Overview

Mourant Ozannes' Robert Duggan and Nicholas Fox investigate a recent ruling by the Cayman Islands Grand Court that specifically highlights and clarifies the scope of duties expected of directors of open-ended funds.

Many see the judgment of Weavering Macro Fixed Income Fund Limited (in liquidation) v Stefan Peterson and Hans Ekstrom as the new baseline for performance by hedge fund directors of their duties in specific circumstances, and not to the exclusion of other relevant tenets of good governance and practice.

The briefing looks at the case's background in detail and uses the facts to outline directors' duties in general and directors' duties in a hedge fund context. Additionally, comment and analysis is given on qualified directors, delegation of responsibility, fund structuring and industry standards, offering documents, ongoing monitoring and supervision.

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