Packwood On Hedge Fund Growth
According to a survey published by KPMG, stricter regulations have prompted more than half of the UK’s largest hedge funds to consider the prospect of leaving Britain — a development which cold benefit the island according to Business Bermuda’s Cheryl Packwood.
Ms Packwood [pictured] told HedgeCo.Net — which specialises in global hedge fund and private equity news — that domiciles like Bermuda are optimistic about future growth because of increasing regulatory burdens in the UK, Europe and North America.
Chief Executive Officer at Business Bermuda, Ms Packwood today [Jan. 17] said the island had enjoyed a significant increase in business and fund moves throughout 2010.
“Since Bermuda’s launch in 1986 as a domicile for fund managers, its investment management industry has grown significantly,” she said. “Data published last year by the Bermuda Monetary Authority, revealed 1,165 fund and segregated account companies registered in Bermuda and over 300 unit trusts with the combined net asset value of $183.61 billion. This compares with $147.30 billion in 2009.”
She notes that: “Now, more than ever, an international fund manager needs a domicile that combines stability and trustworthiness with ease of doing business and incentives to counterbalance the myriad of uncertainties in today’s global economy.”
HedgeCo said emerging regions including Bermuda are seen as particularly appealing to investors and as such managers now looking at the business potential of setting up a presence overseas.
Business Bermuda is a non-profit business organisation of Bermuda-resident service providers and international businesses which provide quality banking, insurance, reinsurance, legal, accounting, financial, infrastructure, e-business, trust and management services, and products.
The organisation works with Bermuda’s international business industry and Government to develop and promote the island as one of the world’s foremost centers for international business.
Interesting…. Increases in Business, however Bob Richards says there is “an exodus of business”
These OBA people need to stop lying.
Did you ever think about what Business Bermuda does? They are a marketing org., plain and simple.
So, do you think they would make any statement that didn’t have a positive spin to it?
While we all wish and hope for the best for Bermuda, we should not tell part of the story. Certainly this is good news, and we should do all we can to encourage further growth in the International business sector, we do need to be aware of ALL the facts…
Insurer incorporations: 2007= 97; 2008 = 62; 2009 = 57; 2010= 49 and 2011 actually = 64.
Liquidations: 2007 = 10; 2008 = 9; 2009 = 13; 2010 = 9 and 2011 = 29 – the most liquidations in 11 years. By almost double.