Hedge Fund Focus

Cayman Islands Fund Administrators Association 

• Website: http://www.cifaa.org.ky/
• Other:  As a centre for offshore mutual funds, the Cayman Islands is a world leader. Over 10,000 mutual funds, with approximately US$ 800 billion in assets, are registered in Cayman and the jurisdiction has become the premier one-stop centre for creating, listing and trading mutual funds and structured financing vehicles.

Description from Website:

The Cayman Islands Fund Administrator’s Association (the “Association”) was established in January 1995. The Association is represented by a membership of mutual fund administrators based in the Cayman Islands.

The objectives of the Association are:

• To act as a channel of communication between Cayman authorities and the fund management industry in Cayman;
• To provide a forum for mutual exchange of ideas and to generally promote and enhance the reputation of the fund management industry in Cayman;
• To assist in setting up training and educational programs for fund staff in Cayman; and
• To liaise from time to time with similar associations locally or in other jurisdictions on matters of mutual and topical interest.

The foundation on which Cayman has built its ability to cater to the mutual fund industry is the expertise and professionalism of its service providers.  The Cayman Islands Mutual Fund Administrators Association is an active professional body with its own Code of Practice dedicated to the provision of a reliable, first-class service to satisfy specific client needs.

The demand for speed, efficiency and simplicity from clients is well met by highly proficient, qualified staff using state of the art computer systems.

Administrators can provide a complete, one-stop service to clients, starting with the establishment of a fund.  Working with client’s lawyers and accountants, the fund administrators seek to structure a fund that best meets the client’s needs.

In the administration of funds, the services available include:

• the calculation of net asset value
• maintenance of accounting records
• preparation of financial statements for audit purposes and liaison with auditors

As registrar and transfer agents the administrators are involved in:

• the maintenance of subscription accounts
• the processing of all issues, redemptions and transfers and
• the sending of confirmations to investors

Under Cayman Islands Company Law, a Cayman corporation must maintain its registered office in Cayman, a service offered by administrators.  Other services offered by administrators include:

• maintaining statutory records
• filing of annual returns with the Registrar of Companies
• arranging and conducting shareholders and directors meeting and providing directorship for funds

Members:

• Admiral Administration Ltd
• Advanced Fund Administration (Cayman) Ltd.
• Alexandria Bancorp Limited
• BNY Fund Management (Cayman) Limited
• Butterfield Fund Services (Cayman) Limited
• Caledonian Fund Services (Cayman) Limited
• Cayman National Trust Co Ltd.
• CIBC Bank and Trust Company (Cayman) Limited
• CITCO Fund Service (Cayman) Limited
• CITI Hedge Fund Services (Cayman), Ltd.
• Close Brothers (Cayman) Limited
• DPM Mellon Limited
• Focus Administration Limited
• Fortis Bank (Cayman) Limited
• GLG Partners Servies Ltd.
• Globeop Financial Services (Cayman) Limited
• Goldman Sachs (Cayman) Trust, Limited
• Hedgeworks Fund Services Limited
• International Management Services Ltd.
• Julius Baer Trust Company (Cayman) Limited
• Maples Finance Limited
• Morval Bank & Trust Cayman Ltd
• Ogier Fiduciary Services (Cayman) Limited
• Queensgate Bank & Trust Company Ltd.
• Spectrum Global Fund Administration (Cayman) Limited
• State Street Cayman Trust Company Limited
• The Harbour Trust Co. Ltd
• the Irish Trust Company (Cayman) Limited
• Trident Trust Cmopany (Cayman) Ltd
• UBS Fund Services (Cayman) Ltd
• Walkers Fund Services Ltd
• Credit Suisse Investment Services (Cayman) Limited
• Ensign Mutual Funds Ltd.
• Ophedge Fund Svcs
• Paget-Brown Trust Company Ltd.
• The London & Amsterdam Trust Company

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Articles on the Cayman Islands Fund Administrators Association  by Hedge Fund Focus:

• Hedge Fund Service Provider Says Bigger is Better