Deutsche Bank strengthens captive services

The Cayman Islands financial services industry has been justifiably proud of its nimble efficiency at adapting to changing market conditions, finding solutions to enhance capabilities and services as they are demanded by the jurisdiction’s corporate and institutional investors. It’s Cayman’s unique selling point and it’s constantly put to the test.

Janet Hislop

Janet Hislop of Institutional & Intermediary Business, Deutsche Bank (Cayman); Mark Hirst, Chief Executive, Deutsche Bank Offshore Group and Jean-Claude Emard, Regional Country Head, Deutsche Bank (Cayman) Limited

According to the experts at Deutsche Bank, Cayman is the fastest growing captive insurance offshore jurisdiction, offers a competitive and dynamic landscape in which to conduct business, as well as the intellectual capacity for banking and investment solutions.

Deutsche Bank’s fully owned subsidiary, Deutsche Bank (Cayman) Limited has been successfully serving its clientele in the Cayman Islands since 1983 and was awarded the Best Private Bank in the Cayman Islands for 2007 by Euromoney magazine.

Against this backdrop the bank recently launched its enhanced captive insurance services to over 50 of the jurisdiction’s industry professionals at a luncheon held at the Wharf restaurant. To assist the professionals at the Cayman branch with the launch, senior bankers from the Deutsche Bank group visited, providing a broad depth of knowledge and experience via specialist presentations and discussions.

Mark Hirst, Chief Executive, Deutsche Bank Offshore Group described the launch as ‘a significant milestone for the company’.

He went on to say, ‘In excess of 90% of the S&P 500 companies own a captive insurance company. Our clients therefore are sophisticated individuals who require a broad range of services. It has been our mission to work closely with captive insurance managers to provide tailored solutions to their needs.’

Janet Hislop, Head of Institutional & Intermediary Business, Deutsche Bank (Cayman) Limited, said that the Bank had recently invested considerable resources into enhancing and expanding its captive insurance solution and now have an offering which enables them to work more closely with captive insurance managers to tailor solutions for their clients.

Jean-Claude Emard, Regional Country Head, Deutsche Bank (Cayman) Limited explained, ‘We have already built a successful franchise in Cayman and are now looking to grow our captive insurance business. All our clients have a dedicated client relationship manager here but the resources to which they are then able to tap into are unlimited as they have a window to the whole of the Deutsche Bank organisation.’

These services include hedge fund management, fixed income and structured notes, among many other services.

Svein Floden, Vice President, Private Wealth Management Geneva, gave a presentation at the luncheon to explain how hedge funds can add value to a captive’s investment portfolio.

He described the benefits of adding hedge funds to a portfolio, which included the provision of absolute returns, the efficient use of risk and diversification benefits. Floden described in detail how hedge funds have protected well during past financial crises.

He described how his Private Wealth Management Hedge Fund Advisory Team was able to provide the ability to leverage extensive Deutsche Bank resources using a systematic approach and open architecture.

Other senior Deutsche Bank personnel who visited Cayman to assist in the launch included Leonardo Reos, Vice President, Structured Products with Deutsche Bank Private Wealth Management, along with Kevin Carey, Managing Director of Fixed Income Management and John Marson, a Director, Private Wealth Management – Lending USA.

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