Karen Ellerbe, Diane Scott and Cleveland Stewart have been promoted to vice presidents after two years in Maples Finance Limited’s Associate Programme.
MFL introduced the Associate Programme just over two years ago as a development opportunity for Caymanians. The programme, which features practical experience, technical training and in-house secondments, provides the necessary experience in structured finance and associated career opportunities within MFL, states a press release.
Given the level of expertise required for structure finance transactions, it is critical that all professional staff at the vice president level possess a minimum of two years structured finance and/or capital markets experience in addition to holding suitable academic and professional qualifications.
Traditionally, this specialized experience is gained from relevant positions within major financial institutions in leading business centres, such as New York and London. But in response to the continuing market growth and increasingly competitive employment environment, MFL developed their programme to provide on-island growth opportunities.
Where possible, MFL has recruited suitably qualified Caymanian individuals. However, the combination of rapid growth and a general lack of opportunity to gain the relevant specialized experience has led to difficulties in recruiting Caymanians into structured finance, particularly at the vice president level. “This programme specifically responds to these challenges,’ said Maxine Rawlins, CEO of MFL.
‘The Associate Programme has allowed me to gain invaluable experience through secondments to other business lines within the Maples Group, integrated with mentors who have really taken the time to share their industry knowledge and experience,’ said Karen. Dianne also agreed and further commented ‘I applaud the Maples Group for creating such a dynamic training programme that allows aspiring Caymanians the opportunity to enter this specialized industry, proving that such a programme can work with the right mixture of mentors and candidates.’ Cleveland went on to express that not many training programmes in the structured finance field are available locally, so he also credits the Maples Group for giving each of them the opportunity to train at home.
Since introducing the associates training programme, the company has continued to attract additional candidates; Daniel Rewalt will finish his training in mid-2007 and training of MFL’s newest Associate Christopher Bryan recently began.
Who they are
Maples Finance is wholly owned by Maples and Calder, the world’s leading offshore law firm. The Maples’ group of companies provides clients with a multi jurisdictional legal and specialised management service capability from offices in the Cayman Islands, Dublin, Jersey and the British Virgin Islands. The law firm also has offices in London, Dubai and Hong Kong.