Sending mixed signals: fund adminisration in the Cayman Islands
As fund administrators slim down operations, questions are being raised over the long-term viability of the service in Cayman.
Fund administrators in Cayman are facing a variety of challenges. Many have shed staff as a consequence of the overall loss of assets under administration (AUA). Others have moved significant parts of their Cayman operations to lower cost, onshore locations where staff is plentiful and unlikely to need work permits.
The overall effect should be one of a service industry in decline. However, not all is lost. Two new fund administrators have recently opened operations in Cayman. Trinity Fund
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