Cayman business in brief

Department of Commerce and Investment  

The Department of Commerce and Investment advises all companies and individuals that they must have a valid trade and business licence to carry on business in the Cayman Islands.  

The department reminded businesses that under Section 26 of the Trade and Business License Law (2007 Revision) it is an offence to make false or inaccurate representations to the board, carry on business without a licence required under the law and to carry on business in contravention of conditions or restrictions to an obtained licence. 

If convicted these offences carry a maximum fine of $5,000 or imprisonment for 12 months. 

The Trade and Business Licensing Unit will be carrying out inspections of business properties to ensure they are in compliance with the law, the department said in a press release. 



Corporate governance services firm Highwater, which provides independent director services, has expanded with a New York-based principal. Matt Auriemma, who will be based in New York, joins as a principal of HighWater, providing independent director services to investment funds, mostly hedge funds and other alternative investment vehicles.  

“HighWater has an impeccable reputation for corporate governance in the industry and an impressive client portfolio including many of the world’s top alternative investment managers,” Mr. Auriemma said. “My experience complements that of the team and I am looking forward to contributing to the future growth of this impressive firm”. 

Mr. Auriemma has extensive experience in the industry, most recently in the role of senior managing director and global head of Operational Risk Management at UBP Asset Management. He was a member of the Manager Selection Committee where he had veto rights over all alternative investment allocations. Before joining UBP in 2009 to restructure the operational risk process, Mr. Auriemma developed the hedge fund operational risk platforms for Barclays Wealth, Barclays Global Investors and Bank Julius Baer. 

Gary Linford, managing director and founder of HighWater, said New York continues to be a major hub for Cayman Islands hedge funds. “Being close to our markets is a key component of our business model,” he explained. “We are increasingly being asked to consider appointment to long-established multibillion dollar New York investment managers who operate the typical partnership structure where the general partner to the master fund is the investment manager and investors are not afforded any independent director oversight. Matt’s blue chip experience in corporate governance makes him the ideal person to represent HighWater in New York and win appointment to such structures. We are delighted to have him on board”. 


Maples and Calder   

Maples and Calder has appointed Karie Bergstrom as chief operating officer for the Cayman Islands office. She will be responsible for coordinating the local support teams to ensure global firm initiatives are consistently implemented in the Cayman office to the high standards of the firm. 

Prior to joining Maples and Calder, Ms Bergstrom served eight years in a dual role as director of consulting and human resources with Deloitte, in the Cayman Islands.  

Her previous experience has encompassed advising clients from various industries on a broad range of business and human capital issues. Over the past twenty five years her experience has covered tourism, public sector, financial services and manufacturing in the Caribbean and the United States. “I am very excited to join an esteemed firm like Maples and Calder,” Ms Bergstrom said. “I look forward to supporting the partnership in achieving the overall strategy for the firm.” 

In addition to her corporate accomplishments, Karie has also been very active in her community service commitments, serving on a number of boards. She is a member of the Gender Equality Tribunal and the Legal Review Team to Appeal the Strata Laws of the Cayman Islands.  

“We are delighted to have Karie join us as our new COO,” said Paul Lumsden, managing partner of the firm’s Cayman Islands office. “She brings much experience and knowledge to the table and it will be a pleasure to work with her as we continue to improve our internal functions and protocols.”



Hurley’s Supermarket   

Hurley’s Supermarket was named Grocery Retailer of the Year in the Caribbean by Associated Grocers. The member owned co-op that serves stores in the United States, Latin America and the Caribbean, considered factors such as merchandising, financial performance and continuous improvement in store operations. It is the only award of its type voted for by senior executives from the co-op itself. 

Jose Capellades, Associated Grocers’ VP of export sales presented the award to Hurley’s store managers at a gathering of more than 1,000 grocers from throughout the region in Miami. “Hurley’s is very well merchandised and maintained. They are always striving for improvement. This award is recognition for a job well done,” Mr. Capellades said.  

In the past year, Hurley’s has undertaken a number of new initiatives to improve their customer’s shopping experience. The store has redesigned their biweekly ad, increasing the number of sale items by 40 per cent. The meat department has begun in-house fat analysis of all ground beef products and is including fat content on all its labelling.  

Hurley’s produce department is offering an expanded assortment of cut fruits and bulk foods. The store’s Gourmet Deli has expanded its offerings with themed Asian, Spanish and Indian dinner nights every week. Also in the past year, the store has introduced on-line ordering, a 30-minute meals recipe programme, and an improved Advantage Card customer loyalty programme. 

Randy Merren, Hurley’s managing director, was delighted by the award. “This is a validation of the hard work and dedication of our staff to provide a world class shopping experience. We are continually striving to make Hurley’s the best grocery shopping experience in Cayman. We are truly proud to be recognised as the best in the Caribbean.” 


Cayman Islands Stock Exchange 

The Cayman Islands Stock Exchange signed an agreement with Deutsche Boerse to use its XETRA trading platform, which will go live at the CSX in early 2013. XETRA technology is already in use at several exchanges including the Frankfurt, Irish and Shanghai stock exchanges and Eurex AG. Approximately 400 banks and brokerage firms in 20 countries connect to Deutsche Boerse’s XETRA Network. 

The CSX intends to use the platform to develop its secondary trading market for equities, debt and other securities. The development follows the recent publication of new CSX listing rules targeting early stage growth companies (start-ups) and mineral companies.  

Valia Theodoraki, CEO of the CSX said that “The new trading platform is complimentary to and enhances our current range of services and connects us to a well-established global network. We are confident that our ability to list and trade a wide range of securities will prove attractive to users looking for a well recognised, adaptable and highly efficient system.” 

Chairman of the CSX Anthony Travers added, “We have looked hard at alternatives and are convinced that establishing this business relationship in the context of a fully transparent, tax free offshore financial centre with unrestricted capital movement will prove highly beneficial to investors.”  


Baptist Health   

Baptist Health South Florida hospitals have earned 30 “Best National/Best Regional Hospital” badges in the recently released US News & World Report 2012-2013 Best Hospital Rankings. Honours include two national awards and 28 regional awards in 11 medical specialities. 

South Miami Hospital laid claim to the No. 1 spot – Best Regional Hospital in the Miami-Fort Lauderdale metropolitan area, as well as the number four position in Florida. All four of Baptist Health’s hospitals eligible for the rankings – South Miami Hospital, Baptist Hospital, Doctors Hospital and Homestead Hospital – placed among the Top 10 in South Florida and among the Top 20 in the state. 

South Miami Hospital also achieved national honours for its specialty programmes in geriatrics and orthopaedics – marking Baptist Health’s first time to achieve national recognition in the US News study.  

Baptist Hospital was recognised as a “high-performing hospital” in 10 specialities. Doctors Hospital was honoured in six specialities and Homestead Hospital in three specialities. 

“These accomplishments cement Baptist Health’s position as the premier healthcare provider in the region, as well as a contender at the national level,” said Brian E. Keeley, president and chief executive officer of Baptist Health South Florida. “Our hospitals earned these rankings because of our physicians, employees, volunteers and Board members – all of whom are wholly dedicated to providing patients the highest quality of care.” 

The US News 2012-2013 Best Hospital Rankings, now in their 23rd year, feature data on nearly 5,000 hospitals across the country. 

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