Deutsche Bank and National Gallery scholarships
Visual arts scholarships have been awarded to students Simon Tatum, 19, and Lorena Morejon, 18.
Launched as a partnership between Deutsche Bank and the National Gallery in 2008 to support the development of young Caymanian students who wish to pursue a career in the arts, each scholarship is worth a maximum of US$20,000 per year for up to four years. The biennial award is available to Caymanians and students who reside permanently in the Cayman Islands between the ages of 17 and 25.
Janet Hislop, chief country officer of Deutsche Bank (Cayman) Ltd., said, “To be able to support the gallery in nurturing the obvious enthusiasm of both Lorena and Simon is absolutely fantastic. It is clear that not only do they both have a genuine love for their art, but that they also see a place for it in Cayman, and it is a pleasure to support a scheme that can benefit young Caymanian artists who share this sort of passion.”
National Gallery director Natalie Urquhart said the scholarship “is an unparalleled opportunity for creative young people in Cayman wishing to further their education, develop their talents, reach their potential, and in doing, enhance the community in which we live and work. “
Simon has been involved in the National Children’s Festival of the Arts and was employed by the National Gallery as a summer intern in 2013. He is starting his second year at the University of Missouri, majoring in art history and painting.
Two years ago, Lorena won two awards at the Cayman Islands National Cultural Foundation’s Young Image Makers Short Film Competition – the People’s Choice and Overall Winner of the competition – which entitled her to an all-expenses-paid trip to participate in the New York Film Academy summer camp.
She also participated in a short news broadcast contest with two other students and won first place for capturing and presenting a controversial topic.
She will start her first year of studies at Ithaca College in New York, where she is pursuing a degree in film, photography and visual arts.
Appleby wins STEP award
Appleby has won the Society of Trust and Estate Practitioners Private Client Practice award. Appleby global head and Cayman leader of Private Client & Trusts, Carlos de Serpa Pimentel, received the STEP International Legal Team of the Year 2014/15 award at a ceremony in London on Sept. 17.
Appleby was one of five shortlisted nominees in the category. A panel of experts judged the nominations. The chair of the presiding judges, Paul Stibbard, said “Appleby demonstrate the excellent technical skills one would expect of from a trust company associated with a law firm, but they also provide the strong asset management services of a bank. This comprehensive international service makes Appleby a worthy Private Client Award winner.”
Advantage Insurance expands in US
Cayman-headquartered customized insurance solutions provider Advantage Insurance Holdings Ltd. has announced the capitalization of its new subsidiary Advantage Life USA SC.
Domiciled and licensed in South Carolina, Advantage Life USA offers traditional private placement life insurance policies and deferred variable annuities to qualified purchasers.
In anticipation of the growth of ALUSA and its other life insurance businesses, Advantage contributed more than $30 million of new capital to Advantage Life & Annuity Company SPC, the parent company of Advantage Life USA. The new funding provides the required amount of regulatory capital for Advantage Life USA to commence business as well as additional surplus for the benefit of all Advantage life insurance clients.
Advantage CEO Walter Keenan said, “We are very pleased to bring Advantage’s substantial private placement life insurance capabilities directly to the United States market. South Carolina has proven to be the ideal location for ALUSA, thanks to its modern insurance regulation and business-friendly climate.”
Jay Branum, director of Captives for the South Carolina Department of Insurance, added “the recently enacted updates to South Carolina’s captive insurance law have allowed companies like Advantage to expand their business here in South Carolina. We welcome ALUSA to our state and look forward to its future growth and success.”
Honors for Mourant Ozannes
Offshore law firm Mourant Ozannes won the Global Finance Deal of the Year grand prize at the 2014 American Lawyer Global Legal Awards for its role in a major international restructuring and insolvency matter in 2013.
Originally recognized in the category of Global Finance Deal of the Year: Restructuring and Insolvency (Middle East), it was announced at the awards ceremony in New York that the grand prize had been awarded to the multi-disciplinary team of 10 firms responsible for the restructuring of Arcapita Bank.
The matter attracted widespread global media attention when, in March 2012, requiring urgent protection from creditors, Arcapita Bank, a Bahraini corporation and leading Middle Eastern financial institution, simultaneously sought relief according to Chapter 11 of the U.S. Bankruptcy Code, as well as ancillary relief in the Cayman Islands through the appointment of provisional liquidators of Arcapita Investment Holdings Ltd., a principal holding vehicle and a Cayman Islands subsidiary of Arcapita Bank. Mourant Ozannes’s corporate and litigation teams advised Arcapita throughout this process and on its subsequent, complex restructuring, which completed in June 2013.
James Wauchope, partner in Mourant Ozannes’s Cayman Islands Corporate practice said, “The corporate, finance and insolvency advice we were able to provide included a number of unique and noteworthy elements: a corporate restructuring in anticipation of a spin-off and listing of part of the group; three distinct Islamic compliant financings, one of which was the first ever Islamic compliant facility used in a U.S. debtor-in-possession financing and another of which involved a sukuk (an Islamic financial certificate that complies with Sharia law); and finally, a major reorganization of the Arcapita Group pursuant to the plan in the Chapter 11 proceedings, which also involved a sukuk issue.”
The American Lawyer Global Legal Awards recognizes teams that played a substantial role in the most distinguished cross-border work performed between Jan. 1, 2013, and April 14, 2014, across a wide range of disciplines.
RBC Wealth Management named Trust Company of the Year
RBC Wealth Management has been named Trust Company of the Year at the 2014/15 STEP Private Client Awards. RBC Wealth Management was named over four finalists – Appleby, Bedell Trust, Collas Crill Trust and HSBC Private Bank.
“This was perhaps the hardest award category to judge this year, but RBC Wealth Management’s nomination revealed a separation between decision-making and execution of duties, as well as a ‘high risk business committee’ to act as a sounding board for trustees; both of which impressed the presiding judges,” said chair of the judges Paul Stibbard.
“As a global business, the importance RBC Wealth Management place on the impacts of cultural conventions on client needs was also clear and show they are a proactive company looking to do the best possible job for their clients worldwide.”
The event supported the International Senior Lawyers Project for the first time, raising in excess of GBP80,000 for the charity, which offers pro bono assistance by highly experienced lawyers to support the efforts of under-resourced governments, nongovernmental organizations and advocates in developing countries to advance fundamental rights, lift their nations out of poverty and establish the rule of law.
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