Cayman-based director services
company DirectorsPlus Ltd, the Cayman part of DMTC Group has been renamed
Gary Linford, who co-founded DMTC
Group in early 2007 with Bill Jones in Luxembourg and Nigel Stead in Singapore,
explained the rationale behind the move.
Under the original DMTC Group
model, each office was owned and operated independently but promoted under the
common DMTC Group branding. “We intended to build a global offshore fiduciary
services company, offering services to investment funds and managers from
offices in all of the major offshore fund centres,” he said.
In addition to the provision of
director services, each office over time developed services in response to
local demand. “Luxembourg found a market in UCITS, Singapore developed an
offering in back office and operational services for Japanese investment
advisers and Cayman established offices of substance for investment managers,”
Mr. Linford said.
However, it became increasingly
difficult, he added, “to see how the initial vision of a global director
services business was going to match my rhetoric of a niche offering that had
at its core, limited directorships for a select group of clients that had
Cayman as its main domicile”.
Since 2007 DMTC Cayman has achieved
steady organic growth by following a strategy of diversification by client,
originating jurisdiction of the business and investment strategy. At the same
time the company limited the number of directorships taken on by each principal.
The growth was reflected in the introduction of two new partners in the Cayman
Islands – John Lewis in July 2008 and Winston Connolly in June 2010.
“A decision was taken very recently
to no longer operate under the common branding of DMTC Group but rather to
reinforce our separate identity and ownership from the offices in Luxembourg
and Singapore,” Mr. Linford noted. “We still have a fantastic working
relationship with Bill and Nigel and remain on several joint boards with both
gentlemen, but the three Cayman partners have decided to focus primarily on the
Cayman funds industry and will do so under the HighWater brand.”
Mr. Lewis added, “The message we
are hearing across our key markets is that the alternative investment industry
remains strong but with an increasing need for credible corporate governance.
“With a quality team of principals
and staff and in a capacity-constrained business that allows us to selectively
pick our new clients; we have little fear that we will have spare time on our
The company chose HighWater as the
new brand name as it is a positive industry term that denotes the highest peak
of performance a fund has reached.
“We are continually raising our own
high water marks when it comes to fiduciary standards, building a portfolio of
clients, retaining the team that services our clients and working with service
providers in key fund jurisdictions,” said Winston Connolly, HighWater’s newest