Bermuda to update fund rules

Bermuda is in the process of updating its protected cell legislation and its institutional fund structure in an attempt to bolster the fund management industry. The institutional fund class, which has been a bit of a disappointment so far, will be changed this summer to allow more schemes to use the structure. Previously there were impractical limitations, for example, there was a $50m minimum size. But many funds start smaller than that and have opted for a Bermuda Standard Scheme, even when the institutional scheme would be more appropriate. William Woods, CEO of the Bermuda Stock ...