Two of Cayman’s financial services firms jointly hosted an invitation only event in New York City on 30 June to explore responses to, and opportunities arising from, the global financial crisis.
Stuarts Walker Hersant and RBC Wealth Management organised the event, which featured speakers including former CIMA chairman Timothy Ridley; Andrew Morriss, Professor of the Institute for Government and Public Affairs, University of Illinois; Professor Houman B Shadab, Associate Professor of Law, New York Law School; Joseph A Field, Senior International Partner, Withers Bergman LLP, New York; and Margaret R A Paradis, Partner at Baker & McKenzie LLP, New York.
Anthony Akiwumi represented Stuarts Walker Hersant and Jane Wareham represented Cay Solutions Limited, a corporate and administrative services affiliate located in British Columbia.
As expected, discussions focused on global taxation and regulatory developments, with particular emphasis on the potential impact of proposed US legislation and regulation on offshore financial centres, offshore funds and US taxpayers.
Litigation issues for funds and fund investors, were another hot topic and how fund of funds and hedge funds will have to adapt to meet private investors’ expectations and demands.
“The event was extremely well received by attendees. Clients are increasingly reassessing their banking and investment relationships with their service providers. It has never been more important for the banking industry to demonstrate its commitment to providing solutions to the issues presented by the current financial crisis,” said Deanna Bidwell, Managing Director of RBC Wealth Management.
“We are confident that our forum proved beneficial to wealthy investors and their advisors, and helped provide further information with regards to the role of offshore financial services centres.”
Mr Ridley said: “Cayman recently elected a new Government and approved a new constitution. With that has come a renewed commitment from the political leadership to support, enhance and protect the financial services industry and to benefit thelocal economy.”
He went on to say that while “the list of what I think needs to be done is lengthy.. an encouraging start has been made by the new government”.
The event was attended by approximately 60 private and institutional investors who benefitted from the high level analyses.
But the greatest beneficiary of the day may have been Facing Africa, the UK based charity dedicated to helping sufferers of a devastating flesh eating disease, which affects children in sub-Saharan countries.
Stuarts Walker Hersant and RBC Wealth Management are currently working together with dms Management and Krys & Associates to raise funds for Facing Africa as well as the children’s ward of the George Town Hospital in the Cayman Islands.