Carne Group’s Cayman Islands country head and CEO has outlined the factors shaping the local funds industry and how the firm is positioning itself for future growth.
In a company Q and A on 13 January, John Ackerley said Cayman remains the largest offshore domicile by assets and number of funds.
“There are more than 30,000 registered funds, with the average size generally larger than comparable domiciles,” Ackerley said.
He pointed to the regulatory environment as a factor in the industry’s development.
“The industry here is thriving, due in large part to a favourable regulatory regime,” Ackerley said.
“The regulator takes a US-style, principles-based approach, rather than a prescriptive rules-based approach, making Cayman a very smooth place to do business.”
Ackerley, who moved to the island in 1998, said the competitive landscape has shifted over nearly three decades.
He noted that Bermuda and the British Virgin Islands were once significant competitors but have since fallen behind.
“They haven’t shown the same ability and agility to react both positively for the industry and in line with global regulatory expectations,” he said.
Ackerley also cited lifestyle as a factor in Cayman’s ability to retain experienced professionals.
He said the government’s approach to welcoming professionals who relocate has created continuity that other locations lack.
“Part of the reason Cayman has that ability is that it’s an incredibly compelling place to live,” he said.
“People come here and want to stay, and the government welcomes and encourages that, bringing a continuity that other jurisdictions don’t have.”
This stability has allowed the industry to build institutional knowledge over time.
“Over the decades, we’ve built an incredible brain trust of people, both on the island and in our team at Carne, who are committed to benefitting the industry for the long term and know it inside and out,” Ackerley said.
“I have no doubt this will continue to be a competitive edge both for the Cayman Islands and for the team at Carne.”
