In 2005, we had three Futures Funds, with one based in Luxembourg and two domiciled in the Bahamas. I now would like to describe the reasons why we decided to move the funds from the Bahamas to Gibraltar.

Interesting framework and EU membership are making Gibraltar an attractive domicile for hedge funds.

Gibraltar is one of the several domiciles that provides for protected cell companies (PCC). It is interesting that while the PCC was initially developed for the captive insurance industry it has now also become a popular method of structuring hedge funds, property funds and private equity funds.

Cayman Islands has become the world's most important hedge fund domicile because of the ease with which funds for sophisticated investors can be set up and its light regulatory touch.

Both the laws of Luxemburg as well as the laws of Gibraltar admit the establishment of modern (hedge-)fund structures for sophisticated investors, which meet all requirements in respect of fast launching, high flexibility and the necessary freedom for realization of their investment policy.

This continues to be a time of rapid change for the hedge fund industry.

The cost of litigating complex commercial cases can quickly become very significant for the parties involved in the process.