Business in brief: Danesmead Partners expands team

Danesmead’s team, from left, Wendy Gaze, Greg Bennett, Sarah Squire, Simon Palmer, Bill Fleury, Tracie Ahearn and Nick Gaze

Cayman-based alternative fund governance specialist Danesmead Partners has appointed former Soros Fund Management LLC (Soros) CFO Tracie Ahearn as a director and principal of the firm.

Ms. Ahearn will be based in New York and will serve as an independent director on alternative investment vehicles.

Her experience includes serving on the Soros firmwide management committee, the capital allocation and risk committee and the brokerage and valuation committees She also served as a director for numerous Soros fund companies. Most recently she was the COO/CFO of Brightwood Capital Advisors LLC.

Danesmead also appointed Sarah Squire as a manager of its corporate services group.

Ms. Squire will also provide additional administrative support to the directors of Danesmead in the delivery of their fiduciary services.

Greg Bennett and Nick Gaze, co-founders of Danesmead, said, “Investors are demanding the highest levels of corporate governance, and we are committed to having a diverse team of highly experienced individuals, utilizing a collaborative approach supported by institutional infrastructure, in order to meet these needs.”

CIMA signs MOU with Gibraltar counterpart

The Cayman Islands Monetary Authority has signed a memorandum of understanding with the Gibraltar Financial Services Commission.

The agreement provides for the consultation, cooperation and exchange of information regarding firms under the Alternative Investment Fund Managers Directive.

CIMA Managing Director Cindy Scotland, who signed the agreement on behalf of the authority, said Europe is an important market for Cayman hedge funds.

“The fact that our continuing efforts to secure MOUs with our European counterparts are bearing fruit is a source of satisfaction. We are pleased to add the GFSC to the list of European counterparts with whom we have such agreements,” she said.

Samantha Barrass, CEO of the GFSC, said her organization enjoys a close working relationship with CIMA, and the signing of this MOU represents a commitment to further communication and regulatory cooperation.

Cheyenna Stewart, Christopher Gregory and Magreta Freeman have joined NCB Cayman.
Cheyenna Stewart, Christopher Gregory and Magreta Freeman have joined NCB Cayman.

NCB Cayman grows management team

Magreta Freeman, Cheyenna Stewart and Christopher Gregory have joined wealth management and private banking institution NCB Cayman as members of the bank’s senior management team.

Ms. Freeman joins NCB as banking manager. She is responsible for private banking services.

Ms. Stewart, originally from the United States, joins NCB as fiduciary manager. She is responsible for client on-boarding and managing private trusts and companies.

Mr. Gregory, from Trinidad and Tobago, joins NCB as regional wealth manager. He specializes in developing wealth management solutions for clients.

Estera appoints risk and compliance director

Estera, formerly Appleby Fiduciary Business, has appointed Risk and Compliance Director Tui Iti.

The newly created role consolidates Estera’s strategic approach to the management of internal and external risk, the firm said.

Before joining Estera, Mr. Iti was Group Risk and Compliance Director for fiduciary services company Elian. He has also held regulated compliance and anti-money laundering roles in the banking, investment management and insurance sectors, and for regulated funds in the U.K., the British Virgin Islands and Singapore.

A member of the Society of Trust and Estate Practitioners, Mr. Iti graduated from Victoria University of Wellington, New Zealand, with an LLB before being admitted to the Bar as a barrister and solicitor in New Zealand.

Walkers announces new partners

Offshore law firm Walkers has announced the appointment of 13 new partners across the global group.

The promotions focus on Walkers’ core practice areas of Finance and Corporate, Investment Funds and Insolvency and Dispute Resolution, in six Walkers offices in Asia, the Caribbean, Europe and the Middle East.

In the Cayman Islands, Alexandra Woodcock is promoted to partner in the Finance and Corporate group, Nicholas Pattman in the Investment Funds group and Nick Dunne in the Insolvency and Dispute Resolution group.

STEP Cayman Chairman Alan Milgate presents Philippa Stokes with her DART-sponsored award.
STEP Cayman Chairman Alan Milgate presents Philippa Stokes with her DART-sponsored award.

STEP high achievers honored

The Cayman branch of the Society of Trust and Estate Practitioners (STEP) awarded the student of the year for 2015, sponsored by DART, to Philippa Stokes of Rawlinson & Hunter.

