July 2020
Issue includes: Man vs machine; Consultation update; Director selection in the Covid-19 era; Offshore confidentiality: another blow; Cayman’s new private funds law; EU-UK equivalence now in doubt; What about AIFMD II? Singapore competes as an international fund domicile. Download the Cover section
June 2020
Issue includes: Board diversity: long overdue; Board & director ratings update; Adapting EU cross-border fund governance models for Covid-19; Cayman introduces fines under its beneficial ownership regime; Cayman’s regulatory regime for virtual assets. Download the Cover section
May 2020
Issue includes: Cayman's bitter Tangerine; Time for a fundamental rethink; Transparency in the Zoom era; Director residency rule reform? Private debt fund governance issues; EMU in peril; Back to Brexit; An all-Ireland fund industry? Expert Fund Boards. Download the Cover sectio
April 2020
Issue includes: Liquidity: problems soon; Emergency measures: trouble ahead; Muddling on through; Expert Fund Boards; Luxembourg takes ‘defensive’ measures against Cayman; ESMA consultation on limiting leverage at alternative funds; Italian debt crisis coming. Download the Cover section
March 2020
Issue includes: Déjà vu all over again?; Crisis advice from the IoD for boards; Asset manager boards failing on gender diversity; Coronavirus: What does it mean for board meetings and substance? ManCos and the market crash; BEPS and Luxembourg. Download the Cover section
February 2020
Issue includes: Is Cayman too complacent or too innocent? Liquidity risk: Are boards up to speed? Cayman: Time to lose the secrecy; More responsibilities for EU directors; Director ratings and due diligence plans finalised; ACDs’ conflicts of interest reviewed. Download the Cover section
January 2020
Issue includes: A revolution ahead?; Director ratings & due diligence; The governance of Luxembourg’s AIFMs; Governance: The silent letter in ESG; How equivalent is equivalence?; Delegation: rules changes likely; Cayman’s Private Funds Bill. Download the Cover section
December 2019
100 issues young (What The NED has learnt over the years); The NED’s 2019 Director Survey; The good, the bad and the ugly; Traffic light director ratings; IFI Events January-June 2020; UK boards: no ESG please; Expert Fund Boards. Download the Cover section
November 2019
Ireland’s jumbo directors: an update; ESG governance ratings; Sham independents; 2020 the year of BEPS; Risk governance: does it add value? Substantial change ahead in the EU; Transparency coming to US shell companies? Expert Fund Boards. Download the Cover section
October 2019
Fund governance by jurisdiction; The ESG game changer; Top of the fund governance tree; Director ratings update; The NED's global investor survey; Woodford: the end of the beginning; ManCo M&A activity jumps; Wanted: An EU investment management centre. Download the Cover section
September 2019
UK independents: deadline time; Consultation on director ratings; Transparency: the key to improving fund governance;ESMA’s asset management warning; Brexit delays are causing ESMA problems; Divergent views on regulation in Europe emerge. Download the Cover section
August 2019
Irish directors are in danger of becoming ‘micro-managers’; Hands-on vs lofty detachment; US partnerships: the last governance frontier; Expert Fund Boards; Can director firms be ‘vicariously liable’? Looming liquidity concerns; When is a NAV not a NAV? EU passporting review. Download the Cover section
July 2019
Director rotation in Ireland; Alt UCITS: liquidity risk issues; Term limits: long overdue?; Consultant directors on the rise; Expert Fund Boards; The cost of gating; ManCo risk oversight issues; Crackdown on US shell companies; ESMA consultation on UCITS performance fees. Download the Cover section
June 2019
The lessons of Woodford; Time for an FCA re-think? Fund board performance evaluation; Improving director selection; European Expert Fund Boards; Alt UCITS liquidity risk; More substance required in the EU; PM delegation changes back on the table. Download the Cover section
May 2019
Ireland's jumbo directors; ManagementPlus Cayman license revoked;Cayman’s substance changes; The lessons of Abraaj; Atlantic Fund Forum; New AML regulations in Cayman; ManCo oversight: cost vs benefit; Cayman issues substance guidance; Expert Fund Boards. Download the Cover section
April 2019
More transparency wanted; The pros & cons of transparency; Independents: how many are needed? Amateur vs professional directors: what’s better? Little progress on US corporate boards; BVI publishes its draft Economic Substance Code; A let off for the Crown Dependencies. Download the Cover section
March 2019
Let the sunshine in; No independent oversight please, we’re British; UK independents: lipstick on a pig? Cayman avoids the blacklist; ManCo demand growth; Brexit exodus laid out; More tax changes from the OECD; Cayman prepares for a negative FATF assessment. Download the Cover section
February 2019
Where will it come from?; Boards in bear markets; Regulatory oversight; Investor communication; The EU’s Brexit olive branch; No ‘Brexodus’ boom yet; Cayman ‘will not be bullied’; Delegation: the devil’s in the detail. Download the Cover section
January 2019
