Cayman Finance has appointed Jude Scott, a former audit partner with Ernst & Young, as chief executive officer. Mr. Scott succeeds Gonzalo Jalles, who stepped down in November as CEO of the association that represents Cayman’s financial services. He now works with Harneys Services in Cayman.
Cayman Finance Chairman Ian Wight said the organization is fortunate to have Mr. Scott take up the position and help guide its strategic development over the coming years.
“Jude is well respected in the local community and internationally, having served on various Cayman Islands government and private sector committees, including the Cayman Islands Society of Professional Accountants, the Cayman Islands Financial Services Council, the Education Council, the Insolvency Rules Committee and the Stock Exchange.”
Mr. Scott retired in 2008 as Ernst & Young audit partner, where he specialized in the audits of investment funds, banks and insurance companies. As the global chief executive officer of Maples and Calder, he subsequently took an active role in the strategic growth and development of the international law firm. Mr. Scott also served as chairman of the board of Cayman Airways and on the Ministerial Council for Tourism and Development.
In the past 12 months, Cayman Finance’s membership grew by 34 percent. The organization now represents 57 percent of all accountants and 55 percent of all lawyers in the Cayman Islands. However, the association lags behind promotional agencies in other offshore financial centers, such as the Bahamas, Bermuda or Jersey, in terms of the number of full-time staff and financial government support.
In the past two years, Cayman Finance called on government to take a more active role in the promotion of Cayman as a jurisdiction for financial services.
In November 2013, government and Cayman Finance signed a memorandum of understanding on government-private sector consultation on industry-related issues such as new legislation, as well as joint initiatives to promote the Cayman Islands.
As a result, government has for the first time made a small financial contribution to Cayman Finance for promotional activities during the past two budget years of less than $200,000. Given the large contribution the financial services industry is making to the economy, however, Cayman Finance maintains, government’s financial support should be larger, in particular compared to its $14.5 million tourism promotion budget.
Wayne Panton, minister of Financial Services, Commerce and Environment, welcomed Mr. Scott to his new position.
“The Ministry of Financial Services and Cayman Finance have a close working relationship in jointly enhancing and preserving Cayman’s financial services industry for the jurisdiction. We are certain the appointment of such a well-credentialed individual as Mr. Scott will only serve to strengthen that relationship,” he said. “Cayman Finance has a central role in representing the jurisdiction, and we look forward to working alongside Mr. Scott as we continue to promote our industry at home and abroad.”
Mr. Scott said he is looking forward to the challenges of his new role and to working with all local and international key stakeholders to further build on Cayman Finance’s successes.
“I look forward to ensuring this important industry receives the local and international attention, direction and support that is essential to sustain the growth and development of the Cayman Islands as a premier international financial center,” he said.
“Every individual and business within our financial services industry plays a role in the success of the jurisdiction. Moving into 2015 our aim is to focus on the inclusive nature of representation across the industry, ensuring the priorities of all sectors are understood and coordinated. It is with a solid membership base, a sense of pride in our industry and a strong sense of collaboration that the industry will continue to flourish and grow.”