Bell Rock Group is a leading provider of fund governance services such as independent directors to hedge funds, private equity funds and other Cayman Islands investment funds.

1. Independent Director Services
Bell Rock Group - Fund Governance
Hedge Funds
Private Equity Funds
Investment Committee's
Investment Manager's
Investment Companies
www.bellrockgroup.com

2. Independent Fund Directors – Hedge Fund Directors
Bell Rock Group is a leading provider of independent director services to hedge funds, master-feeder
alternative investment funds, segregated portfolio company fund structures, private equity funds, real estate
funds, investment advisory committees to private equity funds, investment management companies and
other alternative investment structures. We mainly act on the board of Cayman Islands Investment funds and
investment entities.
With increased focus on corporate governance of investment funds from a global perspective, it is crucial that
those charged with overseeing the activities of the fund, protecting investors, avoiding conflicts of interest
and detecting fraud are suitably qualified, regulated and experienced in fund governance matters, local
regulatory developments and can add real value to the board. This not only ensures that investors are
treated fairly, and comfort is provided to regulators but also enhances a fund offering from a due diligence
perspective when raising capital.

3. As a regulated firm in the Cayman Islands, Bell Rock Group is itself, subject to robust regulatory over-sight by
the Cayman Islands Monetary Authority in terms of data security, client confidentiality, disaster recovery and
business contingency, anti-money laundering and compliance, data protection, the statement of guidance on
corporate governance and other regulatory requirements. Bell Rock Group is also audited by a CIMA
approved auditor.
Why Bell Rock Group is the Leading Provider of Fund Governance Services?
INDEPENDENT
REGULATED
REGISTERED WITH CIMA
CAYMAN ISLANDS RESIDENT
EXPERIENCED & QUALIFIED
FULL-TIME PROFESSIONALS
NO ASSOCIATED OR AFFILATED DIRECTORS PROVIDED
NO CORPORATE OR NOMINEE DIRECTORS PROVIDED
INDUSTRY ASSOCIATION & INVOLVEMENT
CAPACITY MONITORING & SELECTIVE NUMBER OF POSITIONS HELD
Independent
Bell Rock Group is wholly independent of other service providers that may present conflicts of interest. We
are not a one-stop-shop that blur the lines of conflicts. For example, we are not a law firm offering director
services on the side, nor are we a fund administrator offering director services on the side, or custody and
banking services while offering director services on the side. At Bell Rock, we believe that independent
directors should be truly independent of other services provided to the fund that may present conflicts. In
our view, it is difficult to demonstrate independence when receiving fees for legal services or for fund
administration and then trying to demonstrate independence.
Regulated
We are a fully licensed and regulated firm by the Cayman Islands Monetary Authority (CIMA). The days of
appointing directors to the board of a fund who are friends or acquaintances of the investment manager
have long gone. Nowadays, investors and regulators expect a majority of directors on the board to be
independent and subject to regulation themselves.

4. Cayman Resident
Given that often there are requirements to demonstrate that the fund is actually offshore, tax law has often
required the appointment of Cayman resident directors. The is increasingly the case with the introduction of
the Economic Substance Law and investor compliance requirements where they expect the “mind,
management and control” i.e. the board of directors, to be actually resident in Cayman and have directors
who are suitably qualified and experience to demonstrate that the fund is in fact being overseen in Cayman
and that meetings take place in Cayman.
Highly Experienced and Qualified
With increased investor due diligence, it is imperative that the directors are suitably qualified and
experienced. Each member of our director services team has over 20 years of senior level industry
experience and qualifications in asset management, investment banking, law, compliance, risk management
and compliance.
Full-Time & Professional
Our professional team of directors are not just available to deal with matters at periodic board meetings but
during normal business hours and often outside of normal business hours where we act on Cayman fund
boards with managers located in different time zones such as the United Kingdom or Europe. There are often
numerous matters to be addressed by the board aside from periodic board meetings and we therefore pride
ourselves on being highly responsive.
Do not provide Affiliated, Associated, Junior Directors or Administrative Staff to Substitute for the role as
Director
Unlike some firms, we do not rely on associated directors or support staff to replace the roles and duties of
the director responsible. Some firms have developed this business model in order to accommodate large
numbers of director positions for which the directors require support staff to manage. At Bell Rock, we do not
believe that good corporate governance lies in unimaginable numbers of director positions that necessitate
the reliance on admin staff to replace the role of the individual directors. Support staff are necessary to
genuinely support the directors, but we do not feel that these should be a substitute for the role of the
director appointed.
Do not provide Corporate Directors or Nominee Directors
We do not provide corporate directors or nominee directors as ultimately, the role, duties and risks
associated with a director position are genuine and replacing with a corporate director is a box-ticking
exercise rather than providing genuine corporate governance and oversight. Nor is it in the interests of
investors.
Industry Association & Involvement
We are heavily involved with industry developments in Cayman and in all major financial regions. We are often
in attendance at industry conferences and seminars on hedge funds, asset management, alternatives, private
equity, compliance, and operations. Bell Rock Group is a member of the Alternatives Investment Management
Association (AIMA), the Hedge Fund Association (HFA), the Investment Management Due Diligence Association
(IMDDA), the Cayman Islands Compliance Association and Cayman Finance.

