With nearly 2,000 registered funds and a combined net asset value ofaround USD179bn, Bermuda is home to a thriving and dynamic offshore fundsindustry, Hedgeweek reports.
For many years, the island has been the leader in creating andimplementing the business and regulatory models that have become thestandard for other jurisdictions to follow.
Daily air services to the UK and European centres put the island at acrossroad between Europe and North America and in a complimentary timezone to Asia.
The arrival of leading financial services groups such as Citi, its recentacquisition Bisys and Bank of New York, and the acquisition of Bank ofBermuda by HSBC, have thrust the jurisdiction into the spotlight forfinancial services.
Bermuda’s model ensures that policies remain in line with or ahead ofmarket developments.
A recent example is ‘Launch ‘n’ List’, a collaborative initiativeinvolving the Bermuda International Business Association and theregulator, the Bermuda Monetary Authority, to speed the listing of fundson the Bermuda Stock Exchange (BSX).
‘Launch ‘n’ List’ offers a solution to managers that are facing longdelays to bring their funds to market on other exchanges because ofincreasing regulatory requirements.
Launched in 1971, the BSX specialises in listing and trading of capitalmarket instruments such as equities, debt issues, funds and depositoryreceipt programmes. The exchange has carved a niche in the global fundsindustry; of more than 420 listings, nearly 350 are funds and more than100 are hedge funds or have similar attributes.