Service provider Kinetic Partners announced it is building out its Cayman Islands office with two transplants from London.
Forensic accountant Nick Matthews will begin this month working in the Cayman Islands on corporate recovery and hedge fund liquidations, the company said Tuesday. Matthews worked for Deloitte before joining Kinetic and being stationed in the firm's London office. He will work alongside Geoff Varga, the head of the firm's restructuring, corporate recovery and forensic services in the Cayman Islands.
Varga noted Kinetic is boosting its Cayman team at a time when hedge funds are suffering from poor performance and a higher incidence of redemption requests. The majority of hedge funds are domiciled in the Cayman Islands, which is bracing for the impact of a global financial storm.
"It is likely that these effects will lead to a considerable number of hedge fund failures, thereby bringing on a high demand from hedge fund investors, managers and others, for recovery, liquidation, litigation and restructuring services," Varga said in a statement.
Also transferring to the Cayman Islands from London is consultant Malin Nilsson. She joined Kinetic just last year, focusing on forensic and litigation support, risk management and regulatory consulting.
In the spring, Kinetic added two other figures to its Cayman Islands team. Mark Longbottom joined the firm from BDO, and Camele Burke joined from KPMG.