5. Capacity Monitoring
The number of director positions held by any one director will determine the amount of time that a director
has available. There is no one size fits all approach as some board positions require extensive time
commitments while other board positions do not. For example, an emerging fund manager may require input
form the directors more frequently that a well-established fund manager with a large team of staff onshore.
Save for the attendance at periodic board meetings, the director in question may not have weekly
involvement. Therefore, each director must carefully assess their current portfolio of directorships and assess
the time they have available prior to accepting new positions. At Bell Rock, we continually monitor the
positions we hold and ensure that we do not accept new board positions unless we have capacity.
Registered Individually
Each member of our director team is registered with CIMA under the Director Registration & Licensing Law,
2014.
Bell Rock Group – Team
David Lloyd, MBA, Acc.Dir, LLB
Managing Director
In July 2012, David founded the Bell Rock Group, a Cayman Islands firm licensed and regulated by CIMA. Bell
Rock is a specialised provider of independent director services to hedge funds, hybrid funds, long-only funds,
infrastructure funds, real estate, special situation and private equity funds. He has over 20 years of industry
experience and has been providing independent director services for seven years to Cayman fund and
investment management companies with some of the leading asset managers in the industry. Prior to
founding Bell Rock, he was a professional independent director to a range of hedge funds, investment
management companies and private equity funds in Cayman working for a leading offshore management
services firm. He was formerly a director at Citigroup investment bank in London developing and structuring
multi-asset investment funds and acting as investment adviser to a range of funds, a former member of the
Citi Global Management Senior Risk Committee and formerly senior counsel advising on all aspects of multi
asset and multi-strategy funds. He was formerly at BNP Paribas, Credit Suisse and SunGard Global Trading.
David holds a MBA in Finance and Banking from the University of London, is a Chartered MCSI with the
Chartered Institute for Securities & Investment (CISI), holds the Investment Management Certificate with the
CISI, an Accredited Director (Acc.Dir), Member of the Institute of Directors (UK), Called to the Bar of England &
Wales, LLB Law Degree from the University of Wales, Fellowship Member of the International Bar Association,
the ACI Financial Markets Association and a member of the Investment Management Due Diligence
Association (IMDDA). David is registered with CIMA as a director under the Director Registration & Licensing
Law 2014.
Representative Expertise:

