Asset management sector seeks growth

Increasing the speed for companies in being able to set up in Bermuda in the asset management sector was listed as a key at a recent summit. 

The two-day Summit was organized by the Bermuda Business Development Corporation (BBDC) along with the Government of Bermuda and Bermuda Monetary Authority (BMA).

The Summit, which was developed by the Asset Management Focus Group of the BBDC, provided a forum for New York lawyers from a dozen leading firms. They were able to offer their insight on key legal, regulatory and business issues to enhance Bermuda’s attractiveness as a domicile for asset managers, hedge funds, private equity funds and other financial services businesses. 

It also provided a platform for the Government of Bermuda, the BMA and the private sector to highlight initiatives currently in progress, designed to support and grow Bermuda’s asset management segment. 

Among the key matters discussed during the two-day Summit were:

• The BMA’s commitment to asset management initiatives and ensuring the facilitation of new business to Bermuda in a time-sensitive, cost-efficient manner.
• 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.
• The development of Concierge Services by the Ministry, in conjunction with the BBDC team, which will facilitate Government, regulatory and private sector asset managers interested in domiciling and operating from Bermuda. 
• In connection with the Alternative Investment Fund Managers Directive (AIFMD), Bermuda is working with European Securities and Markets Authority and industry stakeholders to implement the required regulatory changes to facilitate and welcome new business opportunities.

Dr Grant Gibbons, Minister of Economic Development, said in a press release: “The growth of asset management business is an important initiative for Bermuda,.

“Bermuda is a well-respected offshore domicile and we recognize that we have opportunities for growth in this sector. The Government is committed to working with the BBDC to capitalize on these opportunities. We are grateful to the BBDC Asset Management team that put this together and particularly appreciative of the US attorneys who attended for their advice and candour.”

Caroline Foulger, chair of the BBDC, said: “We are dedicated to supporting collaborative efforts between Government, the BMA and all stakeholders. “We collectively better understand the opportunities and challenges we face in growing our asset management sector and we are focused on ensuring that, together, we address them head-on so that this growth will translate into jobs and economic opportunities for Bermuda.” n