Business in brief

Mourant Ozannes conference set for October 

Mourant Ozannes’s fifth International Trusts & Private Client Conference will be held on Oct. 2 at The Ritz-Carlton, Grand Cayman, the firm announced. This year’s conference theme will be “The changing nature of trusteeship in the 21st century.”  

At the event, attorneys from Mourant Ozannes’s International Trusts & Private Client (ITPC) team will be joined by other well-known experts in the field of wealth management. 

Morven McMillan, head of Mourant Ozannes’s ITPC team in the Cayman Islands, will co-chair the conference again with Shân Warnock-Smith QC (ICT Chambers).  

Key speakers are Andrew De La Rosa (ICT Chambers), Anthony Poulton (Baker & McKenzie), Charles Lloyd (Macfarlanes LLP), Emily Exton (Forsters), Joshua Rubenstein (Katten Muchin Rosenmann LLP), Madeleina Loughrey-Grant (Farrer & Co), Maxine Mossman (Clifford Chance), Megan Worrell (Duane Morris LLP), Nicholas Holland (McDermott, Will & Emery), Richard Wilson (3 Stone Building) and Suzanne Marriott (CharlesRussell Speechleys). 

The program will include a mock court application and breakout sessions, as well as discussion of anti-forced heirship provisions, the continuing impact of divorce on trusts and how to protect a trustee from personal liability, the organizers said. 

Conference founder and co-chair Morven McMillan said, “I will be delighted to welcome delegates to our fifth ITPC conference in the Cayman Islands. Yet again, we have a fabulous lineup of speakers, each of whom is an expert in their field. We are all looking forward to hosting and participating in another excellent event.” 

Harneys adds Cayman funds partners 

Harneys has recruited two partners and one senior associate to the firm’s investment funds practice in the Cayman Islands.  

Ian Gobin, Matthew Taber and Jonathan Bernstein are leaving Appleby and will join Harneys in the Cayman Islands.  

Michelle Bolingbroke will also join Harneys as a business development manager. 

Mr. Gobin is currently a partner, and until recently was global head of funds and investment services, for Appleby. Mr. Taver and Mr. Bernstein, counsel and senior associate, respectively, are members of Appleby’s funds and investment services department in the Cayman Islands.  

Harneys’ Global Head of Funds Jonathan Culshaw said, “We look forward to welcoming Ian, Matthew and Jonathan to our global funds team, which has experienced significant growth over the last two years. The recruitment of these excellent lawyers builds on our momentum and stands testament to our commitment to build a leading Cayman Islands funds practice.” 

Marco Martins, managing partner of Harneys in the Cayman Islands, said, “In a short period of time, our Cayman Islands funds practice has carved out leading positions in key markets, particularly in Asia, Latin America and parts of Africa, Europe and the Middle East. We have done that by getting closer to our clients, focusing on better understanding their needs and drivers, and delivering a seamless global service across times zones, languages and commercial practices,” he said. 

“With the launch of a North America office last year we improved our ability to offer clients in key parts of North America similarly enhanced, more responsive and more attuned services. The addition of Ian, Matt and Jon will enable us to take this offering further, and to deliver an even better service to clients in North America and globally,” Mr. Martins said.  

Global Managing Partner Peter Tarn said the firm had made significant investments across its transactional and contentious legal teams in the Cayman Islands and built capacity in its corporate and fiduciary businesses.  

Harneys is an offshore law firm with locations in London, Hong Kong, Singapore, Sao Paulo, Montevideo, Cyprus and Vancouver, as well as Cayman and the BVI.  

CIMA appoints two new deputy heads  

The Cayman Islands Monetary Authority appointed Razaak “Raz” Busari as deputy head of the Insurance Supervision Division on June 22 and Garth Ebanks as deputy head of the Investments and Securities Division on July 1.  

Mr. Ebanks earned a bachelor’s degree in accounting and business administration from Florida International University. The certified public accountant was previously an audit manager at KPMG. He joined the authority in October 2013 as a chief analyst in the Investments and Securities Division.  

