Business in brief

Admiral Administration

Fund administrator Maitland has acquired Admiral Administration. The combined group will have total assets of US$145 billion under administration, 700 employees and 15 offices across 13 countries including: BVI, Cayman, Canada, Ireland, Switzerland, Isle of Man, London, Luxembourg, Malta, Mauritius, Monaco, South Africa and the United States.

Maitland CEO Steve Georgala said, “Admiral is a premier specialist provider of hedge fund administration services and represents a strong franchise with industry leading technology. The deal offers strategically attractive and financially compelling synergies.”

“Admiral’s hedge fund services expertise and award winning technology will enhance Maitland’s fund services capabilities. We are well positioned to expand our traditional administration services into the jurisdictions where Admiral has a presence.”

Admiral has offices in the Cayman Islands, Dublin, Halifax and Richmond, Virginia.

The acquisition of Admiral supports Maitland’s strategy of targeted growth and expanded global reach in the fund administration industry.

Canover Watson, managing director of Admiral, who will remain the global head of hedge fund administration for the group, said: “The merger of platforms will result in a powerful combination of Maitland’s global institutional presence and resources, and Admiral’s world-class industry leading technology and extensive hedge fund expertise. We aim to be a global leader with the institutional infrastructure, size and resources to assist our clients, whatever their size, location or investment strategy, to meet the increasingly complex requirements o their investors and regulators.”

WestStar TV

WestStar TV is supporting the Future of Cayman Forum, scheduled to take place at The Ritz-Carlton, Grand Cayman on 23 November, as a Cocktail Sponsor. In addition, recently appointed CEO Bob Taylor will be speaking as part of a special panel focused on communications and data infrastructure.

“At WestStar TV we are committed to building a first-class telecommunications network for the Cayman Islands, so it is my pleasure to contribute to this important dialogue,” he said. “Whether improving 
Cayman’s roads, upgrading its telecommunications systems, or overhauling and enhancing our ports of entry, improving infrastructure has been highlighted as a vital element for sustainable growth moving forward, and we are working hard to fulfil our objectives.”

Mr. Taylor said supporting public and private efforts to continuously improve wired and wireless communications networks to match or exceed the highest global standards for speed and reliability has been an action item drawn up to make the objective happen that speaks directly to his organisation.

“Helping the initiative move this specific driver along is specifically aligned to our business model and one that we therefore endorse wholeheartedly,” he said.

Barry Bodden, managing director of Island Paving, and Tristan Hydes, deputy permanent secretary with the Ministry of District Administration, Works, Lands & Agriculture, are co-chairmen on the Build a Smarter Infrastructure Future of Cayman driver group. Mr. Hydes agreed that enabling this particular driver was an essential element in ensuring Cayman’s growth and development.

“I am delighted that the Future of Cayman initiative has brought together the public and private sector in such a strong partnership, and I am confident we will enjoy valuable discussion at the Forum to move this action plan forward,” Mr. Bodden said.

At the forum, Mr. Taylor joins fellow panel speakers Chris Hayman, chief executive officer, Digicel; Anthony Ritch, general manager, LIME; David Archbold, managing director, Information and Communications Technology Authority, and Malcolm Ellis, general manager, Delphi Ltd.

The public-private sector Future of Cayman initiative started with the first forum in 2010, where business leaders and top government officials created a five-point, multi-faceted strategic focus for the economic development of the Cayman Islands.

The initiative pinpointed five “drivers”, indispensable components of Cayman’s ongoing success. They proposed a public-private partnership to: develop talent, create a business-friendly climate, diversify the economy, enhance the quality of life and build a smarter infrastructure

The upcoming 2012 forum will have a different format to the 2010 event being open to a wider group of participants and focusing on just two of the identified five drivers – develop talent and build a smarter infrastructure. As well as an in-depth analysis of the two drivers, the forum will open with incoming Chamber of Commerce President Chris Duggan, as well as Cayman Islands Deputy Governor Franz Manderson. Cayman Islands Premier McKeeva Bush will deliver the closing address.

