IEyeNews

iLocal News Archives

CD&P law firm expecting “banner year”

140305102057-tripadvisor-bermuda-horizontal-galleryFrom Bernews

Conyers Dill and Pearman Limited is expecting to have a “banner year with an increased number of inquiries and instructions to set up investment funds in Bermuda.”

The firm said it is also “getting reports from the Cayman Islands that market participants there are getting concerned about Bermuda’s renewed efforts in the fund space.”

Elizabeth Denman, a director in the corporate department in Conyers’ Bermuda office, said last year’s amendments to the Investment Funds Act, 2006, drafted jointly by the private sector and Government, made Bermuda a “much more attractive jurisdiction for international investment fund managers.”

As a result of changes to the legislation, she said that qualified managers can now establish a Class A Exempt Fund in one business day.

“This is a speed to market which is unprecedented in the offshore world,” said Ms. Denman.

“The Ministry of Finance and Business Development and the Bermuda Monetary Authority have been highly responsive to the needs of international business and the benefits such business can bring to the Island.

“The amendments made to the Investment Funds Act moved through the consultative and legislative process in record time. From start to finish the process took an amazing five months with the highest levels of industry, Government and the Bermuda Monetary Authority putting their shoulder behind the process.”

She added: “It truly was a team effort and our international stakeholders have been impressed with our tenacity and results focused approach. As one senior partner in a top New York law firm recently commented ‘Bermuda you have our attention!’”

Ms Denman is part of the Bermuda Business Development Agency’s Asset Management Group, a collaboration of key industry and Government leaders.

The group refers to itself as ‘Bermuda Inc’ and has travelled extensively visiting decision makers in the asset management space internationally including leading law firms, asset allocators and investors in the US and UK.

“Enquiries and instructions involving new fund vehicles have significantly increased during the course of this year and we are on track to have a banner year in this area,” said Ms Denman.

“Bermuda also continues to be highly attractive to private equity managers. We have seen significant growth in private equity funds focused on real estate plays and the healthcare sector, in addition to more traditional asset classes.”

Head of Conyers’ Corporate department in Bermuda, David Cooke, said the tide was turning on the Cayman Islands, which had taken business from the Island.

“We have seen renewed interest in the use of Bermuda as the jurisdiction in which to set up funds, a business that Cayman took from us many years ago.

“For the first time, we are getting reports that Cayman is concerned about Bermuda’s competition in this area.”

For more on this story go to: http://bernews.com/2014/08/cdp-law-firm-expecting-banner-year/

IMAGE: Bermuda – Trip Advisor

LEAVE A RESPONSE

Your email address will not be published. Required fields are marked *