For media enquiries, please contact firstname.lastname@example.org
The importance of having an independent administrator in the wake of the Madoff scandal was highlighted by a delegation of Bermuda international business executives led by the Bermuda International Business Association (BIBA) at the third Annual Fund Forum Asia Conference in Singapore.
The delegation included Cheryl Packwood, CEO and Susan Stirling, director of marketing at BIBA, as well as Stephen Castree and Andrew Black from Equinoxe Alternative Investment Services, Srikumar Te of Apex Fund Services in Hong Kong and Janice Oh of Conyers Dill & Pearman’s Singapore office.
BIBA sponsored a presentation on Bermuda at the conference, which was delivered by Messrs. Castree and Black and Ms. Oh, focusing on the strength of Bermuda’s fund administration business, the expertise of its professional services and looking at the Island’s well-established legal and regulatory framework that ensures greater transparency and oversight for investors.
During the presentation, Messrs. Castree and Black specifically highlighted the importance of an independent administrator, especially in a world that has awakened to the potential for fraud in “Madoff-like” set-ups.
In addition, they covered the changes that Bermuda made in the Investment Act 2006 that reinforce the underlying protection that investors receive from a Bermuda-domiciled fund administrator.
Ms. Oh covered the history of Singapore’s investment relationship with Bermuda, noting that of the 130 stocks listed on the Singapore Exchange 100 of them are Bermuda-registered.
“Bermuda’s regulatory and legislative approach is far superior to other offshore jurisdictions offering both investors and managers the best protection and quality of service that ensures long-term success,” said Ms. Oh.
Ms. Packwood said: “In Hong Kong and now in Singapore we are hearing that Bermuda is very highly regarded and that there is a real change occurring in the way people think about the operational approach to their funds and where they domicile them.
“Bermuda’s advantages, which in the past, may have been overlooked are now really resonating, which should make a meaningful difference in our business.
“The global economy may have been shaken, but the downturn is not permanent and there are signs of real life and vitality that is being driven by innovative people around the world.
“Our efforts to meet them will make a meaningful difference in the coming months and years.”