Business in brief

Sackville Bank opens doors 

Sackville Bank, a private boutique bank and trust company, is the latest addition to Cayman’s financial services industry. The bank is a provider of fiduciary, trust, corporate and custodial services, with a focus on tailor-made service for affluent and successful families.  

Sackville also offers investment management solutions. 

Delivering a personalized, custom-made service is what sets Sackville Bank apart from its competitors, says Andrew Needham, Sackville Bank’s deputy managing director. 

“Being boutique yet financially strong means we can be flexible and responsive, which enables us to take a far more personal approach with our clients and without the bureaucratic framework associated with large institutions.”

Appleby offers offshore legal advice in China

Offshore law and fiduciary firm Appleby has been awarded a license to practice offshore law from Shanghai. 

Appleby said it is the first offshore law firm licensed to provide offshore legal advice in mainland China, where it has had a Shanghai base since 2012.  

Until now, the firm had delivered only fiduciary services from Shanghai. The formal announcement of a legal practice certificate opens up significant opportunities in China for Appleby, said Chairman Frances Woo. “Being awarded a license to offer clients based in China offshore legal advice from our Shanghai office is a key milestone in our strategic plan.  

“China is of course a thriving market and one that we understand deeply since we have been advising clients on their Chinese inbound and outbound transactions from Hong Kong for almost 25 years. Being able to practice from within China will catapult our strategy for Asia and China forward, and we are very excited about this prospect,” she said. 

Partner Malcolm Moller will lead the development of Appleby’s offering in China, supported in Shanghai by Associate Kate Li and Fiduciary Head of Business Development in China Scott Reid, as well as the firm’s Greater China team, which includes more than 15 partners and fee-earners based in Hong Kong.

CIFEC students gain experience at Intertrust

During the 2013-2014 school year, Intertrust Corporate Services welcomed eight students from the Cayman Islands Further Education Centre to join their team in various roles as a part of the school’s work experience program.  

“It has been a pleasure working with CIFEC’s bright, young talent over the course of their work experience. All of the students were keen to learn and gave the assignments 100 percent effort,” said Ahisha Bodden, HR director, Americas. “We will certainly continue our partnership with CIFEC in the coming years as it provides these young people with a unique opportunity to gain valuable work experience.”  

CIFEC encourages the collaboration of students, their families, employers and the community as a means to cultivate attending students academically and better prepare them for the workforce.  

Student Shamar Hydes, who assisted in the company’s Operations Department, said he learned how important it is to be flexible and that the experience he gained at Intertrust would help him “handle situations as they arise by identifying the key issues and working out a solution.” 

Other students assisted in such departments as Corporate Services, HR, IT, and Liquidations and Finance. Deshawn Seymour, who helped out in Corporate Services, added that through his time at Intertrust he feels “more confident working in a team” and “like a better leader.” 

Briggs joins Travers Thorp Alberga in Hong Kong

Travers Thorp Alberga has announced that Jos Briggs has joined the firm as a partner in the Hong Kong office. He is a corporate and funds lawyer and previously practiced with Freshfields, Maples and Calder and Clifford Chance in London, New York, Singapore and Hong Kong.

Saxon recognized for technology innovation

Local insurance company Saxon has been recognized by Celent, an international research and advisory firm that helps financial institutions to develop business and technology strategies, for its efforts to transform the auto insurance market in the Cayman Islands through technology. 

Saxon’s technology initiatives have been profiled in Celent’s report, “Model Insurer 2014: Case Studies of Effective Technology Use in Insurance.” In addition, Saxon received the company’s Model Insurer award as an honoree in the category, Legacy and Eco-System Transformation. 

Seventy-four insurers from 14 countries participated in the awards event, held recently at the Sheraton New York Hotel. Saxon was the sole representative for the Cayman Islands. 

Saxon’s inclusion’s in Celent’s case studies and subsequent report originated with a nomination by Accenture, whose Duck Creek software is the platform on which Saxon provides underwriting and customer service support to the local insurance market. 

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Emilita Clifford, Intertrust HR manager, and Ahisha Bodden, Intertrust HR director, Americas, with Cayman Islands Further Education Centre students Jose Vazquez, Christy Brown, Deshawn Seymour, Shamar Hydes, Jamie Montero, Jevin Ebanks and Rah’shawn Gardner.

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