Business in brief

RBC Wealth Management

RBC Wealth Management’s Caribbean business has been recognised as the “Caribbean Private Bank of the Year” at the Citywealth International Financial Centre Awards, held in London.

RBC Wealth Management also was runner-up in the “Caribbean Trust Company of the Year” and “Offshore Trust Company of the Year (British Crown Dependencies)” categories.

The awards seek to highlight the excellence of professionals in the wealth sector in the Caribbean, Channel Islands and Switzerland. Clients, advisers and peers of all shortlisted firms were invited to vote for the firms they believed should win, and a panel of international practitioners from the industry judged the awards.

Deanna Price, head of RBC Wealth Management – Caribbean, said: “This award is recognition of the quality of our integrated wealth offering, and the professionalism of our teams across Bahamas, Barbados and the Cayman Islands. We continue to build our presence in the region and it is gratifying to see our hard work and success acknowledged by our peers.”

Tower Marketing

Marketing and communications agency Tower Marketing reaffirmed its support and sponsorship of the 4th annual Off The Beaten Track off-road race.

The relay and ultra-marathon kicks off from Smith Cove in South Sound on Sunday, 24 February and is expected to attract a large base of local runners.

Lynne Byles, managing director of Tower Marketing, said, “Tower is proud to have been a major sponsor of this charitable trail run since its inception. This unique event gives us a sense of pride and achievement and reflects our firm’s strong belief in giving back to the community.”

Ms Byles continued, reminding all running enthusiasts, both new and experienced, that Off The Beaten Track is not strictly for marathoners.

“While the premise of the run gives competitors an opportunity to participate in something different and travel across some real diverse parts of the island, it also encourages participation from all levels – accepting both relay teams and individual registrants.”

As with previous years, partial proceeds will support Facing Africa, an organisation that sends teams of surgeons and medical supplies to Sub-Saharan Africa to battle a devastating disease called Noma, which causes deformities of the face in predominantly young malnourished children. Local community-based foundation Cayman’s ARK and the National Council of Voluntary Organisations will also benefit from money raised.

Chamber Pension Plan

The Chamber Pension Plan has launched a new website designed to enhance communications between the Chamber Pension Plan and its members and employers.

Bill Fleury, chief operating officer and general manager, sees this as one of several important improvements the Chamber Pension Plan board has made in recent months.

“In 2012, Lynn Roffey, chairperson of the plan’s board oversaw the appointment of three new trustees, Geoff Ruddick, Rory Mohammed and Greg Bennett, all of whom are highly qualified professionals in the accounting field,” he said. “The Chamber Pension Plan has thrived under this new management and under their guidance there has been set in place a solid foundation from which we see the plan looking forward to future growth and success.”

Mr. Fleury said as a result of market research conducted last year, which covered a broad spectrum of members as well as human resources managers and business owners, the trustees were able to appreciate to a far greater extent the specific type of information members needed on a regular basis. The new website was therefore developed around those needs.

“We have made it a priority to ensure that the website content is up-to-date and information is interactive, with editable PDF forms for members and employers to easily download,” he confirms. “In addition, members and employers will have a log-in area where they can view their statements, and so on. These were all highlighted as important areas to be addressed through the results of our market research and we are very pleased we are now able to offer such services for our members.”

Mourant Ozannes

Offshore law firm Mourant Ozannes has made a number of promotions in its Cayman Islands office.

Nicholas Fox, who is on secondment to the firm’s Hong Kong office, became a managing associate on 1 January. Mr. Fox has extensive experience in the fields of insolvency and financial services litigation, both in Cayman, where he is admitted as an attorney-at-law, and the British Virgin Islands, where he is admitted as a barrister. Prior to his secondment, he worked on several of the largest insolvency and restructuring cases that are ongoing in the Cayman Islands.

Catherine Green, who will become a senior associate, has experience in a wide range of commercial litigation matters, including fraud, insolvency, contractual and regulatory matters. Ms Green joined the firm last year after starting her legal career at New Zealand law firm Russell McVeagh and gaining further experience in London with Field Fisher Waterhouse LLP.

Also promoted to senior associate, Lucy Diggle, who is a member of Mourant Ozannes’ International Trusts and Private Client Group, specialises in both contentious and non-contentious trusts work. Ms Diggle joined Mourant Ozannes in 2011 after qualifying with Cripps Harries Hall LLP in 2005 and working at Speechly Bircham LLP and leading London private client firm Charles Russell LLP, where her practice focused on complex multi-jurisdictional trusts and estate litigation.

