Hedge fund moves from Cayman to Luxemburg

| 30/09/2010

(Finalternative): Another European hedge fund has moved onshore in advance of new European Union rules covering hedge funds. Signina Capital is redomiciling its Cayman Islands funds in Luxembourg. The Swiss fund of hedge funds said that the move was motivated by client demands, and that it would move other funds to Europe from Cayman. The firm recently hired Northern Trust as its administrator. “Fund managers are hearing from investors, who continue to demand increased transparency, greater control and more robust governance frameworks for their alternative investments,” said Ian Headon, Northern Trust’s product development head for hedge funds and funds of hedge funds in Europe.

 
“We were looking for a jurisdiction and a provider that would enhance our ability to meet our clients’ needs and Northern Trust had the experience and product expertise to support these requirements.”
Print Friendly, PDF & Email

Category: Business

Comments (66)

Trackback URL | Comments RSS Feed

  1. Anonymous says:

     It is not hedge funds that we need to get rid of, it is the destructive premier.

  2. karen b says:

    NICE TO SEE SUCH AN INFLUENTIAL & POWERFUL MAN, EZZARD MILLER… WHO HAS EVERYONE BESERK ON AN ARTICLE THAT DOES’NT EVEN MENTION HIS NAME.

    🙂 

    You keep fanning the flame, Ezzard.

    The Truth hurts – both PPM and UDP supporters here are on you now! But like you said, the difference between you and them, you’re not scare of not being re-elected in your defense for the Caymanian

    • Anonymous says:

       Ezzard is just saying what he thinks people want to hear.  Let me break it down for you: McKeever is very unpopular so Elio brought up Caymanian only jobs to get himself back into office.  Ezzard is the next McKeever.

      These people are scary.  Unfortunately, crime and poverty is making people not think straight.  Oh and the schools not being built and other education reforms well, that’s just to keep the people from being educated so they don’t know any better.  That’s why they are fighting against FOI as well.  

      The expats are right.  Caymanian protectionism is what keeps our prices high.  Everyone needs competition: that is what drives the prices down.

      As for our Finance Industry, please remember that we need that to keep the money here.  If not, start thinking of something to export because crime will kill Tourism.  

       

  3. Pit Bull says:

    Cayman has killed the golden goose.  Greed by asking to high annual fees.  Greed by asking for ridiculous work permit fees.  Greed by imposing too many Caymanians into positions within firms.

    We, the ex-pats can move away, and will when the money is not worth it.  You will sob for your greed unless you get real real quick.

    • Anonymous says:

      And the count down starts "it will take 90 days" to get us back on track, isn’t that what the Premier stated?  If businesses keep moving out of here, what businesses are we going to have left???

      • Anonymous says:

        Mac’s "90-day solution" is likely to have all the foreign businesses gone within 90 days, so the Island can go back to "the old days" of fishing and whatnot. 

        Note that the global off-shore law firms and international accounting houses don’t really need to care where the business goes, because they either already have offices in the "new and popular" jurisdictions, or they can open them in teh blink of an eye, and it’s all the same to them because they’ll get the work now matter where it’s being done. 

        It’s actually probably better for them to see the work go to a jurisdiction where the work permit fees are lower.   Their offices in Europe can get and do the work at a better profit margin than in Cayman, and moving the professional staff to Europe can’t be a hard sell.  It’s only the local staff that might not get the invitation to move across the pond.

        Scary stuff, no?

  4. Anonymous says:

    Not that it helps Cayman much, but London is  losing hedge funds too.

    http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8038276/Treasury-will-lose-hundreds-of-millions-of-pounds-in-tax-as-hedge-funds-move-abroad.html

    In the UK’s case, it is high personal taxation. 

    However, the root cause is the same and the message is clear – costs are too high in some regions; get them under control or lose business.

    • Lachlan MacTavish says:

       Is there any substantial business coming in to Cayman. Or is it just leaving? 

  5. Anonymous says:

    Bye Bye hedge fund money.  I will always love you and I miss you already.

  6. Anonymous says:

    CNS this type of one-sided coverage is concerning.

