The 'Bermuda Fund Services 2018' special report comprises 11 separate articles listed below, these can be read individually or as a sequence.
By Sean Moran, Bermuda Business Development Agency – This year promises to be a big one for Bermuda as we push forward on several strategies to make our market even more attractive and competitive for asset managers and allocators. In doing so, we aim to balance our goals as a jurisdiction with the many geopolitical and regulatory issues taking shape in 2018, including US tax reform, Brexit, and numerous global compliance initiatives.
Although the Cayman Islands tends to be the default option for most alternative fund managers, there is a good argument for saying that Bermuda is equally, if not more attractive; certainly from a cost perspective and a ‘substance’ perspective, with a well-established business district in Hamilton, the island’s capital.
Tax transparency has been an evolving focal point for the world’s economies as governments look to satisfy rigorous global compliance standards and shore up their tax revenues. Western media have focused on international financial centres following recent years’ cyber breaches that led to sensationalistic reporting about offshore investments, stoking a public appetite for revelations on high-net-worth financial matters, including taxes.
With some offshore jurisdictions having only moved recently to introduce registers of beneficial ownership, one could argue that having had its own register in place for over 70 years, Bermuda has been ahead of the curve. Now, as global regulatory oversight and transparency expectations rise, Bermuda is well placed to demonstrate that its house is very much in order.
A Q&A with Brian Desmond, CSO and EVP Head of Fund Services at Horseshoe Group.
There is a sense of optimism in Bermuda that the success it has enjoyed over the years in respect of the ILS industry can, over the coming years, be replicated in the cryptocurrency and blockchain arena.
Within the capital markets, there remain a large number of institutional investors seeking out unique opportunities in alternative investments. One such area is insurance-linked securities (ILS), which have built significant traction since the 2008 financial crash.
That Bermuda continues to strengthen its regulatory regime is very much a selling point for those thinking of doing business on the island. This year, the Caribbean Financial Action Task Force (CFATF) is assessing Bermuda, with a possible onsite in September. This follows its assessment of the Cayman Islands in December 2017.
A Q&A with Greg Wojciechowski, President and CEO at Bermuda Stock Exchange (BSX)…
The Beacon Group is an independent group of companies providing management, consulting, administration, accounting and other related services to offshore and domestic hedge funds and other international entities. It is licensed by the Bermuda Monetary Authority to provide corporate secretarial services, part of which involves offering advice to promoters and fund managers on corporate governance best practices.