Mourant Ozannes Cayman Managing Partner Neal Lomax said: “We are continuing to invest in our Cayman Islands office and I’m delighted to announce these senior appointments. Not only are they well deserved but they continue to show the strength and calibre of individuals at Mourant Ozannes.”

CIBC FirstCaribbean

CIBC FirstCaribbean recently handed over US$3,951 to the Cayman Islands Cancer Society, representing one of the bank’s annual contributions to the fight against cancer in Cayman.

The donation was part of the company’s “Walk for the Cure” event, which took place in the latter part of last year. Organised by CIBC FirstCaribbean as an exclusive activity for staff and their friends and family, about 100 walkers and runners completed a 5 kilometre along with their CIBC FirstCaribbean counterparts in 17 other markets who took to the streets on the same day. Registration was free but participants were asked to make donations, which were then matched by the bank.

“This was CIBC FCIB’s first year organising the ‘Walk for the Cure’ and it was a success in our estimation,” said Mark McIntyre, managing director of CIBC FirstCaribbean Cayman. “Our employees and their family and friends had a wonderful experience, and we are excited about opening the event up to the Cayman public in 2013. In addition, we are delighted to be able to assist the Cancer Society in its valiant efforts to increase awareness of the disease; raise funds for cancer care, treatment and research; show support for cancer survivors and their loved ones; and remember those who have passed.”

Mr. McIntyre said the CIBC FirstCaribbean Walk for the Cure is expected to become an annual event with the second walk already being planned for later this year.

CFA Society

To assist prospective financial analysts, all of the most recent essential materials and resources needed to prepare for the Chartered Financial Analyst exam, can now be found at the George Town Public Library.

On Thursday, 17 January, the CFA Society of the Cayman Islands donated a course syllabus to the George Town Public Library. The syllabus spans all three levels of the study programme and is available for public access. Each year, the CFA Society provides an updated copy to assist candidates wi
th their exam preparations.

Rolston Anglin, minister for Education, Financial Services and Employment, thanked the society for its donation. “Taking on a career in the financial field is challenging; as is accessing current materials while preparing for designation exams. For all persons who are interested in, or already employed in, the financial sector I encourage you all to visit the George Town Library and examine the materials to see if the CFA designation is something that you would be interested in pursuing,” Mr. Anglin said.

Monique Frederick, director of the CFA Society of the Cayman Islands, added: “The CFA charter has become one of the most respected professional qualifications worldwide. While the programme is challenging, earning the designation does provide you with a competitive advantage.”


Scotiabank has signed on as the gold sponsor of the 5th annual Barcadere Classic. The tournament is the first on the Cayman Islands Angling Club’s roster for the year and has become the signature start of the fishing calendar. Participants in the sport fishing event are experienced local anglers from Cayman Islands and other fishing enthusiasts from across the world looking to make heavyweight catches of wahoo, dolphin and tuna.

The event will be held on 9 and 10 February in collaboration with the Cayman Islands Angling Club and The Guy Harvey Ocean Foundation. According to the Cayman Islands Angling Club, an increasing number of large sport fishers stop off in Cayman as they travel the region.

“When those large boats stop in, they’re going to buy fuel, they’re going to buy food in the restaurants, and they’re going to rent a car. They’re more than likely going to use some of the accommodations here because they are not going to be staying on the boat, they’ve been on it at sea for a week or two so they’re ready to get off, so it will provide an injection of capital into the economy,” said Frank Thompson, President of the Cayman Islands Angling Club.

The Barcadere Marina which has been a Scotiabank financed project currently hosts all of the angling events on island and majority of Grand Cayman’s fishing tournaments.

“Having partnered with The Barcadere as its bankers to develop what has become a world class Marina Facility, we are especially pleased to once again support by way of sponsorship, for the Annual Barcadere Classic Fishing Tournament. Sport Fishing through the various tournaments has been attracting avid anglers and their families to the Cayman Islands in support of our island’s tourism product, and Scotiabank is very pleased to be able to play a role in helping to stimulate local earnings,” the bank said in a statement.

The event will be accepting registrants on Thursday, 7 February at the George Town Yacht Club. The top prizes for the tournament are given to the heaviest catches of wahoo.

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