    I note that this will vary depending on where we are in the economic cycle but… why don’t you post articles on how many new funds have been set up in Cayman vs. how many have closed during a specific period?

    CNS: Great. Send the links to info@caymannewsservice.com.

     

    • Anonymous says:

      Thanks Mckeeva Bush, another one gone because of you, more to go still.

      • Anonymous says:

        maybe it’s not Mac.  Maybe it’s all the jack-holes that park in the middle of the road, or the sidewalk in front of Fosters… maybe

        • Anonymous says:

          No, it is Mac. DEfinitely it is Mac! Business is running scared from Cayman because they are scared of Mac. You will never ever find honest business that is not afraid of dictators! History proves this point. Not to mention his fee hikes etc.. Yes, it is Mac!

        • Roach says:

          Don’t knock our culture and heritage. 

          • Anonymous says:

            sorry Roach, don’t let the ‘jack hole’ put you off.  It’s an affectionate term in my culture.

            Wasn’t knockin the culcha… just sayin pehaps the hedge fund culture may not be a good fit with the jack holes parking on the sidewalk culture. 

            • Anonymous says:

              If someone is an opposite of the "jackholes", are they "assoffs"? 

              If a jackhole married an assoff, what would their children be? 

              Politicians?

    • Pauly Cicero says:

      Good on you CNS.

  7. kissmebackfoot says:

    Hey expats, I like Ezzard. He is the only one left standing up for the Caymanian hard-pressed by this economic downturn.  Don’t see why some of you would blame him for a Hedge Fund leaving the island when Mac is calling the shots

  8. Lullabye says:

    I’m a George Towner and I’m going to beat those Northsiders all the way to the polls and MAKE THEM VOTE EZZARD IN  AGAIN!

    Its time X-pats be reminded that where all of them came from their Premier’s and presidents are looking out for their own people and we will not do it any differently here in the Cayman Islands! We expect our leaders to look out for the Caymanian people first because the country belongs to them. If they do not. WE WILL VOTE THEM OUT!

    IS THAT CLEAR?

    If you don’t like the heat get out of the kitchen then!

    • Anonymous says:

      You’re never going to get rid of your expats, and if you ever do become a country they are going to be citizens of it. I recommend you marry one while there’s still enough to go around.

    • your Friendly Neighbourhood Expat says:

      The problem with your way of thinking is that it ignores the fact that we’re all in this together. 

      Except for you. 

      You and the rest of us expats and Caymanians are not in this together.  You are actually a big part of the problem.  Expats and Caymanians live and work together just fine, thanks all the same, except for you. You just stir up unhappiness and try to divide the people who live here.  That won’t keep business here so as to bring money here and give expats and Caymanians alike more and better jobs with higher pay.   You just make the Island look unstable and help chase away the dream expats and Caymanians used to share together of mutual prosperity, and respect.

      Of course there are trouble-making expats as well, who are an embarrasement to the rest of us, but that doesn’t make it right either.

    • Anon says:

      What drivel……dude, keep quiet. This has got nothing to do with Caymanians v Expats. It is about a hedge fund leaving Cayman. THat means loss of revenue for the Cayman Islands which affects us all living here.

    • O'Really says:

      There are not many expats who would argue with the proposition that Caymanian politicians should put the interests of Caymanians first. But putting Caymanians first is not the same as being anti-expat. Cayman has prospered because of the successful, albeit at times fractious, relationship between expats and locals. Put the responsibility for maintaining this relationship in the hands of someone like Ezzard and his supporters and you and your fellow Caymanians run the very real risk of being protected all the way to the poor house.

      • Accountant says:

        Umm… Ezzard is not anti-expat

        Where did you get that from???

        O’Really, please prove your statement?  I am all ears

        • O'Really says:

          If you have followed Ezzard’s political career and listened to him over many years, as I have, yet don’t feel he is anti-expat, there is nothing I can write here that will convince you.

          I could list, for example,his suggestion not too long ago that the unemployment problem in Cayman be addressed by simply revoking 1000 work permits. I am sure you see this as pro-Caymanian, but in fact the suggestion completely ignores the rights of work permit holders and their employers during the period they hold a valid permit.  I see this as just one piece of evidence supporting my opinion, but if you don’t share it, that is your prerogative.

