Not many people know it but the Cayman Islands are the world’s fifth largest financial centre, with only New York, London, Tokyo and Hong Kong out in front. Some 600 banks, including 47 of the world’s top 50, have operations on the islands, which are also home to the second largest captive insurance market after Bermuda.
Cayman has long been the offshore centre of choice for the hedge fund industry as well. At the end of December 2007, there were 9,413 regulated hedge funds with a net asset value of $1.38trn (£708bn). This represents 17% annual growth in the number of funds since 2001.
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