Cayman legal changes in firms' favour

Changes in Cayman Islands company law will allow a cheaper method for asset management companies to launch a range of hedge funds under one umbrella.

Under the old law, a hedge fund set up in an umbrella could suffer if one of the sub-funds suffered creditor problems. This 'multi class' fund could be created with separate portfolios, but the segregation between the portfolios was not respected in the event of the insolvency of the fund so that counterparty creditors of one portfolio could lay

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