Business in brief

TrustQuay survey sees COVID-19 bounce-back

Research by TrustQuay, a technology provider to the corporate services, trust and fund administration markets, indicates the majority of the industry expects the impact of COVID-19 to be short term.

The company said its global survey of wealth managers, private banks, fund administrators, trust and corporate services providers found that 50% of respondents expect business activity to return to pre-COVID levels within six months. A further 26% stated business would bounce back within a year. Those expecting recovery to take more than 12 months made up less than a quarter (24%) of respondents.

The TrustQuay research surveyed 90 wealth managers, private banks, fund administrators, trust and corporate services providers in July 2020.

Keith Hale, executive chairman of TrustQuay, said, “Despite the restrictions brought about by the coronavirus pandemic, we at TrustQuay have continued to see strong interest from clients looking to digitalise their business models, and this is reflected in the wider market with 76% of businesses anticipating the impact of COVID-19 to be short term.”

TrustQuay said this was reflected four new agreements signed with clients in Switzerland, Cyprus and Mauritius. The deals will put in place new administration and accounting platforms for Treuco, Crystalserve Fiduciary Services, Tri-Pro Administrators and an additional client in Cyprus.

Leadership Cayman seminar addresses pandemic response and impact

The Leadership Cayman participants at the health care seminar.

Leadership Cayman 2020 held its second in-person seminar since the Covid-19 lockdown at Health City Cayman Islands, on 16 Sept.

The seminar was focused on human services and healthcare. It commenced with a presentation by Shomari Scott, chief business officer at Health City, on the services offered by the facility, followed by a tour of the facility.

The group then discussed in breakout sessions and panel discussions the state of Cayman’s readiness to manage a second spike in coronavirus cases when the border reopens; affordability of healthcare in the Cayman Islands; and the current and future role of health insurers in ensuring a system of accountability that discourages the inflation of the cost of services by healthcare providers.

Panellists included Nellie Pouchie, acting chief officer, Ministry of Health; Dr. Ravi Kishore Amancharla, chief interventional cardiologist and electrophysiologist at Health City Cayman Islands; and Frances Patterson-Campbell, claims manager, Cayman First.

The seminar was organised by Sasha Rochester, a Leadership Cayman graduate, and Leadership Cayman 2020 class members, Joy Oremule and Kimberly Martin-McLean.

More information on Leadership Cayman is available at www.leadershipcayman.ky.

HSM’s scholarship student to graduate with honours

Huw Moses and Tarec Francis.

HSM Scholarship Fund recipient, Tarec Francis, has successfully completed his two year Associate of Applied Science Hospitality Management Degree at the University College of the Cayman Islands.

Francis will be graduating in November with honours and is acknowledged on the President’s List.

Prior to his university stint, he attended Clifton Hunter High School and was a part of many extracurricular activities, such as Key Club, Junior Achievement, Debate Club and Youth Culinary Program. Francis was a prefect as well as an executive member and head boy of the Student Council.

He was also selected to attend the 2018 Global Youth Leaders Conference in Washington and New York.

The HSM Scholarship Fund is not tied to legal studies and unlike many local scholarships, eligibility is open to all residents in the Cayman Islands who are aged between 16 and 25 years old.

Francis, 19, aspires to become an executive chef. He plans to further his education by going overseas. “My associate’s degree provided me a valuable stepping stone towards my career and I am forever grateful to HSM,” he said in a press release.

Huw Moses, HSM managing partner, said, “Tarec has done exceedingly well and we are extremely proud of him. We cannot wait to see his impact in Cayman’s culinary industry.”

Applications for the HSM Scholarship Fund are accepted throughout the year. Email [email protected] for more details and to apply.

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