“High net worth person” means:-
  • (a) an individual whose net worth is at least CI$800,000 or its equivalent in any other currency; or
  • (b)any person that has total assets of not less than CI$4,000,000 or its equivalent in any other currency.
“Sophisticated person” means a person:-
  • (a) regulated by the Authority;
  • (b) regulated by a recognised overseas Authority;
  • (c) any of whose securities are listed on a recognised securities exchange; or
  • (d) who:-
    • (i) by virtue of knowledge and experience in financial and business matters is reasonably to be regarded as capable of evaluating the merits of a proposed transaction; and
    • (ii) participates in a transaction with a value or in monetary amounts of at least CI$80,000 or its equivalent in any other currency, in the case of each single transaction.

The minimum amount required to open an account is US$500,000, and the minimum initial subscription to the OAM Funds is US$250,000.00. Overseas Asset Management is exempted from the Cayman Islands Securities Investment Business Law on the basis that each of its clients has certified that they are either (i) a sophisticated person and/or (ii) a high net worth person and/or (iii) a company, partnership or trust (whether or not regulated as a mutual fund) of which the shareholders, unit holders or limited partners or one or more persons falling within (i) or (ii).

Each client of Overseas Asset Management opens a segregated investment account by completing and signing a Non-Discretionary Investment Management Agreement.  In the case of a corporate client, a Secretary’s Certificate must be completed.  No margin debt, short sales or dealing in futures contracts will be allowed in clients’ accounts.  Clients must also complete and sign the fund application form which is at the end of each offering memorandum to invest in any of the OAM funds.

In order to satisfy anti-money laundering and any tax information exchange requirements, each client is also asked to provide the following documentation for each person named on the account:

  1. Clear, notarised copy of passport(s)
  2. Recent copy of any utility bill as proof of address
  3. Reference letter from a lawyer, banker or accountant that has known the client(s) for at least 3 years
  4. A self-certification form for individuals and ultimate Controlling Person(s), and a entity self-certification form for client accounts which are entities.

In the case of a corporate client, in order to satisfy anti-money laundering requirements, please provide the information requested at the end of the Secretary’s Certificate.

Clients are sent quarterly statements, usually two to three weeks following each calendar quarter.  In addition, the NAV per share of OAM Asian Recovery Fund and OAM European Value Fund is published monthly, usually within about 10 days after month end on Bloomberg, in Wednesday’s edition of the Caymanian Compass, and on the Cayman Islands Stock Exchange web site.