Whereas the vast majority of funds in Bermuda are established in corporate form, they may also be established as unit trusts or limited partnerships. Offshore mutual funds may be denominated in any currency and most commonly invest in securities, commodities, financial instruments and derivative products. These funds are rarely sold to the general public. Instead, investors are usually high net worth individuals or institutional investors from a particular country or geographic area.
In addition to assisting in the establishment of the offshore fund, Bank of Butterfield provides the following administration services:
- Paying Agent - receiving subscriptions, making dividend distributions and redemption payments
- Registrar & Transfer Agent - recording purchases and sales
- Corporate Services - maintenance of statutory records and preparation of minutes
- Maintenance of accounting records
- Preparation of financial statements
- Calculation of NAV
- Custodian Agent - custodian administration and cash management.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.