Issue includes: UK fund governance changes: trouble ahead? End of the rubber stamp era; What the FCA wants to achieve; Cayman corporate directors; Fund Governance Research Study; Brexit chaos; Yet more on public registers; AIFMD II is on the way. Download the Cover section
December 2018
Corporate directors dominate in Cayman; Cayman's own BCCR; Struggling? Time to strengthen the board; European Expert Fund Boards; A perspective on the substance rules
from Jersey. Download the Cover section
October 2018
Time to start the ratings; Industry feedback on rating fund
boards; The view from London; 2018 Director Survey; EU hypocrisy on financial secrecy; Ireland all alone. Download the Cover section
September 2018
Board capability ratings for investors; Director selection: end the amateurism; Will there be governance issues with Jersey LLCs?; Is more fund board regulation needed?; Irish performance fee issues. Download the Cover section
August 2018
Rise of the consultant director; Offshore directors to the rescue?; The governance of co-investing; Tax tangles; 2018 UK Corporate Governance Code published; Get rated by The NED. Download the Cover section
July 2018
Risk governance special report: Fund board ratings consultation; What more can boards do?; Is AIFM risk oversight worth it?; Cayman fund boards ten years on from the crash; ManCos: Some are struggling; Here comes CP 120. Download the Cover section
June 2018
The NED launches Director Search; The NED’s top 50 alternative fund boards; Its coming: UK changes underway; Exploring risk issues; Public property register coming to
the UK; EU blacklist threat update; Lux ManCos: transparency needed. Download the Cover section
May 2018
CDOT Connect launched; Coming soon: public offshore registers; Brexit: getting scary; UK corporate governance: shareholders want more oversight; Luxembourg’s most impressive; Luxembourg governance: too complicated; Who is right on residency?. Download the Cover section
April 2018
Time to overhaul director selection; Mind the governance gap: Cayman drifting further away from Europe; Why the FCA did it; Cayman LP issues; MiFID II: The Phoney War; Too few players and not very alternative; A ManCo risk capability assessment. Download the Cover section
March 2018
UK independent directors: coming soon; Ireland's most impressive; CP 86 roundtable; Guernsey board chairmen on director selection; Time to debate directors’ fiduciary duties; Proposal to clarify ‘Pre-marketing’ under AIFMD; Cayman’s beneficial ownership regime. Download the Cover section
February 2018
End of the traditional NED?; Rating Guernsey fund boards; Guernsey's best fund boards; View from the top; Remuneration rising rapidly; Risk oversight: is it worth the cost? Here comes AIMD II; EU market access issues for UK managers. Download the Cover section
January 2018
Fund boards: Jersey’s best; Boards: more transparency & standardisation please; Fund boards: more substance required; A Cayman director residency requirement?; Is tax the forgotten risk as far as fund director fiduciary duty is concerned. Download the Cover section
December 2017
Carlyle: independent NED expertise unnecessary; Fund board ratings; Private equity fund governance; Investor involvement needed; The Fund Governance Association; Delegation denial; Strong ManCo growth; Tax & regulatory convergence. Download the Cover section
November 2017
Much more investor contact; Fund board rating consultation; 75 issues young; NEDs are key ManCo selectors; Apollo partner charged; Poll shows delegation worries; Paradise Papers fallout; What is Cayman’s European future; MiFID II regulatory grace. Download the Cover section
October 2017
Full steam ahead; Independent Risk Management: Really?; What it all means; The governance of co-investing; Development of the Irish Fund Directors Association; Boom in ManCo corporate changes; MiFID firms converting to AIFMs; Prepare for the GDPR. Download the Cover section
September 2017
Time for LPAC standardisation?; Views on director selection; Investor influence grows; More from ESMA on Brexit; HMRC to focus on corporate tax evasion; CRS implementation; Recent developments under FATCA; Jersey private placement growth. Download the Cover section
August 2017
Director selection: overhaul needed; Time to define; Director remuneration: time for more flexibility?; Director DDQ breakthrough; A softer line in the US; Greater scrutiny in the UK from directors; Ireland reforms its limited partnership legislation. Download the Cover section
July 2017
Independents: the UK goes from famine to feast; Director compensation to go through the roof; SEC to focus on disclosure; Educating the British on independent fund governance; BEPS: let the changes begin. Download the Cover section
June 2017
Brexit: an EU fund director bonanza; The MLI requires boards to make the decisions; Risk governance: how much value does it add?; US alternative fund numbers grow but NAVs show slight decline; Cayman introduces beneficial ownership law. Download the Cover section
May 2017
What is risk governance? The value of risk governance; Onshore directors for Cayman funds; Time for boards and LPACs to work together; FSB publishes thematic peer review on corporate governance; Fund governance in Luxembourg. Download the Cover section
April 2017
