AIMA

In an environment when the term ‘unprecedented times’ has become cliché, there is seemingly no end to the maze of issues facing the alternative investment fund industry globally. Despite underscoring by recognised bodies such as the International Monetary Fund and Financial Stability Forum; and report writers such as Lord Turner and Michael Foot that neither offshore financial centres nor hedge funds caused the global financial crisis, misperceptions on this issue remain.

AIMA has been working very hard over the past year to educate the global community on the positive affects our industry has on economic capital flows. Admittedly these instruments are complex, but they do not carry the systemic risk that the ‘too big to fail’ banks do and they should not regulated as if they do. A significant portion of the work conducted by AIMA is educating global regulators and other stakeholders on the impacts misplaced initiatives might have on various economies, including those in third world countries. AIMA fully supports reasonable financial market regulation with the aim of achieving financial stability and have presented policy platforms and papers advocating for the disclosure of systemically relevant information by managers.

In Cayman, AIMA has been working closely with the Cayman Islands Monetary Authority (CIMA) on the development of initiatives that are designed to increase efficiencies and transparency such that Cayman will retain its leading position as a fund domicile. We congratulate CIMA on its acceptance as the 189th ordinary member of IOSCO and are certain that this will again illustrate Cayman’s adherence to international standards.

Addressing these real issues affecting our industry’s development, AIMA continues to provide a centre of knowledge for professional investment practitioners and we welcome your active involvement in this quest.

Mark Lewis

AIMA Cayman - Chairman