          • Accountant says:

            I am sure out of Ezzard’s godzillian suggestions, he made no decision upon the one you mentioned.

            Are 1000 permits revoke today???  Is there any policy he is now pushing to have this done???  I think you heard one suggestion, but failed to hear the rest from this North Side THINKER!

            I have many ideas and I brainstorm them… Ezzard is vocal at his ideas – SO WHAT?

            Against expats – is far from it!

            • O'Really says:

              The eloquence of your first sentence nearly won me over, but on reflection I’ll stick with my opinion that Ezzard is anti-expat.

          • Anonymous says:

            Ezzard anti-expat?

            I have followed his statements for 30+ years. Closely. He IS anti-expat, full stop. One of the things you have to give him credit for is you know where you are with him Please don’t demean him by suggesting he is not anti-expat.. I repeat: he is anti-expat.

            Except when it comes to marrying them.

      • Anonymous says:

        "There are not many expats who would argue with the proposition that Caymanian politicians should put the interests of Caymanians first. But putting Caymanians first is not the same as being anti-expat".

        The problem is that too many expats don’t know the difference. Any move to assist Caymanians is denounced as racist, xenophobic etc.  

  9. papercaymanian says:

    How many businesses has Ezzard crashed ? And he is supposed to drive an entire country? It’s a shame Truman won’t sling mud anymore. He had a voice of reason and knows sound business practices.

    • Just Sayin' says:

      Yeah, just look how much good Truman did for education. Wonder if he thinks there are gangs now? Would love to hear his take.

    • Anonymous says:

      Truman won’t sling mud anymore? Ha. Have you been reading the letters to the Compass from him and John McLean?!

    • kissmebackfoot says:

      How many businesses has Independant Ezzard crashed?

      Answer: NONE!

      How many businesses have McKeeva crashed?

      Answer:

      CAN’T COUNT!

    • Anonymous says:

      Will he be the second Premier of the Cayman Islands When Mr. Bush retires?

  10. Anonymous says:

    Cayman’s brand image is shot. I suggest a new product name that would help you fly under the radar for a few more years. Perhaps "Bermudia"  or "Notaxestan."

  11. North Sider says:

    LOL… I can’t believe how HEDGE FUNDS all of a sudden is associated to EZZARD MILLER. nice try!

    Oh well…

    Next election I and my household will just have to put Ezzard back in, he seems to be creating a stir and controversy amongst well-off Caymanians and expats who feel they can get away with anything.

    Lol… I just love the man and the heated reactions he has caued on CNS!

    Excellent!

    🙂

  12. Anonymous says:

    I doubt Ezzard has anything to do with the move. It is simply foreign legislation and economics and business decisions.

  13. Do we even know says:

    Do we even have a collective understanding of what these other jurisdictions offer over Cayman? What is it that the clients are demanding that cannot be achieved here?

     “Fund managers are hearing from investors, who continue to demand increased transparency, greater control and more robust governance frameworks for their alternative investments,”

    But that came from the administrator so we cant rely on his assesment as he is justifying the move.

    Ezzard may not be able to resolve this problem, but it is individuals such as Ridley and Travers who helped build the industry here, so why is it they need to save us, if they were experts they must have done it right to begin with?

    We do need a change in leadership however, and that needs to come now. The current leadership is simply taking orders from the private sector but very often those directions conflict with others, we are trying to please too many people at one time.

    Lets focus on what we need to build and work together to build it!

    • Anonymous says:

      "that came from the administrator so we can’t rely on his assessment"?

      "That came from the Miller report so we can’t rely on his assessment"?

      "That came from Dan Duguays report so we can’t rely on his assessment"?

      And on and on and on.  Why the hell not? Could it really be because they are not "Caymanian"?  Is this a cultural thing?  It would explain what has for many years been a great mystery to many of us "not Caymanians".  It also explains why it seems "Caymanian" leadership is hell bent on destroying  itself while it spends all its time and resources on fixing things.

      And it also explains why the only outcome is total failure of the system before anything positive will happen.

