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Forum highlights Bermuda as domicile for financial services

Dr Grant Gibbons told Members of Parliament on Friday that Bermuda’s attractiveness as a domicile for asset managers, hedge funds, private equity funds and other financial services businesses was highlighted at a Bermuda Business Development Corporation’s (BBDC) asset management focus group.

He told MPs the growth of asset management business is important for Bermuda. “We are a well-respected offshore domicile and we recognise that we have opportunities for growth in this sector.

“The Government is committed to working with the BBDC so we can capitalise on these opportunities.”

Dr Gibbons told MPs that the two-day event, held at the end of May “provided a forum for a dozen of New York’s leading asset management lawyers to offer their insight on key legal, regulatory and business issues that would enhance Bermuda’s attractiveness” to those financial services businesses.

Dr Gibbons further said: “Mr Speaker, this forum (also) provided a platform for the Government of Bermuda, the Bermuda Monetary Authority and the private sector to highlight initiatives and solicit feedback designed to support and grow Bermuda’s asset management sector.”

He described the event as a collaborative effort between Government, the BMA and private sector stakeholders, and said it demonstrated a “marked departure from the generic brand-building approach to business development.”

He said: “ ... we are particularly appreciative of the US attorneys who attended and openly gave their advice and feedback.

“Thanks to their candour, we now have a better understanding of the opportunities and challenges we face in growing our asset management sector.

“Mr Speaker, a telling comment from one of the attending attorneys was ‘Bermuda’s got my attention’.

“Another commented that "we see that Bermuda is serious about this effort."

He said some of the issues discussed during the two-day summit were the recognition of the value of speed-to-market for licensing of fund managers and administrators as a key component and reason for setting up in Bermuda, and the development of Concierge Services by the Ministry, in conjunction with the BBDC team.

He told MPs in Parliament that with the Alternative Investment Fund Managers Directive (AIFMD), Bermuda is working with ESMA, the European Securities and Markets Authority as well as industry stakeholders, to implement required regulatory changes.

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Published June 18, 2013 at 9:00 am (Updated June 17, 2013 at 4:51 pm)

Forum highlights Bermuda as domicile for financial services

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