BERMUDA: Business Bermuda attends UK Fund Conference

By added on 25/05/2011

Business Bermuda represented Bermuda’s fund industry at the Hedge Fund Redomiciliation conference for Managers & Funds Tuesday [May 24] in London, Bernews reports.

For the first time Business Bermuda attended the day-long event to talk about the impact
of the Alternative Investment Fund Managers Directive [AIFMD] on non-EU, offshore jurisdictions.

Bermuda has levels of disclosure and transparency that have, unlike any other jurisdiction, put the country on the Organisation for Economic Co-operation and Development [OECD] white list and is Vice Chair of the steering committee of the OECD’s Global Forum.

Business Bermuda is confident that its regulatory regime will meet the standards set by the EU under the AIFMD and welcomes the directive as a positive development for the fund industry.

The Bermuda Government has set up a taskforce to promote Asset Management in Bermuda and to ensure that it can be flexible to meet all the needs of fund managers.

Cheryl Packwood, Chief Executive Officer of Business Bermuda, who spoke at the event, said: “The Hedge Fund Re-domiciliation conference is an important event and an excellent opportunity to discuss the benefits of Bermuda’s legal frameworks and tax structures to asset and fund managers, as well as the possible regulatory changes Bermuda will implement in order to enhance its offering and gain equivalence.”

Peter Hughes, managing director of Apex Fund Services, which provides global fund administration solutions to investment managers investing in traditional and alternative assets, added: “Bermuda will be among the first non-EU jurisdictions to achieve equivalence; it is already recognised by international bodies as being among the best-regulated and most compliant jurisdictions worldwide.

“Bermuda-based funds and fund managers will be better placed thanks to Bermuda’s advantages including lower costs, lower taxes and practical efficiencies associated with the use of private placement regimes.

“Funds based in Bermuda aren’t limited or governed by the investment restrictions surrounding funds such as Undertakings for Collective Investment in Transferable Securities [UCITS] and have access to the many advantages such as no tax or remuneration caps, which can be attractive to investors.”

Business Bermuda will also be attending the Hedge Fund Re-domiciliation conference in Geneva on 28 June.

The organisation is made up of Bermuda-resident service providers and international businesses which provide high-quality banking, insurance, reinsurance, legal, accounting, financial, trust, management and e-commerce services and products.

Business Bermuda works with the private sector and Government to develop and promote the island as one of the world’s foremost centres for international business.