ITNews- Recent second quarter figures from the Cayman Islands Monetary Authority (CIMA), have confirmed the achievement of a key milestone by the Cayman Islands financial services industry, with more than 10,000 investment funds currently registered in the jurisdiction.

At the end of June 2008 there were 10,037 funds on CIMA’s register, compared with 9,681 at the end of the previous quarter and 8,972 at the mid point of 2007. The current annual growth rate of 12% in net new hedge funds, which takes cancellations into account, is particularly striking in the context of the deterioration in global markets following the sub-prime meltdown and associated credit crunch.

"This is yet another round of impressive statistics from CIMA," said Mark Lewis, senior investment funds partner at Walkers. "The 10,000 barrier has been breached as hedge funds continue to be formed in the Cayman Islands, which remains the clear jurisdiction of choice for investment managers and their advisers around the world.

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Caymen Net News- On Monday, 21 July, lawyers representing PricewaterhouseCoopers filed a formal petition in Grand Court to put the liquidation of several failed hedge funds under court supervision.

Chief Justice, Anthony Smellie, granted all of the petitions, which will now put the court in charge of overseeing the liquidation of the four collapsed funds. The lawyers said that it would be in the “public’s interests” to have the liquidation be under court supervision.

In June the Cayman Islands Monetary Authority (CIMA) confirmed that the “Grand Island” funds were put into voluntary liquidation by the funds’ shareholders. Three of the four funds involved were registered with CIMA in 2006 and one other was an unregulated fund, not registered with CIMA.

When lawyers representing PwC commented to Chief Justice Smellie about the media attention being given to the case he replied simply, “It’s not every day a local fund gets into trouble.”

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