Tuesday, October 31, 2006

NEW YORK, USA (Reuters): Gary Linford, who headed the Investment and Securities division of the Cayman Islands Monetary Authority for more than two years, has resigned, to be replaced by Yolanda McCoy, Linford said in a statement.

Linford said his three-year contract involved building up the Cayman Island hedge fund industry and also train a Caymanian to replace him.

The CIMA Investments and Securities division has licensing and regulatory powers over the fast-growing 8,000-strong Cayman hedge fund industry, where more hedge funds are domiciled than any other jurisdiction.

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