15 February 2013 (PR Newswire) At the recent Senate Finance Committee confirmation hearing Mr Jack Lew, President Obama's nominee for Treasury Secretary, was asked about his investment in a Cayman Islands ("Cayman") investment fund domiciled in Ugland House.
At
this juncture, it is perhaps worth asking why people are still surprised that
Americans including both Republicans and Democrats have money invested in
Cayman investment funds, when it is certainly the case that all Americans who
have a pension fund will likely have their money indirectly invested in a
Cayman private equity or hedge fund.
There
is nothing wrong with that at all. As the 2008 Government Accountability
Office's Report attests, Cayman is the domicile of choice and a centre of
excellence for some of the world's leading international investment funds.
Cayman
investment funds are an important part of helping to solve the pension funds'
need for investment diversification and the global allocation of capital. Some
of this capital is, for example, invested in important infrastructure projects
in emerging market countries. As a consequence Cayman helps United States
("US") fund managers
manage money for foreign investors, thus supporting jobs and service providers
based in the US.
It
is high time that Cayman's important role in the global economy and capital
markets is better understood by policy makers.
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Cayman Finance Contact:
Lynne Byles
Tower Marketing
345 623 6700
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