Press Release
BIBA panel presents to Ernst & Young Global Hedge Fund Symposium
Category: Business, CompaniesHamilton, Bermuda: Wednesday, December 12, 2007 -
Hamilton, Bermuda, December 12, 2007 – Members of the Bermuda International Business Association (BIBA) including Anthony Whaley, Partner at Conyers Dill & Pearman, Glenn Henderson from Fulcrum, joined Cheryl Packwood, CEO of BIBA in panel discussion moderated by Jessel Mendes of Ernst & Young’s Bermuda Asset Management practice today to offer insights and perspective on Bermuda’s competitive advantages to more than 200 attendees at the Ernst & Young Global Hedge Fund Symposium in Bermuda.
“Being offered an opportunity to present Bermuda’s competitive advantages at the Ernst & Young Conference was truly an honor and a privilege for BIBA and its members,” said Ms. Packwood. “We are trying to be more aggressive and assertive in drawing major distinctions between Bermuda and other competitors. Bermuda’s market is far superior and our service providers are more efficient and affordable as well as being highly respected and experienced. This, along with new legislative changes, have put in place a foundation for growth in hedge funds and we are looking to seize on those opportunities.”
Added Ms. Packwood, “Attendees pointed out the growing interest in Dubai and the opportunities that exist for that jurisdiction to become a hub financial center in order to access financial resources in the Gulf region. Having just returned from Dubai, BIBA recognizes the significant progress that has been made and knows that Bermuda must commit more of its financial resources to effectively build and broaden strategic relationships to access the growing capital base in that region. There are tremendous opportunities and we must aggressively seize them.”
Commented Mr. Whaley, in his presentation at the Symposium, “Bermuda’s regulatory framework has long been one of its key selling points – hedge fund managers consider Bermuda to be one of the best regulated jurisdictions available, with a long track record in the industry. The new Investments Funds Act 2006 [the “Act”], which came into force on 7 March, 2007, introduced a number of changes, although the regulatory framework for Bermuda’s hedge fund industry remains largely intact. The new Act brings more clarity and certainty about the process for hedge fund authorization and continues to allow a high degree of flexibility. For example, private funds with 20 or less investors are specifically excluded from the scope of the Act. Bermuda therefore should continue to attract a growing number of “blue chip” hedge fund managers which has become its staple ever since it first opened for investment fund business. One of the keys to doing this is working even more closely with Bermuda’s government, investing resources and putting the full thrust of the private and public sector behind our marketing efforts.”
Added Mr. Henderson, “Bermuda’s not catching up with Cayman but enjoying the sustainable growth that Bermuda desires. This jurisdiction actually has some arguments now that were not the case even just a few years ago. As service providers, we have capacity, we have stability. We’re probably less transient a jurisdiction than New York or London at this point in time. We have new service providers opening up; ISIS, APEX, EQUINOX. Entrepreneurs knowing they can leverage Bermuda as a jurisdiction, that’s encouraging.” Ernst & Young hosts a global series of Hedge Fund symposiums around the world in 15 cities including Amsterdam, Bermuda, Boston, Chicago, Dallas, Hong Kong, London, Luxembourg, Malta, Minneapolis, New York, San Francisco, Singapore, Sydney, Toronto.
The hedge fund industry has seen explosive growth – and with that comes challenges and complexities. The symposium’s objective is to bring together industry leaders and E&Y professionals to discuss vital and “hot” issues affecting the industry – especially from the accounting, tax and regulatory perspectives. This offers attendees and panelists an opportunity to share knowledge and discuss and debate issues. The organizations global series attracts over 3000 industry professionals (funds and service providers) and the response from the industry about the event has been extremely positive. Ernst & Young conducted a major global survey of hedge funds to share key insights at this global series.
About the Bermuda International Business Association
The Bermuda International Business Association (BIBA) is a business organization of Bermuda resident service providers who provide quality banking, legal, accounting, financial, trust, management and e-commerce services and products to the international client. BIBA works with the private sector and Government to develop and promote the island as one of the world’s foremost centers for international business.
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