A Hedge Fund called the Rutland Fund recently became the Cayman Islands? 10,000 registered fund authorized by the Monetary Authority to operate in the Cayman Islands. Since the passage of the Mutual Funds Law back in 1993
The registration of the Rutland Fund is also significant in that
It is part of the newest avenue of investments business into Cayman whereby funds are transferring from Bermuda and the Bahamas specifically to take advantage of exemptions Cayman has under the European Union Savings Tax Directive (EUSD).
Rutland, formally domiciled in Bermuda, is one of at least 80 such funds that CIMA has authorised since 1 July when the EUSD took effect here. Head of CIMA?s Investments and Securities Division Gary Linford, says the Authority has also been dealing with a significant number of enquiries since July.
