In Caymans, It’s Simple to Fill a Hedge Fund Board
BY AZAM AHMED
GEORGETOWN, Cayman Islands — Just off the tarmac at the Grand Cayman International Airport, visitors were recently greeted by colorful banners advertising the Caribbean island’s sunny offerings: waterfront seafood restaurants, tax-free shopping — and hedge fund directors for hire.
In the last decade, as hedge funds ballooned in size and number to become a dominant force in the investing universe, directorship services have grown from a cottage industry into a big business on the Cayman Islands. Many funds run by United States money managers have their legal residence here for tax reasons. And because of a quirk in the island’s tax code, these funds must appoint a board.
Keep reading: Hedge Fund Directorships in Caymans Stir Debate – NYTimes.com.
