Lawyers to talks funds online

| 19/04/2009

(CNS): One local legal firm is turning to online technology to help keep clients informed regarding issues affecting the local hedge fund industry. Solomon Harris is hosting its inaugural Webinar on ‘Managing Distressed Cayman Funds and lessons learned for new funds’ on Tuesday. The firm said using the web will help it reach as wide an audience as possible on this topical and important subject. Sophia Harris, the firm’s Managing Partner said the Webinar fits perfectly with the firm’s approach to business and “Our firm tends to work directly with investment managers and the more informed our clients are, the better for us as their legal advisers,” she added.

Partner, Paul Scrivener, head of the investment funds group explained that recent significant stresses placed upon hedge funds, particularly in Q4 of 2008, have given the firm’s investment funds group invaluable insight into the issues facing managers with liquidity problems and the legal and practical tools available to them.  “We were keen to share our experiences in a practical way with those involved in the industry and we felt the medium of the webinar was the ideal way to reach the widest possible audience,” he said.

The firm said it will also be joining forces with KPMG in the presentation which may be better known for the provision of US tax services to Cayman funds, Paul Hotchkiss will be covering recent tax changes in the UK and the possible impact on Cayman Islands investment funds.

"I visited Cayman recently to undertake a series of seminars on these and similar topics and I am delighted to be asked by Solomon Harris to participate in their inaugural Webinar. UK taxation of offshore funds is undergoing significant change and also there has been an increased interest from HM Revenue and Customs in the structuring of such funds,” Hodgekiss said.”As Cayman has been historically, and is still, widely used as jurisdiction of choice to establish funds with a UK focus, I hope my comments will be relevant to the participants who are involved with funds with a UK focus."

The firm said that the response to the Webinar has been overwhelming, confirming how topical it is.  “We are looking forward to hosting a webinar annually but will do so more frequently if necessary where we feel the need to address other pressing topics affecting the Cayman hedge fund industry,” said Laura Hatfield, partner and head of the firm’s dispute resolution and corporate recovery group.

As investment funds are such a major part of the firm’s practice, the firm also launched its fund-specific website, ‘CaymanHedgeFundWorld.com’ late last year also with a view to keeping the firm’s clients better informed.

“We have noted that according to the Barclays Capital Asset Management Solutions Group Survey, 70% of investors were interested in re-deploying cash by the end of the second quarter 2009 and of those surveyed, 88% said they remain opportunistic and would continue to fund allocations.  It also showed that cash withdrawals have slowed and is now more in keeping with the long-term industry average,” Harris added. “So  whilst we know that we will continue to see investment managers dealing with the challenges of the current economic market, we still remain confident about the industry overall.

Solomon Harris ahs also recruited back attorney, Nick Reid, who has worked in the firm’s investment funds group previously before moving to Dubai to work with Al Tamini and Company, where he also specialized in investment funds.  Reid is now returning to Solomon Harris to work in the firm’s Swiss office.

“We are delighted that Nick has decided to rejoin us.  He is a first-rate funds lawyer and the experience he gained in Dubai only adds to his skill-set.  Nick will be our third lawyer in Europe and we know that he is going to make an invaluable contribution to our team there,” said Scrivener.

For more details of the webinar contact the firm at info@solomonharris.com or visit their website at www.solomonharris.com.

 

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