Notorious Cayman Island hedge funds

SYDNEY, Australia: The Australian, October 2, 2009 – One year after arguably the most dangerous meltdown in global financial history, Australian regulators and markets appear to be travelling in the shadow of ignorance as to what exactly happened. It’s true that Australian markets have broken free from the rest of the world to ride above the chaos, but it’s been a heart-thumping ride.

Yesterday’s moves by the federal government to require more disclosure on short selling will apply only in Australia – the notorious Cayman Island hedge funds – read US-based hedge funds – seem unaffected.


Cayman Islands enlisted lobbying group’s services

WASHINGTON, USA: Wired News, October 2, 2009 – [The Livingston Group] was founded by Republican Congressman Bob Livingston in 1999, after he stepped down as Speaker-elect of the House following his admission of marital infidelity. Today, the company “has an extensive network of over 60 principals and consultants” and “over 50 domestic and international clients,” the firm’s website notes. Those clients include defense contractors like Northrop Grumman, CACI International, Raytheon, and Accenture, according to SourceWatch. The Republic of Turkey, the Cayman Islands, and the Council for a Democratic Iran have also enlisted The Livingston Group’s services.


Clients happier with Luxembourg than with the Cayman Islands

LONDON, England: Reuters, October 2, 2009 – RCM, Allianz’s equity fund management unit, is launching two new hedge fund products aimed at increasing its assets under management in the sector by more than 50 percent, its Chief Investment Officer said. Andreas Utermann told Reuters that RCM will launch, in the next few weeks, a new Luxembourg-domiciled cross-border UCITS equity fund, and will launch a new vehicle which invests across its existing long-short funds within the next two quarters. He said RCM found that clients – including family offices and private wealth managers – were happier with a Luxembourg UCITS structure than with Cayman Islands-based funds.