In the second episode of our Funds Download podcast, our host and the global head of Funds and Regulatory, Philip Graham, is joined by the co-head of Funds and Regulatory in the Cayman Islands, Matt Taber, the global head of Dispute Resolution, Phillip Kite, and the head of Dispute Resolution in the Cayman Islands, Nick Hoffman. They relive the events of the financial crises of 2008/2009 and examine what valuable lessons were learnt by the Funds industry as a result.
- Market volatility in March did not lead to any great rush for redemptions, nor did managers bring down suspensions.
- COVID-19 is a truly global event and so we have not yet seen a true flight away from any asset class; are there actually any alternatives out there?
- Vital lessons were learnt from the 2008/9 financial crises, and managers and independent directors can take sensible steps to prepare themselves for any future financial strain by sufficiently documenting their decision-making, reviewing their documentation, and taking timely action.
- Internal and external communication is essential, particularly with your investor base and key service providers.
- Independent professional directors are now an integral part of the way funds are governed. They are brought into a discussion much earlier on, which is particularly beneficial in a distressed situation.
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