By Peter Cockhill, Partner

Given the protracted bear market in US and European equity markets in recent years, it may be surprising to the casual observer to discover that hedge funds and in particular offshore hedge funds have continued to expand and attract investors. The figures released by the Cayman Islands Monetary Authority ("CIMA") continue to reflect a strong demand for offshore services, in particular regulated mutual funds have grown by 50% over the figures for 2000. The appeal of hedge funds is that they aim to provide returns regardless of prevailing market conditions. The appeal of Cayman is a combination of factors.

Part of the continued success of Cayman as the domicile of choice for offshore funds can be attributed to its recognition of the current regulatory zeitgeist and its willingness to set standards rather than simply react to those suggested or imposed by others....

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