Business in brief

Forbes Hare launches fund services division in Cayman  

Offshore law firm Forbes Hare has launched a fund fiduciary services arm in the Cayman Islands, led by former Appleby Fund Services head David Boyd. 

The new business, Forbes Hare Fund Services, has secured a Mutual Funds License from the Cayman Islands Monetary Authority to offer fund administration, independent and corporate directors, management and accounting and voluntary liquidation services.  

The new funds services offering will complement Forbes Hare’s existing team of investment funds lawyers based in the Cayman Islands, the British Virgin Islands and London, the firm said.  

The cross-departmental team of investment fund lawyers assists clients with the establishment of offshore investment funds in both the Cayman Islands and the BVI. They also work closely with litigation and insolvency colleagues at Forbes Hare to advise on the legal aspects affecting distressed or insolvent investment funds.  

Peter Goddard, executive director of Forbes Hare Trust Company, said Forbes Hare is expanding its Cayman business rapidly.  

“Since we launched the trust company in 2012, we have seen an increased demand for fund services from our international client base. This was the logical next step. We are delighted to have someone of David Boyd’s caliber and experience on board, and I look forward to working with him to drive the business forward,” he said. 

Mr. Boyd, who will head the new division, has more than 15 years’ experience in the funds industry in the Cayman Islands. Prior to heading Appleby’s fund services group, Mr. Boyd was head of Registrar and Transfer Agency at Maples Fund Services and previously a director of Butterfield Fulcrum (Cayman) Ltd. He is a qualified chartered accountant and holds an accredited director designation. 

Walkers expands with 10 new partners globally 

Offshore law firm Walkers has announced that 10 lawyers across its global network have been promoted to partner. 

The promotions concern the core practice areas of investment funds, finance and corporate, and insolvency and dispute resolution in five international offices. 

They include Dorothy Crumbley, Barnaby Gowrie and James Melen in the Cayman Islands; Oliver Clifton in the BVI; Gayle Bowen, Aaron McGarry and David McGovern in Dublin; Paul Aherne and Tim Haynes in Hong Kong; and Robert Foote in Singapore. 

In addition to the new partners, Walkers has also announced the promotion of five associates across its network to the role of senior counsel, acknowledging their seniority and expertise within their various practice groups. 

They are: Rowena Lawrence, senior counsel in the BVI; Nicholas Pattman, senior counsel in the Cayman Islands; Catherine Fitzsimmons, of counsel, in Dublin; Amelia Hall, counsel in Hong Kong; and Richard Siddle, counsel in Singapore.  

RBC Wealth Management hires senior manager 

RBC Wealth Management, part of Royal Bank of Canada appointed Sue Holmes as a senior manager, Client Administration – Corporate & Institutional, in the Cayman Islands. 

Ms. Holmes is responsible for the oversight of all corporate and institutional administration functions, including company management services, captive administration and fund administration. She joins from Butterfield Bank (Cayman) Ltd, where she managed a portfolio of corporate and institutional relationships, including captive insurance companies, law firms, accounting practices, and fund administrators. 

Maples launches environmental committee 

The Maples Environmental Committee launched its official “Green Day” on May 30, with an environmental presentation by the National Trust and eco-friendly goodie bags containing reusable water bottles for each staff member.  

The following day, the committee coordinated its first beach cleanup at Barkers Beach in West Bay, in partnership with the Cayman Islands Department of Environmental Health and local recycling group JUNK.  

The Maples Environmental Committee’s mandate is to gradually transform the Maples group fully into an environmentally friendly organization. 

In a first step, Maples and Calder followed the lead of Maples FS and removed the majority of plastic and Styrofoam from the firm’s lunchroom and introduced ceramic plates and silverware.  

This comes in addition to a recycling initiative implemented several weeks ago and the removal of most single-use plastic water bottles from the boardrooms, which were replaced with glass water jugs.  

The committee said it has also worked behind the scenes to make other small changes, including switching to LED lights and timer switches. 

Staff members were encouraged to sign the group’s “Go Green! Pledge,” which outlined ways in which individuals can take responsibility for their own carbon footprint, both in their professional and personal lives.  

The Maples Environmental Committee also held a competition, inspiring staff to submit suggestions for the next green initiative, Maples said. Winners Alma Connor and Joan Murphy (MaplesFS) each received a set of three recycling bins for their homes.  

“The Maples group is very supportive of the formation of our internal environmental committee, and we feel that it is our duty as corporate citizens to help raise awareness within our own group and expect that each individual will play a part in the preservation of our environment,” managing partner Paul Lumsden said. “The Maples Environmental Committee has done an incredible job of getting the staff involved in recycling and staging various events to elevate everyone’s understanding of other ways to be environmentally conscious.” 

KirkiSS is Microsoft country partner of the year 

Kirk Information Solutions & Services (KirkiSS) was named the 2014 Microsoft Country Partner of the Year for the Cayman Islands.  

The Microsoft Country Partner of the Year Awards honor partners at the country level that have demonstrated business excellence in delivering Microsoft solutions to multiple customers over the past year. Awards were presented in multiple categories, with winners chosen from a set of more than 2,800 entrants from 117 countries worldwide. KirkiSS was recognized for providing outstanding solutions and services, as well as demonstrating excellent subsidiary engagement in the Cayman Islands.  

This award recognizes KirkiSS as succeeding in effective engagement with its local Microsoft office while showcasing innovation and business impact, driving customer satisfaction and winning new customers. 

“We are pleased to recognize KirkiSS of the Cayman Islands as a Microsoft Country Partner of the Year,” said Phil Sorgen, corporate vice president, Worldwide Partner Group, Microsoft Corp. “KirkiSS has delivered outstanding value to our mutual customers and is an exceptional example of the excellence we see in our brightest Microsoft partners.” 

Appleby advised Cosmo Lady and Jia Yao in Hong Kong listings 

Law firm Appleby has acted as Cayman counsel for Cosmo Lady (China) Holdings and Jia Yao Holdings in relation to their respective listings on the Main Board of the Hong Kong Stock Exchange on June 26 and 27. 

Lingerie company Cosmo Lady will use the majority of the gross proceeds from the global offering of approximately HK$1.56 billion for the expansion of its retail network, as well as establishment of three logistics centers in Dongguan, Tianjin and Chongqing in China. 

Jia Yao, which is engaged in the design, manufacture and sale of paper cigarette packages and, to a lesser extent, social product paper packages in China, raised approximately HK$109.5 million in its global offering.  

Jia Yao will use the majority of the net proceeds for the improvement of existing equipment, procurement and
installation of new equipment and machinery, and the development of the Yichang production base for social product paper packages. The remaining proceeds will be used for enhancement of design and development capabilities, expansion of the sales and marketing network, working capital and other general corporate purposes. 

Maples-Eco-Team

The Maples eco team embrace green initiatives.

Kirk-ISS

KirkiSS staff members celebrate their company being named 2014 Microsoft Partner of the Year.

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