Business in brief

Trusts conference  

Mourant Ozannes’ third International Trusts and Private Client (ITPC) conference on Oct. 4 at The Ritz-Carlton, Grand Cayman, featured a range of trust topics in plenary and break-out sessions and concluded with a role play and mock court application.  

Morven McMillan, conference co-chair and head of ITPC for Mourant Ozannes’ Cayman office, shared the stage with Sara Collins of the Cayman Islands’ Human Rights Committee to deliver the keynote speech on private client privacy. 

McMillan also thanked co-chair Shân Warnock-Smith. 

New listing agent on CSX  

Carey Olsen has become a listing agent of the Cayman Islands Stock Exchange. The CSX rules require a recognized listing agent to sponsor all primary equity listings and investment fund listings. For debt listings and certain other categories of instrument no listing agent needs to be appointed. 

The move complements Carey Olsen’s activity as a listing agent for debt and equity on the Channel Islands Stock Exchange.  

Jason Allison, managing partner of the Cayman Islands office, said: “We had planned to apply to become a listing agent of the CSX later this year, but client demand motivated us to bring the application forward.”  

Equity listings appear to be on the increase due in part to the introduction last year of new rules that make it easier for “specialist companies” to obtain a listing.  

Athena team expands  

Independent directorship services provider in the Cayman Islands, Athena, has expanded its team and its geographic reach to include New York. Daniel Strachman, a financial services expert with more than 17 years of Wall Street experience, has joined Athena to provide corporate governance services to the alternative investment fund industry. 

Strachman has worked with both traditional and alternative investment funds in product development, marketing, institutional brokerage and investment management at firms including Cantor Fitzgerald, Morgan Stanley and The Orbitex Group of Funds.  

FATCA agreements   

The Cayman Islands government expects to announce the time frame for the signing of intergovernmental agreements (IGA) with the U.S. and the U.K. on FATCA in the near future. 

To indicate their intention to sign the agreement, both Cayman and the U.S. initialed an IGA on Aug. 13. Cayman’s discussions with the U.K. on FATCA also are progressing toward the signing of an IGA.  

The Ministry of Financial Services emphasizes that as a government agency, it cannot provide legal advice to foreign financial institutions or individuals regarding FATCA.  

Institutions and individuals may wish to seek legal advice from qualified tax attorneys.  

Articled clerks join Ogier  

Cline Glidden Jr. and Nicosia Lawson have joined Ogier as articled clerks. 

Glidden served as a Member of the Legislative Assembly from 2000 to 2013, and was most recently as Minister of Tourism and Development. He completed his Professional Practice Certificate (Commendation) in 2011 from the Cayman Islands Law School and holds a Bachelor of Laws degree from the University of Liverpool.  

Ms Lawson completed her post-graduate diploma in legal practice in 2012 at BPP University College, Holborn in the U.K. She also holds a graduate diploma in law from BPP University College, Waterloo, U.K., as well as two bachelor’s degrees in social sciences from the University of Ottawa, Canada.  

Ogier Cayman also announced the recruitment of associate Desiree Jacob in its Investment Funds practice. All appointments were effective in September. 

Jacob joins Ogier after two years as an associate at Appleby. She has several years’ experience in the investment funds industry, including with UBS, Deloitte, Citco, RBC and Fortis. She also served for two years as a senior analyst in the Investment Funds Division of the Cayman Islands Monetary Authority.  

MVC Capital invests in Advantage Insurance  

MVC Capital, Inc., a publicly traded business development company that makes private debt and equity investments, has invested $7.5 million in Advantage Insurance Holdings Ltd., a provider of specialty insurance, reinsurance and related services. Advantage management and other investors participated in the financing alongside MVC. 

MVC’s investment in newly issued convertible preferred shares provides Advantage with the capital needed to grow its core insurance businesses and pay down short-term debt. The terms of the convertible preferred include an 8 percent liquidation preference compounded annually in addition to full participation in any equity appreciation of Advantage.  

MVC also holds certain ongoing liquidity rights, as well as an option to purchase additional shares. The annual liquidity rights, which are subject to certain conditions, begin in 2014. 

Advantage is an international insurance holding company headquartered in the Cayman Islands.