Walkers (London) is pleased to announce that it has acted as Cayman Islands counsel to Haven Cove Capital Management ("Haven Cove") in connection with the migration of their flagship fund, Haven Cove Absolute Return Fund (the "Fund"), to the Cayman Islands. The move was designed to help facilitate access to key investor markets.
Haven Cove originally launched in January 2018 as a self-managed Malta AIF that was delegating portfolio management via a UK MiFID investment manager platform, but Haven Cove now operates as a full scope UK AIFM, which takes on both portfolio and risk management functions and has top up MIFID permissions allowing it to manage third party accounts. The fund specialises in two Systematic Strategies; European Liquid Credit which targets persistent structural dislocations in the credit derivative (CDS) space, and European Liquid Equity, a set of strategies designed to generate uncorrelated & additive returns to the Systematic Credit Strategy.
Ashley Hudd, CEO and Co-Founder of Haven Cove, commented: " We have been experiencing increasing, investor led demand for our Systematic Strategies, particularly in Credit, and in order to access key investor markets the move to Cayman was an easy decision; it is just what investors expect and the tailored regime for alternatives allows us to focus more time on our strategies and the core business."
Walkers London investment funds partner Matt Bloomfield states: "It was terrific to work with Haven Cove and help them get to a place where they can grow AuM and continue to deliver returns to their investors. We are currently working on a number of fund migrations to Cayman (alongside new launches), which is solid evidence that Cayman remains the dominant jurisdiction globally for alternative investment funds, including hedge funds."
The Walkers (London) team was led by partner Matt Bloomfield with assistance from senior associate, Craig McDermaid.