet Analyst
- ESPN The Magazine’s Body Issue: A Financial Success
- Cyber Monday: The Last Vestige of Dotcom Hype
MOST SHARED
- Timeless and Time-Tested Warren Buffett Watch Predictions
- Good Sign for the Economy: 'Greed' Makes a Comeback
- Dubai World Set to Restructure About $26 Billion of Total Debt
- Dubai Stocks Could Fall a Further 30%: Charts
- Dubai Markets Close Sharply Lower for Second Day
- Treasury Threatens Banks, Not Borrowers
- Notre Dame Fires Charlie Weis After 5 Seasons
- Bank of Japan Offers More Liquidity at Emergency Meeting
- What to Expect from Cyber Monday
- Bove: 26 Banks May Need To Raise More Capital
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).
 |
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.
Print
Email
- Ever wished your cab driver would stop chatting and just get to where you're going? Well, that moment is closer than ever.
- 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.
- 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.
Data is a real-time snapshot *Data is delayed at least 15 minutes