Ms. Stokes completed her final diploma exam in 2015 and achieved the highest average mark across all four papers of all the Cayman-based 2015 graduates.

At its annual general meeting, STEP also announced the first 38 student winners in a new awards scheme recognizing student achievement on a worldwide level.

The current award winners represent the top achievers across all of STEP’s exams for the period July 1 to Dec. 31, 2015.

STEP honored two Cayman students.

Jo-Anne Stephens of Higgs & Johnson achieved the highest mark in the STEP Advanced Certificate in Company Law and Practice, and Len De Vries of Dinner Martin Attorneys achieved the same in the STEP Certificate in International Trust Management.

Harneys named Offshore Law Firm of the Year

Harneys has been named Offshore Law Firm of the Year by The Lawyer.

The Lawyer Awards winners are selected annually by a panel of judges based on jurisdictional leadership, outstanding depth and breadth of expertise, commercial strength, growth in market share, legal innovation, and market leading strategy.

Harneys said the award follows a year of strong growth for the firm.

Harneys has hired lawyers across all of its global practices, expanded its 14 offices worldwide, launched a new practice in Bermuda and opened offices in Shanghai and Tokyo.

In Cayman, Harneys has doubled the number of its lawyers in the past 18 months. The firm said it has it has the fourth largest portfolio of Cayman funds in the market.

Peter Tarn, Harneys managing partner, said, “Our continued growth has been fueled by our strong commercial advice, friendly and unpretentious approach to doing business and our firmwide commitment to achieving excellence in client service on time all of the time ….”

Appleby receives top rankings in Chambers guide

Chambers Global 2016 High Net Worth Guide has given offshore law firm Appleby top rankings and recognized Carlos de Serpa Pimentel, group head of the Private Client and Trust practice, as a “leading individual” in the Private Client and Trusts market.

The Guide, which was published this year for the first time, also noted that Appleby has “a particularly strong offering in the Cayman trusts market,” with the firm offering “a range of trust services to HNW individuals, families, private banks and offshore trust companies.”

Summit Trust named leading trustee in high net worth guide

Private client trust company, Summit Trust, has been recognized by Chambers and Partners as one of Cayman’s leading trustees for high net worth clients. Chambers and Partners’ High Net Worth guide specifically noted Summit’s expertise in reorganizing “troubled trusts.”

Summit, which has held a trust license in the Cayman Islands since 2008, announced last year that it planned to expand its Cayman office to offer local trust and corporate administration services to international private clients. Marcus Parker joined Summit in 2015 from a private client law firm in London to spearhead the Cayman office development.

“It is gratifying to be recognized by the leading independent research organization Chambers at this stage of our development in Cayman,” Mr. Parker said.

Ryan McConvey with his mentor, Caymanian Devika Parchment, in Conyers’s Hong Kong office.
Ryan McConvey with his mentor, Caymanian Devika Parchment, in Conyers’s Hong Kong office.

Caymanian trainee lawyer seconded to Conyers Hong Kong office

Caymanian articled clerk Ryan McConvey has commenced a secondment in Conyers Dill & Pearman’s Hong Kong office.

He will remain there for the next four months under the tutelage of Devika Parchment, another Caymanian attorney gaining international experience.

While in Hong Kong, Mr. McConvey will get hands-on training on Cayman-related matters, including mergers and acquisitions, listings of Cayman companies on the Stock Exchange of Hong Kong, attending contentious board and shareholder meetings and other general corporate and restructuring matters.

Conyers’s Managing Partner of the Cayman office, Kevin Butler, said, “The type of work Ryan will be doing in Hong Kong is wider reaching and in many respects much more demanding than what he would experience here in Cayman” and “the exposure he will receive in that fast-paced and highly charged environment will benefit his professional development exponentially.”

Z99, Yellow Pages launch ‘Shop Local’ campaign

Z99 and the Cayman Islands Yellow Pages have partnered for the station’s annual “Shop Local” promotion. The campaign aims to encourage island consumers to spend their money locally during the slower summer months in order to increase retail sales and employment on Grand Cayman.

“For every dollar spent on island, as a community, we help our friends, family and neighbors support their business and employment,” said Melanie Shambaugh, Cayman Islands Yellow Pages marketing manager. “Each dollar you spend close to home is like a vote of confidence for Cayman business.”

Participating stores include Blue Wave, Kirk Napa, Waterman, Tortuga, Renaissance, G’s & Gents, and several Camana Bay outlets.