Bermuda may now be the best jurisdiction in which to set up an offshore fund according to a New York attorney who works with the asset management industry.

Jack Rigney, of Manhattan-based Seward & Kissel, sang the praises of the Island in an international webcast which attracted thousands of listeners keen to hear about what Bermuda has done to strengthen its asset management industry.

The Regulatory Compliance Association’s (RCA) PracticeEdge Session, which was sponsored by the Bermuda Business Development Agency (BDA), was moderated by Mr Rigney and featured several Bermuda-based international business experts on its panel. Some 4,400 people, including senior funds executives, lawyers and regulators, tuned in, according to the BDA.

Mr Rigley said: “I personally witnessed how Bermuda has dramatically delivered on the promises they made last year ..., which is a very good thing for everyone in the industry. ... We just finished probably the easiest and most pleasant fund experience that I have had in the last few years with the recent Bermuda fund that we did. It was done on a very timely basis and we felt we had high quality service throughout.

He added: “My personal advice to clients now is that Bermuda may in fact be the best jurisdiction for offshore funds when you consider cost benefits, the practical regulations, as well as access to officials which I do not think should be underestimated, I know that has been very valuable to us.”

The seminar was a part of the RCA’s professional development and graduate level education programmes. Registrants listened to Bermuda’s leading funds professionals discuss the invaluable feedback they received from New York decision makers in May 2013, which prompted the collaborative efforts of the Bermuda Monetary Authority (BMA), Government of Bermuda, BDA and key members of Bermuda’s funds community to amend Bermuda’s fund legislation, thereby making Bermuda a more competitive and desirable jurisdiction for funds.

“The exposure Bermuda’s fund industry received is invaluable, with the audience comprised of key decision makers and thought leaders that can potentially drive business to Bermuda,” Neil Glass, BDA Asset Management Group leader said.

“At the very least, this seminar will help to spread awareness about Bermuda’s strong product offerings and attractiveness as a jurisdiction for the funds industry.”

The The amendments to the Investment Funds Act were passed by Parliament last year, with the backing of both sides of the House.

The changes were driven by vital input from the US funds industry and led to the launch of two new user-friendly, exempt fund classes which can be registered and launched on a fast-track basis using the BMA’s online system (ERICA).

Lawyers Sarah Demerling, from Appleby, and Elizabeth Denman, from Conyers Dill & Pearman Ltd, walked listeners through the benefits of the exempt fund classes that enable an investment fund to register and launch in Bermuda quickly and efficiently.

BDA CEO Ross Webber said: “The success we are seeing in Bermuda’s funds industry is a great example of the good work that can happen through strategic and collaborative action.

“Bermuda’s panellists did a great service to Bermuda in raising its profile and we are grateful for their tireless efforts and commitment to the Island.”

The panel featured BSX CEO Greg Wojciechowski, EY Bermuda partner Jessel Mendes, WW Management Limited’s Neil Glass, who is BDA Asset Management Group leader; Equinoxe regional CEO Rod White, BMA director of licensing and authorisations Shelby Weldon, as well as Ms Denman and Ms Demerling.

The session was introduced by RCA chairman Walter Zebrowski.

The BMA was specifically cited for helping to reinvigorate Bermuda’s asset management industry and its understanding of the need for certainty, speed to market and fit for purpose regulation.

The presenting panel from Bermuda covered the reasons Bermuda is an attractive funds jurisdiction including the existence of a world class financial services regulator, the BMA; a fully electronic, internationally recognised stock exchange that has been used by over 300 asset management related issuers, the Bermuda Stock Exchange (BSX); and an extensive network of service professionals with deep experience in funds and private equity with a long history of working together.

“Generating a greater volume of asset management business and attracting fund managers to the Island will provide work for Bermudians and a well appreciated boost to our economy,” Mr Webber added.