A Ucits version of a strategy offers better investor protection than a Cayman Islands hedge fund when things go sour, says Jason Nelms, a funds partner at law firm Morrison & Foerster (MoFo).
Locally-domiciled funds in Hong Kong continue to grow, while Cayman Island funds saw a drop in number and assets, according to the Securities and Futures Commission’s second quarterly report.
Will Singapore’s new corporate structure for traditional and alternative managers grow at the expense of Cayman Island-domiciled funds?
East Capital, a Sweden-based asset manager, specialising in emerging and frontier markets, said it won a landmark case in the Cayman Islands defending the rights of minority shareholders.
The Hong Kong Securities and Futures Commission (SFC) has reprimanded and fined Phillip Securities $1m for failings in selling a fund to four clients who lost their investment.
The Securities and Futures Commission has recovered HK$191m ($24.6m) of assets from the Cayman-domiciled Athena Fund, which was a product from asset manager Descartes Athena Fund SPC. “The SFC alleges the Athena Fund was an outright fraud,” said Mark Steward, the SFC’s executive director of enforcement. “Our action to have the assets frozen prevented them […]