From Guernsey Press

GUERNSEY’S funds sector could be poised to benefit from migration.

The VinaCapital Vietnam Opportunity Fund announced last month its intention to migrate from the Cayman Islands to Guernsey and it is thought that other funds could follow.

Andrew Whittaker, chairman of the Guernsey Investment Fund Association, said that funds domiciled in Cayman were facing significant macro issues, as Guernsey was, but the threats appeared more severe for the Caribbean jurisdiction.

‘Cayman doesn’t have certainty over an AIFMD passport yet, that’s a problem for them, and they’re not full members of the OECD so they squarely sit outside Beps,’ he said.

‘They have some advantages, with dollars and the US time zone for US managers.

‘But our migration rules make moving a fund really easy and I wouldn’t be surprised to see more funds follow.’

IMAGE: The Vietnam flag flying over Halong Bay. A fund investing in the country is migrating from the Cayman Islands and the industry locally hopes others will follow suit. (Picture by Tom Edwards)

For more on this story go to: http://guernseypress.com/business/2015/11/09/funds-sector-may-benefit-from-challenges-for-cayman-islands/