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An out of the box approach to hedge fund administration,Why not to use Bermuda as your domicile of choiceJason Bibb,Hedge Funds and Alternative Investments,Is Perception the Reality?,The Hedge Fund Market and How It Is Serviced,Hedge Fund Hot Topics,The Bermuda Value Proposition,1,Perception versus reality,“Bermuda seems to be closed for business”“Bermuda is too regulated”“Bermuda takes too long to establish an hedge fund,other jurisdictions are easier”“between all the third party service providers,Bermuda is too expensive”“cannot find quality good people in Bermuda”“I can do everything in Cayman,which is easier for my business”,The Bermuda Perception,How was the Bermuda Perception Born?,The Bermuda comparison,British Virgin IslandTax Neutral environmentPolitically and economically stableSimple and flexible system of regulation and controlNo regulatory restrictions on investment policy or feesNo requirement to appoint directorsNeed to incorporate in BVISet up and maintenance costs are lowFast track set up,BermudaTax Neutral environmentPolitically and economically stableReputation for robust effective regulationNo regulatory restrictions on investment policy or feesFlexibility over the appointment of directors,secretaries and resident representativesNeed to incorporate and register in BermudaSet up and maintenance costs are lowFast track set up,if requiredRobust AML policies,Cayman IslandsTax Neutral environmentPolitically and economically stableReputation for lighter regulationNo regulatory restrictions on investment policy or feesRequirement to appoint directors,but not localApart from an auditor there is no mandatory local service provisionSet up and maintenance costs are lowFast track set up,The Hedge Fund Market and How It Is Serviced,2007 saw strong hedge fund growthIrrespective of market disruptions,allocation of assets to hedge fund quickly resumed and increased.The total assets managed by hedge funds,increased by 24.4%to an estimated$2.68 trillion.This compares to an increase of 28.1%through the same period in 2006.,The Global Hedge Fund Market,Source:Hedge Fund Net,Global Hedge Fund Market Performance,What can your Hedge Fund Administrator offer,A Fully Integrated Technology Platform,Fund Administrators,Banks,PBs&Custodians,Onshore&Offshore Lawyers,Auditors,The collaborative approach?,Administration Challenges in Bermuda,The Administration Challenges?,Hedge Fund Hot topics,Bermuda introduces new Investment Funds ActThe Companies Amendment Act 2006Fair Value MeasurementGuidelines for the valuation of hedge fund investments,Hedge Fund Hot Topics,The Investment Funds Act 2006 came into effect on 7 March 2007Covers the regulation and supervision of mutual fund companies,unit trusts and limited partnerships established in BermudaThe new legislation represents risk-based regulation that is a key character of the Bermuda jurisdictionNo person shall operate a fund in or from Bermuda unless the fund has been authorised under the Act or is exemptThe Act also provides a new licensing regime for fund administratorsIt is now an offense to carry on administration in or from Bermuda without being licensed under the Act,Hedge Fund Hot Topics-Investment Funds Act-,Changes in minimum share capitalThere is no longer a minimum share capital requirementBermuda companies can now hold Treasury sharesUnrestricted corporate objectivesThe Act allows a company to have unrestricted objects and powers within its Memorandum of AssociationChange in requirements for execution of documentsThe unanimous requirement of written resolutions has now been cancelled and an effective resolution can now be passed by the same majority of voting shareholders as would be required had a physical meeting been heldExecuting deeds and documents under witnessed corporate seal is now optional as opposed to mandatoryE-friendly initiatives The Act has e-enabled certain filing,notice and voting requirements helping to improve the speed and effectiveness of corporate complianceThe voting process has been modernized whereby the Act allows for a show of hands to be supplemented by the communication and counting of votes received,Hedge Fund Hot Topics The Companies Amendment Act-,Effective for fiscal years beginning after November 15,2007FAS 157 establishes a single authoritative definition of fair value,sets out a framework for measuring fair value and requires additional disclosures about fair value measurementsSignificant disclosure requirements,Hedge Fund Hot Topics Fair Value Measurement-,The Following Disclosures should be presented for each major category of assets and liabilities:For assets and liabilities that are measured at fair value on a recurring basis,the fair value measurements at the reporting date.For assets and liabilities that are measured at fair value on a non-recurring basis,the fair value measurements recorded during the period including reasons.For assets and liabilities measured at fair value on either a recurring or non-recurring basis:The level of measurements within the fair value hierarchy based on measurement inputs;andThe valuation technique(s)used.For assets and liabilities that are measured at fair value on a non-recurring basis using Level 3 inputs,a description of the inputs and the information used to develop the inputs.A reconciliation of the beginning and ending balances,separately presenting changes during the period attributable to:Total realized and unrealized gains or losses for the period,segregating those gains and losses included in earnings and a description of where those are reported in the income statementPurchases,sales,issuances and settlementsTransfers in and/or out of Level 3 in response to changes in the observability of significant inputsThe amount of the total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses related to those assets and liabilities still held at the reporting,Hedge Fund Hot Topics Fair Value Measurement cont.-,A chief concern for investment managers of hedge funds and those charged with the governance is the process for valuation of complex,illiquid financial instruments such as distressed securities,OTC structured noted and private equity investments.The valuation policies and practices of hedge funds should be documented and approved by the board of DirectorsThe Valuation Policy should include a hierarchy of pricing sources that are to be used.The Valuation Policy should be regularly reviewed and updated,as required,taking account of different scenarios.The Board of Directors should appoint an independent Valuation Service Provider to mitigate any conflicts of interest and to segregate the responsibility of the valuation process with the investment process.Where the investment manager is involved in the valuation process controls should be established to address conflicts of interest and the managers involvement should be disclosed to shareholdersThe valuation of the funds portfolio should be based on multiple pricing sources and,where broker quotations are used,such quotations should be sourced by the independent Valuation Service Provider,Hedge Fund Hot Topics Valuation of investments-,The Bermuda Value proposition,Why Bermuda?-,Administration Value Proposition,Our credibility is built on the stability,professionalism and expertise of a large organization combined with the flexibility,autonomy and character of a small boutique.,The ISIS Fund Services Credibility,Thank you,An out of the box approach to fund administration,