CMIM currently offers some of its investment strategies through offshore funds. The domicile of the funds on offer are currently Mauritius based. Mauritius is a known region for offshore funds, much like Cayman Islands, channel islands, Luxembourg and Gibraltar. The fund schemes are regulated by the Mauritius Financial Services Commission. Under UK Financial Services Authority regulation these funds are classified as Unregulated Collective Investment Schemes (UCIS).
CMIM do not manage the funds, this is outsourced to our fund management partner Belvedere Management Limited. All details of the fund, its structure, governance and regulatory framework are available in a prospectus, which is available upon request. One thing to note is that the funds on offer operate as Protected Cell Companies (PCC). A PCC is an efficient and cost effective way of managing a number of funds under one company/management structure. Each fund ‘Cell’ is a segregated portfolio, i.e., a PCC is a single legal entity that operates segregated accounts, or cells, each of which is legally protected from the liabilities of the company's other accounts.
CMIM are both the Investment Manager and Marketer of the funds, and therefore we:
In keeping with laws and regulations, compliance checking and oversight, as well as the management of the scheme by the Fund Manager, will be performed in Mauritius.