Bermuda Asset Management Two-Day Summit
The Bermuda Business Development Corporation [BBDC] along with the Government of Bermuda and Bermuda Monetary Authority [BMA] is providing active support for Bermuda’s Asset Management sector, most recently by organizing and hosting the Bermuda Asset Management Two-Day Summit held on May 30 and 31 in Bermuda.
The Summit, which was developed by the Asset Management Focus Group of the BBDC, provided a forum for New York lawyers from a dozen leading firms to offer their insight on key legal, regulatory and business issues to enhance Bermuda’s attractiveness as a domicile for asset managers, hedge funds, private equity funds and other financial services businesses.
In addition, it provided a platform for the Government of Bermuda, the BMA and the private sector to highlight initiatives currently in progress, designed to support and grow Bermuda’s asset management value proposition, to a group of key stakeholders.
“The growth of asset management business is an important initiative for Bermuda,” said Dr Grant Gibbons, Minister of Economic Development. “Bermuda is a well-respected offshore domicile and we recognize that we have opportunities for growth in this sector. The Government is committed to working with the BBDC to capitalize on these opportunities. We are grateful to the BBDC Asset Management Team that put this together and particularly appreciative of the US attorneys who attended for their advice and candour.”
Caroline Foulger, Chair of the BBDC said, “The BBDC recognizes the important work of the Asset Management Focus Group in organizing this event. We are dedicated to supporting collaborative efforts between Government, the BMA and all stakeholders. We are particularly delighted that the group focused on a new approach and a very targeted audience. We collectively better understand the opportunities and challenges we face in growing our asset management sector and we are focused on ensuring that, together, we address them head-on so that this growth will translate into jobs and economic opportunities for Bermuda.”
Commenting on the Summit, Sarah Demerling, a corporate partner at Appleby said, “The support of the BBDC was critical to the success of this event. It enabled our sector to engage in important dialogue and highlight the actions we are taking to support asset managers and provide them with the best domicile in the world to manage and operate their businesses. The event achieved what we had set out to do, namely to create a forum for open and frank discussions and to generate new ideas. We are now focused on the next phase and that is taking what we’ve learned, responding to it, and really targeting our efforts in the most effective way to attract more asset management business to Bermuda.”
Added Derek Stapley, the BBDC Board member representative to the Asset Management Focus Group, “We heard from all of the participants that this event was very well-organized and enabled them to learn more about Bermuda. The feedback from attendees showed that they like Bermuda and its reputation but that we need to be more competitive, more proactive and market more aggressively. The discussions made it clear that there are opportunities for us to grow our asset management business.”
Among the key matters discussed during the two-day Summit were:
- The BMA’s commitment to asset management initiatives and ensuring the facilitation of new business to Bermuda in a time-sensitive, cost-efficient manner.
- The recognition of the value of speed-to-market for licensing of fund managers and administrators as a key component and reason for setting up in Bermuda.
- The development of Concierge Services by the Ministry, in conjunction with the BBDC team, which will facilitate Government, regulatory and private sector asset managers interested in domiciling and operating from Bermuda.
- In connection with the Alternative Investment Fund Managers Directive [AIFMD], Bermuda is working with European Securities and Markets Authority and industry stakeholders to implement the required regulatory changes to facilitate and welcome new business opportunities.
The Government of Bermuda was represented by Premier Craig Cannonier; Minister of Economic Development Dr Grant Gibbons; Minister of Finance Bob Richards; Minister of Home Affairs Michael Fahy; and senior civil servants.
The BMA was led by its CEO Jeremy Cox as well as key executives. Support from the BBDC was spearheaded by Board Director Derek Stapley and Focus Group involvement was led by Stephen Castree.
