In what legal newspaper the Lawyer calls a ‘shock departure’, the two Maples and Calder managing partners in the Cayman Islands, Charles Jennings and Julian Reddyhough, have retired with immediate effect.
Maples and Calder is Cayman’s largest law firm.
Mr. Jennings and Mr. Reddyhough only became managing partners two years ago in 2007, following the retirement of the firm’s former senior partner Anthony Travers.
Their retirement comes in connection with a new global management structure for the law firm, which sees Cayman-based Henry Smith taking over the newly-created role of global managing partner.
Gareth Griffiths will be managing partner of Maples’ Cayman office.
The new management structure, consisting of a Global Management Committee, intends to reflect ‘the increasingly complex nature of the Maples Group’ and will develop its global strategy, the firm said in a press statement.
Maples Group maintains offices in the British Virgin Islands, the Cayman Islands, Dubai, Dublin, Hong Kong, Jersey and London.
In addition to Mr. Smith and Mr. Griffiths, the committee includes David Brooks, who has been appointed chairman of Maples Finance, as well as Christine Chang and Andrew Doyle, who will remain the managing partners in the firm’s Hong Kong and Dublin offices.
As part of the structural changes the firm has added eight new partners, with four partners retiring.
Henry Smith commented on his new role: ‘I am very honoured to have been elected as the firm’s global managing partner,’ he said. ‘We have extremely strong teams throughout all our global offices, both in the law firm and in the fiduciary service and fund administration groups at Maples Finance, and we look forward to building on the platform they have helped create.
We believe this structure is well aligned with our clients’ needs to pursue complex cross-border transactions and to recognise our position as a market leader for hedge and private equity fund formation for managers and investors worldwide,’ he added.
Specifically with regard to the departure of Mr Jennings and Mr. Reddyhough, he stated: ‘We are sorry to say farewell to Charles and Julian who have decided to retire.
‘Everyone at the firm owes them a debt of gratitude for their enormous contribution to the extraordinary growth of the firm during their time here.’
Mr. Jennings stated: ‘I have been part of the management team at Maples and Calder for many years and am proud of what we have achieved.
‘As I am close to retirement age, I feel that this is an appropriate time to step aside. My partners are close personal friends as well as colleagues and I have full confidence in their stewardship of the firm.’
Mr. Jennings is also the president of the Cayman Islands Law Society. It is unknown if he will continue to act in that capacity going forward.