FirstCaribbean

BVI private client practitioner Hélène Anne Lewis TEP has been named new chair of the Society of Trust and Estate Practitioners, the leading international body for practitioners in estate planning. She is the first member from the Caribbean region to be elected to this most senior position.

Ms Lewis has practised law in the BVI since 1990 and founded Tortola-based SimonetteLewis in 2007. She became a STEP member in 2000 and served as chairwoman of the Society’s BVI Branch from 2003 to 2011. She has been a member of the STEP Caribbean Conference Steering Committee since 2001 and Regional Representative for Caribbean and Latin America since 2008. Ms Lewis received the George Tasker Founder’s Award for Outstanding Service to the Society in 2008.

After serving on STEP’s Council since 2010, she was elected to the board of directors in July. As STEP chairwoman, she will preside over the board and council, providing collegiate leadership working with officers and other board members. She will be a senior ambassador for the Society and her responsibilities take effect from 1 December for a year.

“I am honoured to have been elected by my peers to serve in this capacity. As STEP extends its reach to embrace membership from new and emerging markets, I look forward to promoting the society throughout the trust and estates world. I am particularly excited to be serving as chair just as STEP is developing innovative educational programmes,” Ms Lewis said.

Hélène succeeds UK-based Chairman Michael Young, who offered his best wishes, saying: “I would like to take this opportunity to extend my congratulations to Hélène on her election as chair of STEP. I know that Hélène will bring energy and good judgment to the role, and I wish her every success. But most of all I hope she will find her new role both fulfilling and enjoyable. It is a unique opportunity to serve our Society and one I am sure she will regard as a highlight of her career.”

STEP has more than 17,800 members worldwide; 1,480 members are in the Caribbean and Latin America.

Maples FS

MaplesFS Limited made a donation to the Junior Achievement of the Cayman Islands, totalling $1,000, which matched last year’s contribution.

“The Junior Achievement programme plays a vital role in our community and we are pleased to continue our support,” said Scott Somerville, chief executive officer of MaplesFS. “We are proud to be a part of helping to inspire and prepare young people for the workforce through entrepreneurial and financial education.”

Accepting the donation on behalf of the Junior Achievement of the Cayman Islands, Programme Director Teresa Owen-Foster commented, “I am delighted that MaplesFS has contributed to our programme again this year. It is through the generosity of our supporters that we are able to empower students to own their economic success and we look forward to their continued commitment and support for years to come.”

The staff of MaplesFS will also be participating in the Junior Achievement Company Programme, alongside colleagues at Maples and Calder. This practical business series meets the after-school curriculum needs of a diverse group of students by providing engaging, academically challenging and experiential learning sessions in business, economics and free enterprise.

Companies and individuals interested in learning more about the Junior Achievement of the Cayman Islands and its programmes may contact Teresa at [email protected]

Ogier

Ogier Cayman was ranked top among competitors for a second straight year by United States fund managers participating in the 2012 Hedge Funds Review Service Provider Rankings.

The recognition also marks the third time in 2012 that the hedge fund industry has recognised Ogier as best in class.

“We greatly value the relationships we have with the funds industry, which we’ve earned by being a strategic partner to our clients’ success,” said Giorgio Subiotto, partner, Ogier Cayman and head of the firm’s global investment funds practice. “Being ranked for the third time this year by the industry as the number one legal services provider is particularly significant because of the premium we place on service excellence,” he said, referring to Ogier’s two other ‘Best Offshore Law Firm’ honours this year under the Hedgeweek and HFM Week European Awards programmes.

The 2012 Hedge Funds Review Service Provider Rankings reflect the opinions of more than 1,000 industry participants including single manager funds, funds of hedge funds and investors into funds from around the globe, providing views on a variety of service providers servicing the operational and technical side of the hedge fund industry.

In addition to its award-winning investment funds practice, Ogier Cayman has secured a total of eight awards in 2012 across various services lines of the firm.

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