Mr. Busari began his financial career in 1999 as an associate with the U.K.’s Financial Services Authority. From 2006 until 2015, he served as an associate director at the Qatar Financial Centre Regulatory Authority, where he played a significant role in regulating/supervising a portfolio of financial institutions from both a conduct-of-business and prudential view-point, CIMA said. 

Mr. Busari obtained a bachelor’s degree in English at the University of Ibadan, Nigeria, and a bachelor of law degree from the University of North London. He holds a post-graduate diploma in Islamic banking and insurance from the Institute of Islamic Banking & Insurance, U.K., and is an associate fellow of the IIBI.  

Six Elian directors feature on Citywealth list 

Six private wealth management professionals from Elian feature on Citywealth’s Leaders List 2015. 

Group directors Philip Le Cornu and Philip Norman are joined on the list by David Lambotte, director and head of private wealth in the Cayman Islands, directors Darren Kelland and Ian Rumens and associate director Roger Bolan.  

The list is an independent endorsement of individuals’ standing within the private wealth industry. It is compiled through recommendations and submissions from clients and sector peers. 

Chamber pension plan administrator MUFG acquires UBS  

The Cayman Islands Chamber of Commerce Pension Plan said Mitsubishi UFJ Financial Group’s acquisition of UBS Global Asset Management’s Alternative Fund Services will have no direct impact on MUFG’s administration of the Chamber Pension Plan, other than to further enhance the service offering through MUFG’s increased profile in Cayman. 

The newly combined business will be one of the world’s largest hedge fund administration companies, with the capability of serving all of the key jurisdictions.  

Maureen Blackwood, vice president pensions at MUFG, who has responsibility for the administration of the Chamber Pension Plan, is excited about the opportunities the merger will create. “We believe that combining our resources and capabilities with AFS’s market-leading technology platform will benefit all our clients. Our organizations have similar cultures, similar core values, common systems, and an unwavering commitment our clients,” she said. 

Eduardo D’Angelo Silva, the chairman of the Cayman Chamber Pension Plan Board, congratulated MUFG on this significant move. “This is important news for the fund administration industry, as it is the amalgamation of two industry powerhouses. We think that this development offers even more stability and profile to the Chamber Pension Plan,” he said. 

The transaction is expected to close in the fourth quarter of 2015, subject to regulatory approvals and closing conditions.  

Diamond Law Attorneys welcomes new barrister  

Kerrie Cox appeared before Justice Richard Williams of the Grand Court for his readmission as an attorney-at-law on June 23. Mr. Cox, who previously practiced in Grand Cayman between 2010 and 2012, has returned to the island to join Diamond Law Attorneys in Governor’s Square.  

Mr. Cox was called to the Bar of England and Wales in 1998 and practices in general commercial law and litigation. He was the former principal Crown counsel in the British Virgin Islands and counsel to a t
rust company in Gibraltar, where he was a member of the specialist family bar. 

Mourant Ozannes supports Cayman Cricket  

Mourant Ozannes continues its support of Cayman Cricket by renewing its sponsorship of the Under-15 Secondary School League. This league involves players from St. Ignatius, Cayman Prep, John Gray High School, Clifton Hunter High School and Triple C School. 

Mourant Ozannes developed a relationship with Cayman Cricket, formerly the Cayman Islands Cricket Association, more than five years ago. The annual sponsorship will help provide cricket coaching programs for secondary schools, competitions as well as new equipment for young cricketers and the replacement of the pitch at John Gray High School. 

Mourant Ozannes partner Hector Robinson says the firm is proud to have the Under-15 Secondary competition branded as the Mourant U-15 Secondary School League. “Youth sports are so important to the community and we are committed to nurturing it through targeted sponsorship initiatives such as this.” 

Abali Hoilett, president of Cayman Cricket said, “Cayman Cricket is appreciative of Mourant Ozannes’s continued support in our efforts to develop the sport of cricket in the Cayman Islands. Their willingness to be a part of our secondary school program has enabled us to provide a cricket programme for many of Cayman’s talented youth.”