Aima sets up new branch in CaymansAima sets up new branch in Caymans
By Phil Davis
Published: May 22 2006 03:00
The Alternative Investment Management Association has set up a branch in the Cayman Islands, the world's biggest hedge fund domicile.
The Cayman Islands will be Aima's seventh chapter, following Australia, Canada, Hong Kong, Japan, Singapore and South Africa. It now has more than 1,000 members in 46 countries.
Christopher Fawcett, Aima chairman, said: "This is a notable and natural milestone and a signal of Aima's growing influence worldwide. Cayman is an integral part of the hedge fund industry, with the majority of hedge funds globally domiciled there."
The move comes amid increasing pressure on the Cayman Islands as the jurisdiction of choice for hedge funds.
The US Securities and Exchange Commission is demanding onshore registration of many funds, which could lead to a pullback from offshore locations.
In addition, the rising tide of institutional money in hedge funds is also creating pressure for registration to move onshore where funds can be monitored more closely by local regulators.
Andy Stepaniuk of KPMG will be chairman of the new chapter and Mark Lewis of Walkers, the law firm, will be his deputy.
The founding members include GLG Partners, Goldman Sachs, Absolute Capital Management and Athena International Management.