Ronan Guilfoyle and Wade Kenny have formed Calderwood, a startup offering independent director services. Both men are well known in the Cayman fund sector and together have more than 17 years’ experience in the governance industry.
Mr. Guilfoyle was previously a managing director at DMS Offshore Investment Services, where he shared leadership responsibility for the European offices and spearheaded the firm’s international expansion.
Mr. Kenny provided fund governance services to a large portfolio of hedge fund and private equity clients as an executive director at DMS. He also had management oversight for the Cayman office.
“We are extremely excited to officially launch Calderwood, and we believe we have an exceptional offering for the investment funds market,” Mr. Guilfoyle said. “Our experience with every aspect of the hedge fund business, including successfully guiding funds through the financial crisis and systems that match the needs of our clients with the industry, alongside our ability to focus exclusively on our new clients, is together a very attractive proposition for fund managers in the current climate of heightened risk awareness.”
Calderwood said its principals are in a unique position to provide significant capacity and institutional service to a limited number of relationships.
“Business is going well and I predict we will see more of the same as we expand,” Mr. Kenny said. “We have had a great reception from prospective clients to the Calderwood approach, in particular our blend of personalized service with an institutional infrastructure.”
While the firm expects to grow significantly, the principals say they will strategically chart the company’s growth to maintain an appropriate ratio of fund numbers to directors in order to ensure a personalized service experience.
In addition to providing independent directors for investment funds, offshore and onshore, Calderwood will offer advisory services to distressed funds and structured finance vehicles, as well as board support and independent representation services.
“Although independent directors have become synonymous with offshore investment funds, we are seeing a greater interest and need for our expertise with onshore funds, particularly if the Master Fund is an onshore limited partnership or limited liability company,” Mr. Guilfoyle said. “Another trend that is emerging is for independent oversight to be utilized in the private equity space.”
Mr. Guilfoyle and Mr. Kenny’s professional relationship dates to 2003 when both worked with Admiral Administration Ltd. (now Maitland). Having worked with DMS Offshore for 10 years and prior to that with EY, as well as Admiral, Mr. Guilfoyle has extensive experience advising on corporate governance and regulatory compliance issues. He frequently speaks at forums related to regulatory changes in the industry.
Mr. Kenny has held positions with Blue Bay Asset Management, Admiral and KPMG.