Cayman business in brief

Mourant Ozannes responds to jump in fund registrations 

Cayman Islands fund registrations have increased strongly in March, according to offshore law firm Mourant Ozannes. “The Cayman fund sector is currently expanding at a rate of 76.5 new funds per month, even allowing for any cancellations; and the total does not include the large number of funds not required to be regulated, such as single investor funds, or private equity funds typically set up as partnerships, which are also trending higher this year,” the firm said in a press release. 

Given the increase in registered fund numbers to 11,215, Mourant Ozannes said it has expanded its funds team in Cayman with the relocation of partner Alex Last from Hong Kong and the recent appointments of Jennifer Parsons as counsel and Catherine Pham as senior associate. 

“The climate for new hedge fund launches remains upbeat and confidence has improved over the summer as we continue to see a steady stream of instructions from both new and existing clients,” said Hayden Isbister, partner and head of the firm’s Cayman Islands Corporate practice. “FATCA submissions for 2014 are now largely complete for U.S. clients who appear to have been able to manage the increased regulatory burden quite efficiently.” 

KRyS Global expands to the UK 

KRyS Global has opened an office in London. 

The firm’s eighth office will assist clients in the U.K. and Europe in fraud investigation, asset recovery, dispute resolution, corporate restructuring and insolvency. 

“The decision to establish a presence in London was driven by needs of current clients who expressed [the need for] more direct contact in the initial stages of investigations and recovery efforts,” said Kenneth Krys, executive chairman of KRyS Global. 

Heading the London office is John Skelton, who has been with KRyS Global for more than six years. Mr. Skelton has been heavily involved in many of the firm’s most notable cases, working across several of the offshore jurisdictions as well as Central Eastern Europe and the Balkan states. 

Mr. Krys said, “John’s role will be to coordinate the needs of clients with the capabilities and expertise that we have offshore. With many of the law firms that we work with now having established practices in London, we feel we will be better servicing the needs of clients while expanding the opportunities for other services and projects. Through our experience in New York, we recognize the benefits of having complementing offices in both the on-shore and off-shore worlds and in working closer with our clients in providing them the services they are looking for.” 

Mr. Skelton is a qualified chartered accountant and certified fraud examiner. 

Maples and Calder earns SOC2 accreditation 

Maples and Calder announced it has completed its Service Organization Controls (SOC) 2 Type I audit, confirming that the law firm’s policies, procedures and operations meet the SOC2 internationally accepted best practices for availability, confidentiality and security. 

“We are extremely proud of the SOC2 attestation which verifies that the Maples eServices’ security practices, policies and procedures meet the American Institute of Certified Public Accountants’ SOC2 standards for security, availability and confidentiality,” said Matt Barnett, the firm’s chief information officer. 

Maples and Calder provides Global Entity Management services via an eServices platform. The independent services and controls review, which is based on trust services principles, was carried out by local auditors and involved extensive testing of the firm’s design and implementation of control activities to help ensure the applicable trust service security criteria and control specifications were met. 

Drake Consulting obtains preferred provider status 

Business consulting firm Drake Consulting has received preferred provider status from two major international human resources organizations. 

Drake is now a preferred provider for the Society of Human Resources Management and approved provider for the HR Certification Institute, enabling the firm to award pre-approved credits for required continuing education and training for human resources professionals certified by SHRM or HRCI. Sessions are pre-approved and designed in line with HR standards established by the two organizations. 

“Qualifications from SHRM and HRCI are highly sought after in our field, so as a firm, we are happy that we can support professionals in maintaining the certifications that they have worked so hard to achieve,” said Tanya Samuels, managing director of the Human Capital Division of Drake Consulting. 

Cayman students kept Walkers busy in summer 

Law firm Walkers hosted 19 students in various summer work experience schemes, including the annual legal and summer internships and the work experience pilot for the Cayman Finance Student Education Program. 

Internships are also offered to Caymanian students not sponsored by Walkers. 

Leading up to the work experience portion of the program, Cayman Finance Programme students came to Walkers to be mentored over the course of six weeks. Four students were then placed with Walkers in July. Two of the students, Brittany Cousins and Matthew Welds, are now part-time employees with Walkers Professional Services while they study for their associate degrees at the University College of the Cayman Islands. 

Chamber of Commerce hosts marketing workshop 

The Chamber of Commerce is offering a workshop on “Marketing on a budget for micro and small businesses” on from 5:30-7 p.m. Thursday at the Chamber on Governors Square. The program is presented by Jay Mehta of Web development firm Netclues. Space is limited to 20. Register online at or by phone, 743-9123. 

SteppingStones recruitment agency is celebrating its 10th anniversary
SteppingStones recruitment agency is celebrating its 10th anniversary this year. Managing Director Milly Serpell, left, and General Manager Ciara Aspinall are pictured enjoying the celebrations at an anniversary event held at the National Gallery on Nov. 12. – PHOTO: TANEOS RAMSAY

Walkers lawyers and summer interns.

Walkers lawyers and summer interns.