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Reading Summary - Finance, Buried Treasure.docx

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Department
Geography
Course
Geography 3422A/B
Professor
Milford Green
Semester
Winter

Description
Finance, Buried Treasure 2/23/2013 2:09:00 PM Finance, Buried Treasure  Five years after the 2008 crisis, the same pool of hedge fund clients, among them some of the biggest investing institutions in the world, are pushing for the most sweeping overhaul of the way their capital is run in decades  “We are looking for a fairly dramatic change in the way Cayman conducts its business,” says Luke Dixon, head of hedge fund investments at the Universities Superannuation Scheme (one of the UK’s biggest pension funds)  If Cayman authorities do not help them gain greater control over what happens to their money when it goes to the Caribbean, then they will start to send it elsewhere o The diminutive trio of islands – Grand Cayman, Little Cayman and Cayman Brac, scattered about 100 miles south of Cuba – houses more than 9,400 hedge funds, sheltering assets worth about $2.2tn  Cayman is taking note of investors’ complaints o Cayman Islands Monetary Authority launched a consultation that outlined key proposals to begin opening details of registered funds and their directors to public scrutiny  Its a hedge fund’s board that “hires” an onshore-based manager to make investments on its behalf o The directors exercise oversight of the manager and must approve all decisions relating to the inflow and outflows of investors’ money in the fund  Secrecy is ingrained
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