6. • Global Macro FX Strategy Fund for an emerging manager with US$250m of initial investor capital
• Emerging Markets Debt Fund focused on emerging markets liquid securities
• Long/Short Equity Fund focused on Asian markets
• Agriculture Investment Fund focused on strategic value investments
• Representing various funds employing strategies of acquisition, development, repositioning,
refurbishment and active management of real estate and real estate-related investments across
Europe, as well as investing in European non-performing loans and other credit related securities.
• Representing a fund investing in long/short equity, sponsored by value-oriented hedge fund manager
with approximately $2.1 billion assets under management.
• Representing a private investment fund employing arbitrage and relative value strategy, investing in
public equity, fixed income, and alternative investments markets across the globe.
• Representing various private investment funds focused on distressed assets, retail, healthcare,
agriculture, technology investments
• Representing several investment funds with strategies focused on Fintech, blockchain and
cryptocurrency
• Representing umbrella fund platform for UK asset manager offering multi-asset and hybrid
investment strategies.
• Representing hedge fund focused on structured credit and mortgage-back-securities for asset
manager with $6bn of capital
• Representing hedge fund focused on debt, equity and FX investments with a Singapore manager and
investors across Asia.
• Representing fund-of-hedge fund structures investing with various portfolio managers employing
diverse strategies including long/short equity strategies and event-driven strategies.
• Representing hedge fund focused on commodity investments, both physical and derivative securities
for UK asset manager.
Evan Judd, CFA
Director - Independent Fund Director Services
Evan joined Bell Rock in September 2013, and provides non-executive independent director services for
hedge funds, investment management companies, traditional long-only funds, and segregated portfolio
companies. Evan’s career spans over 25 years in asset management where he has served in a number of
senior asset management positions with Merrill Lynch, Morgan Stanley, and most recently, Shinsei Bank.
Evan brings a wealth of experience in international markets with over 20 years spent in Asia. Extensive
business interactions in Tokyo, Hong Kong, Singapore and Mumbai have provided him an easy familiarity with
cross-cultural business environments. He speaks fluent Japanese. Early in his career, Evan managed global
bond and currency portfolios for institutional investors in New York. From there, he spent a number of years
in Tokyo where he worked to establish numerous Cayman based investment vehicles and customized hedge
fund portfolios for Japanese investors. With Shinsei Bank, Evan was the head of overseas operations for the
asset management group where he oversaw the successful establishment of a joint venture and two affiliated
asset management companies, obtaining both a Mutual Fund License from the Securities Exchange Board of

7. India, and a Fund Management CMS License from the Monetary Authority of Singapore. Evan’s considerable
expertise in portfolio management, fund governance, structuring, and operations has allowed him to serve on
numerous boards in both executive and independent director capacities.He holds a B.A. degree (cum laude)
in Economics, University of Texas, Chartered Financial Analyst (CFA) designation, 1991, Member of the CFA
Institute, CFA Society of San Francisco, Advisory Board, Tokyo Hedge Funds Club, 2005-2008, Member of the
California Hedge Fund Association.
Jeffrey Shaul,
Director – Independent Fund Director Services
Jeffrey Shaul has over 27 years of investment industry experience, including senior executive positions with
major Canadian firms in such areas as securities underwriting, mergers and acquisitions and asset
managment. Prior to founding Robson Capital Management Inc. (”Robson”) in 2003, Jeffrey assisted in building
a funds management business from inception to $285 million, including a private equity fund-of-funds
managed on behalf of Canada Pension Plan Investment Board (CPPIB). With this broad-based investment
industry background, Jeffrey has an in depth understanding of key issues such as fund structuring,
investment strategies, counter-party risk management, valuation practices, investment risk management and
operational risks. His experience is particularly relevant to boards of hedge funds where there are complex
valuation and risk assessment issues. Jeffrey has held hedge fund oversight roles with a number of funds,
including the CPPIB fund-of-funds, the Robson Van Eck Hard Assets Fund and the Robson Everest Global
Fund. Jeffrey practised law in the general corporate practice group at Osler, Hoskin & Harcourt in Toronto,
prior to his career in investment banking and asset management with major Canadian investment firms
including Scotia Capital and TD Securities. He is a member of the Law Society of Upper Canada, the CFA
Institute and Toronto CFA Society and is a Fellow of the Canadian Securities Institute. Jeffrey was a member of
the Sales Practices Committee of AIMA Canada from November 2006 to May 2009, and has appeared on
BNN (Business News Network) as a commentator on the hedge fund industry. He is also Chairman of the
Advisory Board of the Niagara Institutional Dialogue, the premier annual forum for interactive dialogue
among senior executives of Canada’s foremost institutional investors. Jeffrey is registered by CIMA as a
director.

8. Bell Rock Group
10 Market Street
758 Camana Bay
Grand Cayman, KY1-9006
Cayman Islands
T: 1 345 325 3884
E: info@bellrockgroup.com
www.bellrockgroup.com
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Bell Rock Group is licensed and regulated by the Cayman Islands Monetary Authority (CIMA), audited by a CIMA approved audit
firm, a member of the Alternative Investment Management Association, the Hedge Fund Association, Cayman Finance and the
Cayman Islands Chamber of Commerce.