Industry News

(Grand Cayman, Tuesday, 1 March 2011) The Cayman Islands Monetary Authority (CIMA) has further reinforced its commitment to international cooperation by signing its 19th Memorandum of Understanding (MOU), this time with neighbour, the Turks and Caicos Islands.

Most hedge funds do not give active consideration as to how they are to be liquidated in their constitutional documentation. Unfortunately this can have serious consequences for the fund. This risk was highlighted by the recent decision of the Cayman Grand Court in Re Heriot African Trade Finance Limited (FSD no. 87 of 2010 unreported 4 January 2011 ("Heriot")). In Heriot the key issue was whether the fund should be liquidated by its management or by official liquidators appointed by the Court. All but one of the major investors in the fund backed the existing fund manager as the party best placed to liquidate it and return value to investors. A single investor was unhappy about certain aspects of the fund's performance and petitioned to have the fund wound up. Although the judge "sympathized" with the majority investor view he granted the winding-up order.

Continuing its global expansion, dms Management Ltd. (DMS) proudly announces the opening of its representative office in the Asia-Pacific region: dms Management (Hong Kong) Limited. The establishment of the Hong Kong office ensures real-time service for DMS' Asia-Pacific clientele, as well as further solidifies the global strength of the firm's infrastructure and its commitment to strategic and innovative growth.

DMS Opens Hong Kong Office

Continuing its global expansion, dms Management Ltd. (DMS) proudly announces the opening of its representative office in the Asia-Pacific region: dms Management (Hong Kong) Limited. The establishment of the Hong Kong office ensures real-time service for DMS' Asia-Pacific clientele, as well as further solidifies the global strength of the firm's infrastructure and its commitment to strategic and innovative growth.

George Town, Grand Cayman – With an ever-increasing international cooperation regime, the Cayman Islands now has 21 tax information exchange agreements (TIEAs) in place with G7, G20 and other nations. The most recent TIEA signing, with Japan, took place this morning at the Japanese Embassy in London.