Geoff Ruddick, Glenn Kennedy and Nic Corsetti have joined to create Paradigm Governance Partners. The firm offers independent director services, distressed fund and value recovery services and outsourced accounting services.
Paradigm is not a start-up in the traditional sense, as each of the founding partners brought in a book of clients upon launch, the firm said in a press release.
The partners said they will manage the business and make key decisions collectively, which they believe will be a new trend in the governance industry.
In response to the growth in demand for fiduciary services, Paradigm commenced operations at One Capital Place in George Town on Jan. 1, 2018.
The partners have invested heavily in infrastructure and the secure systems needed to run the business and hired two additional professionals to service the expected growth in the client base.
“We are all very experienced and dedicated professionals in the governance space – it is a coming together of like-minded individuals all established within the fiduciary business. We feel it is very much a case of synergies, where one plus one equals three, with this formation; we have complementary skill sets that allow us to establish a valuable and differentiated service offering,” Mr. Ruddick said.
He said the company is not seeking rapid growth and will focus on quality over quantity.
“We are not afraid to tackle some of the fundamental governance challenges that have crept into the industry over the years such as board composition, substance over form, capacity, and continuity,” Mr. Ruddick added.
Paradigm believes investors increasingly consider these issues and become more discerning in how they choose directors with the right ethos and experience.
“We believe the environment will only move further towards transparency and accountability and we can thrive based on our collective, balanced approach, which is conflict free and very fresh in the industry,” Mr. Ruddick said.
Paradigm will target a wide range of funds and asset classes including the classic hedge fund model in Cayman. Ruddick notes that a lot more private equity funds are looking to implement robust governance structures similar to hedge funds, and he anticipates Paradigm can benefit from this.