Learning from LPACs; Irish director capacity problems; Risk Governance Forum launch; Difficulties at ESMA; Lux-leaks returns; Director evolution; Forget the AIFMD review; Few independent directors at European UCITS funds. Download the Cover section
March 2017
Fund fraud: directors’ responsibilities; Finally, real investor involvement; Ill-prepared for the tax Tsunami; Risk governance cost explosion; Passive investing is bad for governance; BEPS: UK’s approach to the MLI criticised; AIFM ManCo platforms: strong growth. Download the Cover section
February 2017
Watch out for BEPS; The NED launches Director Search; Preparing for BEPS; Risk governance issues to resolve; Independent directors for UK fund boards?; Director capacity issues in Ireland; SEC bars private equity advisor; ManCo platforms’ large fund dilemma. Download the Cover section
January 2017
The NEDs new name; Director diversity; Change, change and more change; Risk supervision; 2017 will be tough for ESMA; EU tax transparency plan watered down; Stats from CIMA; Automatic exchange of information now in force in the EU. Download the Cover section
December 2016
CP 86: final Guidance published; Significant shifts in ‘16: EU fund governance: directors as bureaucrats, Cutting prices in Cayman, The growing emphasis on risk supervision, PE governance issues; Hedge fund recession; Higher depositary fees coming. Download the Cover section
November 2016
Remuneration: not so bad after all; How much do LPACs help PE governance? Understanding the risks on behalf of a fund’s shareholders; Weavering: the latest twists and turns; EU’s tax haven blacklist by end 2017; No passport extension; Guernsey launches Private Investment Fund. Download the Cover section
October 2016
BEPS means much more director activity; The implications of fee compression; Where’s the added value?; The evolving role of risk management; SEC charges Omega and Artis with insider trading; BEPS comes to the BVI; OECD threatens Bahamas with blacklisting. Download the Cover section
September 2016
More transparency & professionalism please; Going the wrong way?; The next five years; The future – from directors; CSSF looks at ManCo platform supervision; Brexit hits UK LPs; EU scores jurisdictions on tax governance. Download the Cover section
August 2016
Time for reflection: Fifth anniversary review; The NED’s director selection survey; OECD to draw-up tax haven blacklist; EU tax avoidance directive agreed; Jersey sees increase in private placement activity; EU’s Money Laundering Directive includes public UBO info. Download the Cover section
July 2016
The NED’s Risk Forum launched; The NED’s director selection survey is underway; Fund governance evolution; Will director substance help with BEPS?; Governance concerns for
Cayman’s LLC; SEC pushes for more board diversity; Increase in side letters in the US. Download the Cover section
June 2016
More changes coming in Ireland; The NED’s Director Selection Survey; ManCo platforms growing strongly; Gibraltar case underlines directors’ duties; EU & US governance divergence; The tax attack; ESMA confirms passport ruling ‘soon’. Download the Cover section
May 2016
Director remuneration: ridiculous; Poles apart in Dublin and Lux; AIFMD valuation issues for boards; The investors’ perspective; Launch of The NED’s Risk Forum & Think Tank; BEPS is good for offshore jurisdictions with heavy-weight fund boards. Download the Cover section
April 2016
SWFs push for better governance; Offshore transparency will be bad for the part timers; The risk supervision trend; SEC lays out responsibilities of fund directors; AIMA attacks The NED; ESMA publishes remuneration guidelines. Download the Cover section
March 2016
Fees falling in Cayman; Partial launch of AIMA’s DDQs; Cyber-security: iNEDs are the weak link; Governance guidance issues; Support service for independent directors; Industry reaction to CP 86; SEC’s views on fund boards. Download the Cover section
February 2016
Governance standards vary by domicile; Questions about the questionnaire; Onshore meetings of offshore funds; What to do about the risk supervision problem?; Cayman looking likely for AIFMD passport. Download the Cover section
January 2016
Risk management considerations for fund directors; Annual governance review - Five themes for the year ahead; IOSCO wants more hedge fund transparency; Compulsory director registry in BVI; Solvency II arrives. Download the Cover section
December 2015
CBI to focus on risk; Cayman changes in 2016; Room for improvement; LLCs coming to Cayman; Board diversity in decline in the US; Should directors have indemnities? Investors pushing for improved governance Download the Cover section
November 2015
Over-worked and under-paid: Results of The NED’s Director Survey; CBI gets serious on boards’ risk capabilities; Room for improvement; Alternative fund boards do a good job; Carne raises board gender issue; BEPS problems emerging. Download the Cover section
October 2015
Directors share blame for PE problems; CBI clampdown on director concentration; What BEPS means for directors; Pension fund consultants on the march; 'Cracks' found in funds' fiduciary duty - SEC; AIFMD risk reporting: much effort but little reward. Download the Cover section
September 2015
