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Walkers Fundamentals White Paper 2021 – Regional Update: Americas – Finance and Banking – Worldwide – Mondaq News Alerts

It has been another twelve months in which the extraordinary has
become the norm, the unthinkable the mundane. Lockdowns have
oscillated between full, partial and non-existent. Offices,
restaurants and borders across the globe have creaked open and
slammed shut as the pandemic has continued to shape the way we live
our lives. And yet, throughout it all, lock-up funds have continued
to be raised: investors were wooed over Zoom, side letters were
negotiated at kitchen tables and the universe of participants and
stakeholders in the closed-ended funds industry repeatedly showed
themselves to be nimble and flexible enough to keep the wheels
turning.

Bermuda

Funds

Bermuda continues to be the leading jurisdiction for the
creation, support and listing of insurance-linked securities
(“ILS“) (with the Bermuda Stock Exchange
having almost 95% of market share of global ILS listings) and ILS
funds. Investors’ appetite for portfolio diversification and
interest in this relatively uncorrelated alternative asset class
that is also acknowledged as a sustainable development investment
for ESG continues to grow and the total assets under management
(“AUM“) of global ILS investment
managers is approximately $100 billion. Many of the largest ILS
investment managers have a physical presence in Bermuda.

Bermuda remains the third largest offshore jurisdiction for
traditional fund products, in terms of number of funds registered,
with a reputation for quality clients and innovative structures.
The most recently released figures saw total net asset values
increase to US$213.70 billion, representing a year to year increase
for nearly all classes of funds as compared with 2020. As Bermuda
already had   in place a robust infrastructure for funds
that meet international standards, there were no changes to the
asset management regulatory landscape during 2021.

The introduction of the new Incorporated Segregated Accounts
(“ISAC“) Act legislation has been well
received. This builds on the traditional concept of operating
segregated accounts that have the benefit of statutory segregation
between accounts, allowing a ring-fencing of assets and
liabilities, but also introduces the ability for each account to
have its own separate legal personality. During 2021, investment
managers operating in the Digital Asset sector, benefited from the
introduction of this new legislation and we saw various classes of
funds set up using an ISAC as a corporate vehicle.

Bermuda fared remarkably well throughout the COVID-19 pandemic.
The Government of Bermuda’s offering of a ‘Work from
Bermuda’ certificate, which allows digital nomads and
professionals who normally work from another jurisdiction, a 1-year
pass to live and work on the Island instead, has proven extremely
attractive with nearly 500 applications received by the Government
of Bermuda   in 2021. The programme is very attractive
for those stuck in cities with high infection rates, or working
from a home office longer than expected, and is being structured
for asset managers in particular.

In April 2021, as part of its strategy to foster sustainable,
equitable growth in Bermuda, the Bermuda Business Development
Agency, led by Government and in collaboration with the private
sector, has launched an initiative to establish and promote the
jurisdiction as the world’s climate risk finance capital.

Like many financial centres, Bermuda is also seeing a marked
…….

Source: https://www.mondaq.com/financial-services/1145528/walkers-fundamentals-white-paper-2021-regional-update-americas

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