The Court of Appeal’s ruling in the case of vicarious liability brought against DMS, which claims to have ‘the most complete fund governance platform’ in Cayman, for the alleged wilful neglect against Dawn Cummings, leaves more questions than answers.

This case goes back a very long time. The NED first covered it in November 2012; a lot has been written about it since then.

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Across many industries, including asset management, people are using this crisis to ask fundamental questions about their business practices. This is now beginning to happen in fund governance too. A lot of what we have all taken for granted is being re-evaluated at present.

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