Uniformity of governance views from investors; What should directors be paid? Investor board select involvement; Private equity governance problems
mount; Network for independent directors; Cayman: U turn on the registry? Download the Cover section
August 2015
Investors need help; CIMA consults on corporate governance reform; Investment governance pensions research; SEC keeps up the pressure; Channel Islands looking good for AIFMD passport; What’s next for private placement?. Download the Cover section
July 2015
Fund board selection: a murky business; Independence for Appleby's fiduciary business; Time for more accurate fund director categorisations; MSCI says board term limits are detrimental; IRS targeting US hedge fund tax avoidance ploy; KPMG gives BEPS warning. Download the Cover section
June 2015
Time for a definition; Another warning from the SEC; CBI to focus on directors' time committments; Rise of the onshore boutique consultancy; BEPS update; EU jumps on the tax bandwagon and blacklists many offshore fund jurisdictions. Download the Cover section
May 2015
AIMA Guide leaves unanswered questions; BEPS could change fund director geography; Time to hear from investors; Fund governance trends in Cayman; Beneficial ownership register a threat to hedge funds; News from the domiciles. Download the Cover section
April 2015
US special issue includes: American exceptionalism; The SEC fills the governance void; Government lesons of US Partnership; Offshore feeders into US partnerships; Destination Cayman; The NES's Director Monitoring Service. Download the Cover section
March 2015
Issue includes: Surprise investor reaction to Weavering; Madoff investors vs PwC and Citco; Time for AIFM governance harmonisation; Mixed news from Guernsey; Ireland introduces the ICAV; Fund boards need gender diversity. Download the Cover section
February 2015
Issue includes: Shoch U turn on Weavering; From Weavering to Weavering: the view of investors; Directors: Goodbye VaRS, hello forward looking boards; Are directors doing enough due diligence on depositaries?; Directors need to get up to speed with BEPS. Download the Cover section
January 2015
Issue includes: Predictions for 2015; Weavering the final chapter; Directors: BEPS now on the industry's agenda; Investor organisation focuses on fund governance; Strong inflows to hedge funds in '14.
Download the Cover section
December 2014
Issue includes: US lawyers see little value in fund boards; All quiet on the Cayman front; Directors: depositaries will help; Eating fund fiduciaries’ lunch?; The third NED Cayman roundtable Download the Cover section
November 2014
Issue includes: What’s it all about?; Changes expected following CBI’s consultation; All roads lead to the US; AIFM ManCo platforms go from strength to strength; Berlin tax agreement is big for fund domiciles Download the Cover section
October 2014
Issue includes: Not in our name; Forget the geography; Lincolnshire fined for breaching its fiduciary duty; From regulator to regulated; AIFM ManCo platforms. Download the Cover section
September 2014
Issue includes: Global association launches to improve fund governance; Is good governance the antidote to pension fund redemptions?; Dublin and Luxembourg NEDs well up for AIFMD; Extensive governance revision in Ireland. Download the Cover section
August 2014
Issue includes: Value of independent directors questioned; CIMA get to capacity; surge in private placement applications in Jersey; Hedge fund frauds: would better governance help?; Director capacity issues. Download the Cover section
July 2014
Issue includes: Irish regulator concerned by fund directorship concentration; Forget CIMA’s database; AIFMD impact will be substantial; SEC focuses on alternative mutual fund governance as inflows surge. Download the Cover section
June 2014
Issue includes: Boards failing on risk management says poll; Cayman director law in force; DMS in US legal action; Boards: Risk measurement is not risk management; Time for the industry to grow up. Download the Cover section
May 2014
Issue includes: Governance risk: stay away from the US; SEC's private fund unit swings into action; Another hedge fund fraud; CIMA on those reforms; A Weavering moment to come for AIFMD fund boards? Download the Cover section
April 2014
Issue includes: Director remuneration: a new model is emerging; SEC launches unit for private funds; What difference will AIFMD make to board risk supervision: Survey reveals concern with AIFMD reporting; Download the Cover section
March 2014
Issue includes: Governance questions as ManCo mania takes hold; Cayman director legislation on the way; The Investor's perspective: Interview with Hermes BPK's Vincent Vandenbroucke; Boards must be proactive not reactive. Download the Cover section
February 2014
Issue includes: Withering attack on US hedge fund partnerships; NED Remuneration Survey; The Investor's perspective: Interview with Mesirow's Greg Robbins; Go slow on AIFMD implementation; Cayman reforms debated. Download the Cover section
January 2014
Issue includes: Four forecasts for'14; SEC to focus on manager and fund conflicts; The Investor's perspective: Interview with Permals David Woodhouse; FCA fines JLT Speciality; Yet more consultation in Cayman. Download the Cover section