The burden of duty - the scope of directors' duties for Cayman Islands open-ended funds
In August, the Grand Court of the Cayman Islands handed down its judgment in the case of Weavering Macro Fixed Income Fund (in liquidation) v Stefan Peterson and Hans Ekstrom, and it has triggered a frisson of excitement in the industry for the extent to which the court has sought to establish how directors of Cayman Islands open-ended funds should approach the discharge of their fiduciary and other duties to the funds of which they are directors. Many practitioners have suggested that the judgment represents a panacea for the due discharge by directors of their duties, though a significant weakness of this analysis is that the court’s considerations were cast in the light of, and informed by, the reported failings of the defendant directors of Weavering Macro Fixed Income Fund.
Mourant Ozannes’ Robert Duggan (pictured) 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
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