The Cayman Islands Stock Exchange has announced the listing of a further nineteen mutual funds. This takes the number of companies now represented on the Exchange to twenty one.
The Exchange, which launched its listing and trading facility in July, is fast becoming an integral part of the offshore industry. It has attracted the attention of some of the world's major hedge funds and debt arrangers as well as leading members of the mutual fund industry.
The international transport group, Ugland plc was the first company to list on the Exchange but has now been joined by twenty funds with a diverse range of investments. The Exchange's Chief Officer, Ms Ann Nealon who has overseen the expansion said:
"We have received tremendous response from the international financial community and are currently dealing with listing enquiries from as far afield as Moscow and Hong Kong. Fund Managers are attracted by our high standards of regulation combined with flexibility and understanding of the needs of the offshore industry's sophisticated investors."
Ms Nealon said one of the most unexpected developments has been the significant interest shown in the Exchange from Latin America and in particular Brazil. Of the twenty funds now listed, seven are managed out of Sao Paulo. Other enquiries have been received from financial institutions throughout Latin America. The Cayman Islands Stock Exchange's Chairman Mr Anthony Travers, a Cayman Islands Attorney at Law and senior partner of Maples and Calder Europe said:
"The Cayman Islands are well positioned to attract business from both North and South America. We are pleased with the way the Exchange is developing and are confident that in time it will become the Exchange of choice for the offshore financial services industry."
Among the funds listed, eleven are operated by Canadian Imperial Bank of Commerce (CIBC) headquartered in Toronto. The Bank's Deputy Managing Director in the Cayman Islands and a director of the eleven listed funds, Mr Ben Gillooly, said that his organisation had been impressed by the high standard of technological development offered by the Exchange as well as the opportunities it offered fund managers.
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