Buoyed by the growth of new funds registered in the Cayman Islands-upwards of 35 each week-audit firm RankinBerkower is set to offer the use of its principals as independent directors.
"There is a continuously growing need for independent directors, with 8,000 funds registered in the Cayman Islands," explains partner Maurice Berkower. "It gives a comfort level to the offshore foreign investor."
The new RBR Director Services boasts Berkower, who also serves as an audit partner with Iselin, N.J.-based accounting firm Acquavella, Chiarelli, Shuster, Berkower & Co., Phillip Rankin, a Caymans-based accountant, and Rex Rankine, a Caymanian with executive experience at a private bank, trust company and brokerage house. In addition to both offshore and onshore investment funds and mutual funds, Berkower says RBR will also provide directors to private equity portfolio companies where needed.