      • You missed my point says:

        I was suggesting that the firms here sit and discuss the issue with theGovernment and other agencies so that we can perhaps draft one concise comprehensive document outlining what the problems are with the industry here, what the weaknesses are, perhaps complete a SWOT analysis for the entire industry and come up with an action plan to fix it. The action plan would include and position strengthening changes to immigration, finance and other laws, joint marketing initiatives that the Govt and the firms can take on in partnership and a strategy to get the tolls we need to strengthen those already here working in the industry eg. training, education etc etcThe Fund Admin might point out ptoblems with the industry be he is not hell bent on fixing them for us.

        Why are you so quick to jump down my throat? And yes, I’d prefer to see more Caymanians involved in this issue. Whats wrong with that? Oh sorry forgot … we dont belong… we should just butt out!

         

        • Joe Mamas says:

          And my point is what good is all that if you are not going to follow the action plan?  Who in the world after seeing how CIG reacts to payed for "action plans" would now expect them to listen and learn instead of same old Caymanian way or the high way?  The proof is in the doing and not doing not in the words.  The premeir is a perfect example of this.

          If the CIG led by Yours truly had done what the Miller report suggested would Cayman be in such a big mess today?  The only people who are benifiting are the ones that the Miller report wanted to cut.  Everyone else has payed the price and now they will too.  Get It yet?  If not just wait.  You will.

  14. Anonymous says:

    I like the wheel barrow picture  :>)

    It just shows money moving from one spot to the next.  All I have to say Cayman, we better focus hard on bringing much of it back here, or else we’re SCREWED!

  15. Psimple Psimon says:

    If you listen carefully you can hear the sound of Kim Lund weeping.

    • Just Smilin' says:

      Listen carefully? Heck, someone said they were at the ReMax office last week and from the parking lot they could hear ol’ Kim sobbing the words: "There has never been a better time to buy! There has never been a better time to buy! There has never been a better time to buy! Waaaahhh-hhhh-hhhh-hhhhh!!"

  16. Anonymous says:

    Obvious you don’t listen ti Ezzard, or perhaps you just don’t fully comprehend the words coming out of his mouth.

    Ezzard Miller in no way encourages inward investment, but what he proposes are continual disincentives for people to come here, invest here and conduct business here.  You’re absolutely clueless, which is how, I guess Ezzard gets elected.   Ignorance and division are the keys to Ezzard’s success and therefore he will continue to push it.

  17. The Golden Age of Cayman says:

    Sorry Dude, Ezzard can’t fix this either. 

    What needs to happen is that the real people who made the international finance machine work need to be called back and given a free hand in trying to salvage this. 

    Mr Travers comes to mind.  Give him everything he needs and get out of his way.  Where is Tim Ridley these days?  He made the machine work as well.

  18. Anonymous says:

    For those who have the ability to learn watch as Caymans ONLY hope for better days runs away from Caymans boot to open arms.  Grand Cayman no longer deserves what it had but does deserve what it now has and soon will have.  Proof that education and facts cannot win over ignorance.

    Huge Hint: not one of your (ministers?) have ever had the ability to lead you to success.   All of them together is still not as good as one good, competent, moral,and caring man.

  19. Jim says:

    You are joking the only hedge fund Ezzard wants in Cayman is one where everyone including the Hedge Fund Manager is Caymanian.

    Investors nowadays don’t recognise nationality as a qualification, unfortunately

    • bradley says:

      Jimmy boy

      Ezzard will never tell you what you want to here. He could care less if he is NOT elected next time. As a Caymanian, of course he is going to look out for the Caymanian so that people like you won’t use every oppotunity like this Hedge Fund thing to justify cheap labor here. Ezzard will speak out against the injustices and will tell it like it is. If you don’t like the fact that Caymanians have a voice in their own country, you and your followers on tweet have the opportunity to leave where you came from.

      :o)

      Opps… sorry about that Jim. You can kill your keyboard with thumbs down all you want. We are the powerful minority. Again, if you don’t like Caymanians looking out for Caymanians, why are you here???

