As mentioned in the most recent edition of Fund Finance Friday, the Cayman Islands Monetary Authority (“CIMA”) has recently issued its Statement of Guidance on Non-Fund Arrangements (the “SOG"). If you are having a busy December and want to think less about Cayman issues, you can do so – the SOG doesn’t introduce any substantive changes to how the market has been operating and classifying entities since the coming into effect of the Private Funds Law (“PF Law”), and it won’t have any material effect on the way transactions have worked where the issue is of relevance.
In today’s Fund Finance Friday: Industry Conversations, Jeff Nagle of Cadwalader’s LIBOR Preparedness Team joins Mike Mascia and gives a plain-English summary of what a fund finance banker needs to know about this week’s LIBOR transition updates from the ICE Benchmark Administration and the U.S. and UK regulators.
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The FFA Diversity in Fund Finance group is holding an open committee meeting on Friday, December 11 at 12:30 p.m. EST. Read on for more details, and for an update on the group’s most recent volunteer event with PENCIL, the NYC-based non-profit whose mission is to provide New York public school students with access to relationships and opportunities with business professionals.
Appleby recently published an overview of emerging trends discussed during the Fund Finance Association’s Virtual Symposium with regard to the European, Asian and global fund finance markets.
Mourant shares top take-aways from the Fund Finance Association's 2020 Virtual Fund Finance Symposium, which featured panels from across the globe to discuss market trends with a focus on European, Asia-Pacific and global perspectives.
Brickfield Recruitment has posted an article on its website discussing the state of the fund finance market in 2020 from a recruitment perspective. The article covers the global perspective and looks at trends in the U.S., UK, Europe and Asia as well as anticipating 2021.
Tune in to the fifth session of Wildgen’s Fund Finance Webinar Series hosted by Michael Mbayi. Michael is joined by industry leaders Richard Braham (Commonwealth Bank of Australia), Sarah Elliot (National Australia Bank Limited), Nick Mitra (Natixis), and Julie Thick (J.P. Morgan) as they discuss several market perspectives for 2021, including for the U.S., Europe and Australia.
The Fund Finance Association has announced the first edition of its European FFA University Program. The full-day event is scheduled for Thursday, February 4, 2021, from 9 a.m. to 6:30 p.m. London time. Similar to its U.S. counterpart, the European program sessions will be designed for fund sponsor treasury teams, bankers and lawyers looking for an in-depth training opportunity. Registration information, event pricing and the detailed agenda will be forthcoming. Save the date!
The Drawdown has published an interview with Doug Cruikshank, the head of fund financing and Hark Capital at Aberdeen Standard Investments. The Drawdown editor Alice Murray's discussion with Cruikshank highlights the liquidity challenges faced by private equity firms in 2020, focusing in particular on the evolution of the NAV facilities market.
In its most recent "Offshore Business Update," Appleby published an article that looks at the common local law issues that arise in NAV financings and provides a jurisdiction-by-jurisdiction guide covering Bermuda, BVI, Cayman Islands, Guernsey and Jersey.