JTC Cayman completes GAM acquisition
Independent institutional and private client service provider JTC has extended the capabilities of its Cayman Islands office to offer a broad range of fund administration services, following the completion of its acquisition of GAM’s fund administration business in Cayman.
The acquisition was announced in October and CIMA has now granted regulatory approval. All 14 staff in the Cayman Islands are now integrated into JTC’s Institutional Client Services division.
The new operation will continue to be led by Managing Director Christine Godfray, previously chief executive officer of GAM’s fund services business known as Swiss & Global Fund Administration (Cayman) Ltd.
In her role, she will work with colleagues in JTC’s offices around the world to attract fund administration and corporate services business to the Group and the Cayman Islands.
“It is clearly an exciting period of growth for JTC globally and I am delighted that we are joining such an ambitious and positive group. JTC’s ability to now offer high quality fund administration services in the Cayman Islands, together with our boutique style of providing customized services to meet individual client needs means that the business is now extremely well placed in the jurisdiction,” Ms. Godfray said.
JTC Group CEO and Chairman Nigel Le Quesne said, “JTC’s strategy is very much about enhancing both our institutional and private client services in key financial centers in order to provide clients with a seamless, global and comprehensive service. “Our expansion in the Cayman Islands is a significant part of that, following other recent acquisitions in the same sector including our purchase of Kleinwort Benson’s fund administration business, as we focus on continuing to add real value to our clients now and in the longer term.”
JTC has more than 450 staff operating from 18 jurisdictions around the globe and holds more than US$70 billion of Assets under Administration. The company was founded in Jersey over 25 years ago.
Tickets to be issued for business licensing offenses
Anyone who breaches business license requirements will be subject to tickets and fines under the new trade and business licensing law, which came into force Jan. 1.
Penalties apply to offenses ranging from business owners failing to clearly display their trade and business license to hindering a police officer or Department of Commerce and Investment trade officer during the course of an activity, such as a search of a business premise. Tickets range from $100 to $2,500.
The Department of Commerce and Investment will administer the ticketing system, which the department’s director Ryan Rajkumarsingh says is not to punish people, but rather to encourage them to fulfil their responsibilities under the legislation.
“Over the years, business owners who follow the law have asked repeatedly that government implement a mechanism that addresses those who are not in compliance,” he said.
“So it was no surprise that, when DCI held educational meetings leading up to the implementation of the new TBL, this was one of the main subjects that attendees raised. Business owners see compliance as one of the main factors that ensure fair competition in Cayman.”
Business owners can either pay the ticket within 28 days after it has been issued, or request, within 28 days of receiving the ticket, a Summary Court trial. Failure to either pay the ticket or to notify the Summary Court within the specified time frame will result in business owners being summoned to court.
The new law focuses on creating a level playing field for businesses, and is intended to lead to greater efficiencies in the overall business licensing system. Among other features, it reduces approval times for licenses, clarifies business licensing categories, and, through the ticketing regime and other provisions, improves DCI’s enforcement powers, the department said.
Digicel makes Crisis Centre donation
Digicel has donated $3,000 to the Cayman Islands Crisis Centre. Half the amount was raised at the recent staff Christmas party and matched by the business, to try and ease the strain on those in need in the holiday season.
Martin Bould, Digicel CEO, said, “We are hugely proud that our staff dug deep into their pockets at a time when money is tight to raise funds for such a good cause. We felt it was important to match the commitment of our staff to raise the contribution to $3,000.”
The check was presented to Ania Milanowska, executive director of the Cayman Islands Crisis Centre.
“Everyone at the Cayman Islands Crisis Centre is extremely grateful to Digicel and its employees for not only caring about victims of domestic violence but caring enough to take action,” she said. “Because we are a charitable organization, the support of compassionate individuals and corporations is crucial for our operations.
“The CI$3,000 donation enables us to continue our mission and directly support our clients and their children. This particular contribution allowed us to provide food for our clients and their children, as well as to finance our 24-hour Crisis Line [943-CICC/2422] over Christmas and New Year.”
Elian adds to commercial team
Elian has made two senior appointments to its commercial team.
Lisa Mclauchlan has been named business development and marketing director, and Mari Hietala-David will oversee marketing and business development for Elian’s private equity and real estate services.
As part of the newly created role, Ms. Mclauchlan will oversee all marketing and business development activity across Elian’s service lines and 16 jurisdictions. She will be responsible for relationships with clients and intermediaries in major markets and the launch and promotion of new product lines.
Ms. Mclauchlan, who has more than 20 years’ experience in marketing communications, business development and operations, has joined Elian from Sure, where she was head of commercial operations across the Channel Islands and Isle of Man.
“Elian operates in extremely competitive markets, so I am looking forward to helping the company to further differentiate its offering to build its business in established and new jurisdictions,” Ms. Mclauchlan said.
Ms. Hietala-David joined Elian from State Street, where she looked after marketing for the firm’s private equity and real estate business in Europe.
Corporate lawyer joins Carey Olsen
The former head of Maples and Calder’s global corporate practice, Henry Harford, has joined Carey Olsen in the Cayman Islands as a consultant.
Having read law at Trinity College, Oxford, Mr. Harford qualified as a solicitor with Travers Smith Braithwaite in London in 1989. He subsequently joined Maples in the Cayman Islands and was admitted as an attorney-at-law there in 1991.
Mr. Harford retired from Maples and Calder at the end of 2009, having led the firm’s corporate department for the preceding 10 years and served variously on its management committee and the boards of its subsidiaries and affiliates around the world.
Since 2009, he has been engaged in a range of private investment projects, start-ups and philanthropic endeavors as well as acting as director of, and consultant to, a number of funds and investment vehicles.