Cheryl Packwood, chief executive officer of Business Bermuda, and Vitaliy N. Katsenelson, author of "The Little Book of Sideways Markets" and CIO at Investment Management Associates. *Photo supplied
Cheryl Packwood, chief executive officer of Business Bermuda, and Vitaliy N. Katsenelson, author of "The Little Book of Sideways Markets" and CIO at Investment Management Associates. *Photo supplied
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WEDNESDAY, NOVEMBER 9: With all apologies to rock group Toto, Business Bermuda blessed the rains down in Africa.

The group represented Bermuda’s fund industry at the Hedge Funds World Africa conference, on November 7 – 8 at the Grand Hotel in Cape Town, South Africa.

Business Bermuda hosted an exhibition booth at Africa’s largest hedge funds conference and spoke to leading members of South Africa’s growing alternative investment industry, leading hedge fund managers from Africa and abroad, investment banks, prime brokers and institutional investors. 

Cheryl Packwood, chief executive officer of Business Bermuda, spoke with conference attendees about the issues facing African alternative investment and fund industry and discussed the opportunities found in Bermuda.

This included high standards of regulation, tax neutrality, high levels of transparency and disclosure.

While in Cape Town, Ms Packwood also conducted a business development programme, holding a series of one-to-one meetings with the South African business community to discuss Bermuda’s offerings and advantages as an international financial centre partner.

She said: “Many Bermuda-based companies have operations in South Africa and this was an important event for Business Bermuda to build strategic ties to decision-makers and influencers in the South African fund industry at the only event of its kind for the strategic issues driving African alternative investment forward.

“Africa is well placed to be the next great global growth story and foreign investors and businesses need to recognize that the industry is diversifying from natural resources and more new investment funds are being set up seeking to take advantage of the new opportunities and generate attractive risk-adjusted returns.

“There are many synergies between Bermuda and South Africa, both of whom can boast of a long and strong tradition of financial services and trading sophistication as well as an impressive and fast-growing hedge fund industry with strong ties to the UK. 

“Bermuda has a real opportunity to work well within this market, Bermuda-based firms such as Conyers Dill & Pearman, who sponsored the event last year, as well as Orbis and Allan Gray who are already increasingly active in the African fund industry and whose operations in Africa help build Bermuda’s existing reputation as a world class financial centre.”