A Cayman Islands-based lawyer has questioned whether the offshore financial centre has enough directors to deal with the corporate governance of thousands of hedge funds based there. She spoke before revelations that manager Weavering Capital said it would liquidate its Cayman-based flagship fund following a $637m (€467.8m) derivative trade.

The lawyer questioned whether the island had enough independent directors of hedge funds, given the growth in the number of funds in the territory over recent years. Her comments came before the Weavering case arose.