Walkers has been recognised as the top offshore law firm for 2008 by the Alpha Awards.
The law firm moved up two spots from the year before, with Ogier maintaining second place, and Maples and Calder shifting from first to third.
Welcoming the news, Jonathan Tonge, the managing partner of Walkers hedge fund practice, who is based in the Cayman Islands, said: “Receiving any award is always welcome but it is particularly gratifying when the results are based upon the views of our clients in the investment management community.”
The law firm was commended for hedge fund expertise and in the field of regulatory compliance, said Walkers in a statement.
Based on the votes of more than 1,000 hedge fund firms, which manage more than US$1.5 trillion, Alpha Magazine compiled its rankings according to the quality of service the firms received for the 12 months to 31 March 2008.
In arriving at the decision, the judges collated views on service quality, which they broke down into a number of broad attributes. Respondents were also asked to rate the importance of each attribute, which was used to help calculate the overall winner.
Walkers also announced that on 6 November the firm is holding a one-day seminar in New York City to examine issues relating to distressed hedge funds.
‘Fighting the Tape’ will offer the opportunity to discuss protecting and growing a hedge fund business in volatile markets.
Speakers at the event include a number of Walkers hedge fund partners and invited guests, particularly renowned hedge fund manager George Hall, the founder and President of the Clinton Group Inc.
Mr Tonge noted that: “Our success can be attributed to the expertise and hard work of all the members of our hedge funds group and clients can be sure of our continued devoted attention and responsiveness at what is such a crucial time for the industry.”
In addition to offshore law, the Alpha Magazine awards also recognised excellence in service to hedge funds among accountants, fund administrators, prime brokers and onshore law firms. Other winners included Morgan Stanley, Shartsis Friese, Rothstein Kass, and Goldman Sachs.
The magazine also noted Walkers recent establishment of a specialist Distressed Funds Group. Formed earlier this year to assist hedge funds affected by the credit crisis and market downturn, the Group draws on expertise from Walkers corporate, insolvency and litigation departments in its Cayman, British Virgin Islands and Jersey offices.
In its overview of this year’s awards, the publication noted the brisk growth that the hedge fund industry has experienced in the Cayman Islands, where the number of hedge funds registered with the Cayman Islands Monetary Authority reached 10,291 as of 30th September.
Demonstrating resilience in the face of the global financial crisis, there were a net 254 new hedge funds registered in the Cayman Islands in the third quarter of 2008, taking cancellations into account.
“As has been demonstrated by the recent moves to Cayman by offshore law firms from elsewhere in the region, the Cayman Islands remain the clear jurisdiction of choice for offshore hedge funds. If you want to work in the hedge fund space then you need to be here,” said Mark Lewis, senior investment funds partner at Walkers.
The firm has offices in the British Virgin Islands, Cayman Islands, Dubai, Hong Kong, Jersey and London. The Walkers group provides legal and management services to global corporations and financial institutions, capital markets participants, investment fund managers, and growth- and middle-market companies.