Business Bermuda Hosts London Dinner
Business Bermuda, an organization working with Bermuda-resident companies and government to develop and promote Bermuda internationally as the jurisdiction of choice, hosted the AIFMD thought leadership dinner on 29 September 2011. The event was held at The Savoy, Strand, London.
The dinner gathered key figures from the fund and alternative investment worlds to discuss recent changes in EU policy regarding the fund industry, in particular the Alternative Investment Fund Managers Directive (AIFMD), the newest and perhaps the most controversial legislation facing the European fund industry.
A statement issued said, “Given increasing levels of bureaucracy and considerable regulation, the fund industry will be under considerable constraint by 2013, especially as the introduction of the AIFMD becomes more of a concern for the industry as a whole as it nears introduction and more terms are revealed.”
“The group debated whether AIFMD and future regulation might cause a structural shift in the industry and particularly how this will affect the offshore case.”
The event included an introduction from Cheryl Packwood, Chief Executive Officer of Business Bermuda followed by a panel discussion by all attendees including: Travis Gilbert, legislative assistant for the Ministry of Business Development and Tourism; Kieran Loughran, Director of Conyers Dill & Pearman; Alex Erskine, Partner at Appleby; Richard Hay, Stikeman Elliot partner / IFC Forum counsel; Peter Hughes, Group Managing Director at Apex Fund Services and Cheryl Packwood, CEO of Business Bermuda.
Richard Hay, Stikeman Elliott Partner and Counsel to International Financial Centres Forum said: “The world’s small international financial centers play a key role in efficient financial intermediation and trade, contributing to economic growth and jobs in the major industrialized countries. Bermuda has impressive financial infrastructure, world class professionals and leading compliance with international standards, positioning it as a mature and sophisticated contributor to this dynamic.”
After the discussion, the reception provided an opportunity for networking and promoting business between the two countries.
Cheryl Packwood, Chief Executive Officer of Business Bermuda, said: “Business Bermuda continues actively and aggressively to market Bermuda as a financial centre for international business. Given Bermuda’s status as one of the most compliant and well regulated jurisdictions worldwide, we strongly believe we have a great deal to offer the European fund management industry and the event was an additional step in establishing and promoting Bermuda’s offering.”
Travis Gilbert, Legislative Assistant for the Ministry of Business Development and Tourism, commented: “The dinner hosted by Business Bermuda was an excellent opportunity to build awareness of Bermuda as an international finance centre and ensure that influencers in Europe are aware of the options open to them in Bermuda.”
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