The 'Bermuda Fund Services 2017' special report comprises 10 separate articles listed below, these can be read individually or as a sequence.
By Ross Webber (pictured), Bermuda Business Development Agency (BDA) – Global regulatory burdens, cost pressures, fintech disruption, and political uncertainty on both sides of the Atlantic are shaping up to pose significant challenges to the asset-management industry in 2017 and beyond. Britain's sortie into extended Brexit negotiations and Trump's tax-reform ambitions seem to be holding investors and companies on tenterhooks. The only thing constant, as the old axiom goes, is change.
As family offices look for the best jurisdictions in which to establish trusts and wealth preservation vehicles, being able to benchmark the institutional quality of a specific jurisdiction and rely on high-quality outsourcing options, are increasingly important considerations. The following report provides an overview of how and why Bermuda is living up to these expectations.
Bermuda's financial regulator, the Bermuda Monetary Authority, takes a risk-based approach to regulating and supervising the entities for which it is responsible, including investment funds, investment providers, fund administrators, trust companies, insurers and banks.
By Sally Penrose (pictured), Appleby – The Limited Liability Company Act 2016 (LLC Act) came into force on 1 October, 2016 and introduced into Bermuda its first new corporate structure in 100 years. Appleby is pleased to have been able to work closely with the legislature to ensure that Bermuda's existing funds law is simultaneously amended so that LLCs are available immediately for use in investment fund structures. Appleby are ideally placed to advice with respect to LLCs.
For managers who may already be using an onshore Delaware LLC, they now have the opportunity to use a Bermuda LLC as an offshore vehicle. This follows the formal introduction of the Limited Liability Company Act 2016 (LLC Act), which was passed in the Senate in July 2016 and became operative on 1 October, 2016.
The Horseshoe Group was established in 2005 and is a leading provider of insurance management services to insurers, reinsurers, as well as insurance linked securities (ILS) structures such as sidecars and catastrophe bonds.
Last year proved to be hugely successful for the Bermuda Stock Exchange (BSX). From a pure growth perspective, the BSX ended 2016 with a total market capitalisation of USD343.8 billion, up more than 41 per cent on the previous year. The same was true of trade volume. The RG/BSX Index closed out the year at 1,923.79, up 47.52 per cent on the calendar year 2015, with a reported 31.75 per cent increase in trading volume, which saw 8.2 million shares traded.
To investigate the extent to which technology is disrupting the financial services sector, KPMG recently partnered with the Alternative Investment Management Association (AIMA) and the Managed Funds Association (MFA) to determine how managers are responding.
Harbour Financial Services Limited is an independent fund administrator that has earned a strong reputation in Bermuda for providing award-winning service to a range of alternative investment and private equity funds.
When it comes to doing business in a new jurisdiction, someone who has just gone through the process of opening a new office can offer the best insights. In that context, Centaur Fund Services, which provides fund administration services to some of the world's largest institutions, is perfectly placed.