      • Jim says:

        yep Brad, foreign hedge fund managers are cheap labour..OMG

        What orifice are you talking from?

        The OP was in response to the guy saying Ezzard is the key to bringing in new Hegde Funds

      • Anonymous says:

        I found this part interesting and amusing:

        ‘He is going to look out for the Caymanian so that people like you won’t use every oppotunity like this Hedge Fund thing to justify cheap labor here.’

         

        Are you really worried about cheap labour in Cayman? If that were the case, why aren’t you throwing your hands up in the air for the fact that there is no minimum wage.  Every business has to have a Caymanian partner owning more than 50%. They set wages at fast food stores such as Wendy’s for $4.50 an hour. Now tell me, who is the one benefiting here? The Caymanian owner, not the foreign Phillipino or Jamaican.  Obviously only a minority of Caymanians own a business. But it just goes to show that Caymanians are constantly blaming and pointing the finger at expats… yet here they are exploiting foreigners AND fellow Caymanians who do not have higher levels of education.

        How about you start voicing a concern for the lack of minimum wage so that EVERYONE, foreigners and Caymanians, can not be exploited.

      • Reality Calling says:

        Someone call the cops.  Whatever chemical this guy is using can’t be legal…

      • Just Thinkin' says:

        Seems to me that "Caymanians looking out for (something)" is the reason  Big Mac and his UDP got elected. No?

        Conclusion: When Caymanians start looking out for stuff, it is time to worry!!!!

  20. Wise Ole Own says:

    And everybody said ‘AMEN"

  21. Anonymous says:

    This is serious. There is no trust in the leadership why these people are leaving. Ezzard before we lose all these businesses because the cost of doing business in high fees is running them away. We have got to do something.

    The people have got to call for  a reshshuffling in the house. no need for another election now we have no time for that. But Ezzard must take the lead regardless of which everparty is in the majority if this country is to be saved from financial destruction.  We placed much lower recently. That’s serious.

    SINCE EZZARD HAS THE VISION.

    All you UDP  and PPM MLA boys  better call for a no confidence vote in Big Mac and vote Ezzard in to steer the ship the rest of the way before we all run into the ICEBERG FACING US!

    Anglin, nor Glidden nor Occonnor can steer this ship  they can only take orders !

    We need Ezzard to put the economy back on track.

    • Anonymouse says:

      The last thing we need is another drunken captain to steer the ship. If you think that Macks rhetoric is damaging to the country, just give Ezzard a chance at it. You could be in for a bigger surprise.

      Why do you think the North Siders set him aside for so long???

      • North Sider says:

        We are talking about Hedge Funds!  Ezzard is no expert! So is this the article you choose to attack Ezzard now!

        LOL

        Ezzard is the man who represents the unemployed. He is trying to help our young people who graduate with an education, get a job in their own home country. He talks sense and he make sense! Ezzard is the only one opposing the Premier and his policies. I don’t care what you or anyone says about Ezzard Miller, he may not be popular, he may not be a celebrity but I and my household will for sure vote him back in  ;- )

        bye bye

    • Pending says:

      NONE of them can do what you are suggesting, hence our position today. When will people like you realise that voting in the same old buffoons everytime doesn’t get anything done?

      NEW blood and faces is needed by people who are educated and know what they are talking about, can provide the transperency required in Government and actually have an idea of how to solve our woes.

      Until then the ship will continue to sink, end of story.

    • ROFL says:

      I can only assume that you are joking and have therefore nomiated you for this weeks comedy comments. Thanks for the laugh.

    • Anonymous says:

      I totally agree with you, we are doomed, as this brings the grand total of funds redomiciled in 2010 to….wait, for it…wait, for it…3. 

      The end must be near!

    • bradley says:

      Ezzard’s specialty may not be Hedge Funds, but he is a capable political leader and good opposition to Mac and Kurt.

      Don’t underestimate Ezzard!

      He is not like by the many expats because he looks out for the Caymanian minority in this country and vehemently fights against cheap labor and the injustices that does on the in the job world. All Caymanians know this, it is for the bloggers to also realize this or blog elsewhere for they don’t like the Caymanian leader.

      :o)