Cayman registers 30k funds for the first time

(CNS): Officials have claimed that the Cayman Islands continues to cement its place as a global leader in investment funds after the jurisdiction topped a record-breaking 30,000 funds. The Cayman Islands Monetary Authority (CIMA) said that as of 4 September, the total number of registered investment funds in Cayman was 30,038 (17,080 private funds and 12,958 mutual funds).

CIMA Managing Director Cindy Scotland said that Cayman’s investment funds framework remains prominent among investors for a number of reasons.

“This accomplishment underscores the strength and resilience of our regulatory framework, which continues to inspire confidence from the international funds industry,” she said. “It is a clear indication that the Cayman Islands remains the funds centre of choice for fund managers worldwide, reflecting our commitment to maintaining the highest standards of excellence and integrity.”

Current projections indicate that the 2024 year-end total will surpass 2023’s registrations, building on the steady growth of private funds since the introduction of the Private Funds Act in 2020. Last year, 16,551 private funds and 12,802 mutual funds were registered, both all-time high figures.

Cayman Finance CEO Steve McIntosh said the milestone speaks volumes to the enduring quality of the Cayman product. “Cayman Finance congratulates the many individuals and organisations whose hard work made this milestone possible, from those on the front lines driving our industry forward to the policymakers who created the rules of the road and the regulators that make sure the rules are followed,” he added.

In other news, Financial Services Minister André Ebanks is travelling this month to the UK, EU and US to maintain Cayman’s position, given the sector’s performance.

“Reaching 30,000 funds registered is certainly a collective country success for the Cayman Islands,” he said. “It speaks to the vision and the work of successive government administrations, the Monetary Authority with its respected track record that spans more than 25 years, and the contributions of industry members, from retired pioneers to the cutting-edge practitioners of today.

“It tangibly demonstrates how we in this country work tirelessly together to create a global investment funds centre of excellence and how we continue to take it from strength to strength,” the minister stated.

Ahead of his overseas trip, Ebanks stressed the importance of the industry’s contribution to public services and projects and the need to promote Cayman and protect its reputation.

“Having face-to-face discussions with international elected officials and civil servants, and with international industry, greatly helps us as a country to maintain our global regulatory effectiveness and to take advantage of emerging market opportunities,” he said. “It allows financial services to continue providing significant benefits for our people.”

In the UK, Ebanks will meet with government and civil service officials, attend a Cayman Finance roundtable, and speak at Maples London Investment Funds Forum 2024 from 9-11 September.

On 12 and 13 September, he will meet with EU and EU Member States officials. During the week of 15 September, he will attend industry-arranged client meetings in the US and speak at the Cayman International Reinsurance Companies Association’s reinsurance roundtable and the Ogier Funds Symposium.

Accompanying the Ebanks to the UK and EU are CIG Deputy Representative for Financial Services to Europe Julie Campbell and Representative to the UK Dr Tasha Ebanks-Garcia, both based in the UK; Director of the Ministry’s Regulatory Affairs Unit, Andrea Proctor; CIMA MD Cindy Scotland and Senior Legal Counsel Stephanie Adolphus; and Cayman Finance CEO Steve McIntosh and Associate Director Samantha Widmer.

Head of Advisory Services in the Regulatory Affairs Unit Duwayne Lawrence will accompany Ebanks to the United States along with CIMA’s Head of Insurance Supervision Division Kara Ebanks and Chief Analyst Dane Doctor; Cayman International Reinsurance Companies Association Chair David Self and CIRCA representative Greg Mitchell; Insurance Managers Association of Cayman Chair Kieran Mehigan; and Ms Widmer and Mr McIntosh.

This week, 7-14 September, Dwayne Seymour will act as the deputy premier, while Bernie Bush MP will cover the Ministry of Financial Services. For the week of 16-21 September, Jay Ebanks MP will be the acting deputy premier, and Heather Bodden MP will be the acting minister of financial services.