Maples denies shake-up and talks of restructure
(CNS): The tenants of Ugland House have reorganised their management team in the wake of speculation that Charles Jennings and Julian Reddyhough were voted out of their positions as managing partners after only two years at the helm of the offshore firm. In a release, Henry Smith, who has taken on the newly created role of Global Managing Partner, says the changes to the management structure are to “reflect the increasingly complex international nature” of Maples Group. The firm denied a shake-up, however, and Global Director of Marketing Sheree Harrison also told CNS that there would be no Caymanian job losses at the firm as part of the restructuring process.
Smith said a new Global Management Committee has also been created to oversee the co-ordination of the Maples Group and to continue to develop its global strategy. The committee will include Smith, David Brooks, Gareth Griffiths, Christine Chang and Andrew Doyle.
Brooks has been appointed Chairman of Maples Finance, the fiduciary and fund administration service provider, to help oversee global strategy. Maxine Rawlins will continue in her role as Chief Executive Officer of Maples Finance, and Gareth Griffiths will be Managing Partner of the Cayman Islands office. Christine Chang and Andrew Doyle will continue as Managing Partners of the law firm’s Hong Kong and Irish offices, respectively.
The firm said it had also created eight new partners, with Charles Jennings and Julian Reddyhough two of four reportedly retiring partners.
Smith said Maples had extremely strong teams throughout the global offices, both in the law firm as well as in the fiduciary service and fund administration groups at Maples Finance.
“We look forward to building on the platform they have helped create. We believe this structure is well aligned with our clients’ needs to pursue complex cross border transactions and to recognize our position as a market leader for hedge and private equity fund formation for managers and investors worldwide,” Smith stated. “We are sorry to say farewell to Charles and Julian who have decided to retire. Everyone at the firm owes them a debt of gratitude for their enormous contribution to the extraordinary growth of the firm during their time here."
Charles Jennings said he had been part of the management team at Maples and Calder for many years and was proud of what it had achieved. “As I am close to retirement age, I feel that this is an appropriate time to step aside. My partners are close personal friends as well as colleagues and I have full confidence in their stewardship of the firm."
According to reports in The Lawyer, a source close to the firm claimed that Jennings and Reddyhough were voted out at a recent conference.
Category: Business
So will Henry Smith be able to hold off the challenges – he’ll need to be one hell of a ringmaster
I personally dont believe they will ever have anyone who was as dedicated as Travers who took Maples truly global to the empire that they have inherited – I see that they all have very grand titles Global Head of this etc That says it all – truly successful people dont need this-
Pride comes before a fall and its a long way down
I actually found Travers to be very fair – if you didnt cut the mustard so to speak then you wouldnt be around long – he set high standards and had a punishing schedule and was always a man of integrity and honour .
Quite true
So what is really going on at Maples
Bring back Douglas Calder. He hired the best including Ridley, Travers and Gus Pope.
Maples (like many law firms) telling us they have Caymanian partners. Are they now saying that the partners are not Caymanian. They cannot have it both ways.
Did an expat just replace two competent Caymanians? Which is it Maples?
Why should businesses set their standards so low as "competent"?
Christ, if thse two are not "good enough’ no Caymanian would ever be employed. Indeed, neither would 99.99999% of Englishmen.
So the Cayman-centric model is not working for Maples and they are trying to go "global". Is it a sign that the sun is setting on Cayman’s glory days?
werent they a global presence when Travers was in charge ?
No Caymanian job losses. You mean Jennings and Reddyhough are not in fact true born?
Just checked the Maples website and it looks as though these guys have been removed already !!
Henry Smith who has taken on the newly created role of Global Managing Partner says the changes to the management structure are to “reflect the increasingly complex international nature” of Maples Group.
Increasingly complex ? Travers may explain them to you if you ask him nicely.
Jennings and Reddyhough out ? Astonished it took so long.
Perhaps they should invite Tony back to sort out the mess !!
Now that would make him laugh
Mess? You guys serious? Maples is in fine shape morons…..
If it is in fine shape why did this situation occur in first instance – 2 years after taking the reins these two gentlemen are unceremoniously dumped
It speaks volumes that their details were removed immediately from website – clearly someone is cleaning house very efficiently and wants to rease all trace of them from the firm
Pretty sure the removal from the website is the norm in any firm.
It is but not usually as swiftly – Never known Maples so be so super efficient
Well, actually, you are wrong. Every person that has left the firm has been removed just as swiftly.
It isn’t meant to be a slight against the person leaving.
But you are welcome to read into it whatever you please.
Maples needed to look outside for a replacement for Travers –
Arrogance & big ego’s got them into this mess – they all thought they could just step into the main mans shoes – what they didnt get was people like Travers are rare – If they had spent time on a global recruitment exercise and involved Tony in this perhaps they may have found someone and avoided all of this
So why did it take 2 years ?
Did they honestly think they could replace Travers that easily
Not one of these guys appreciated what Tony Travers did to take Maples to the global force it was – the business wasnt what it the minute he vacated his desk for the last time
"Sheree Harrison, Global Director of Marketing also told CNS that there would be no Caymanian job losses at the firm as part of the restructuring process."
Does she not think Jennings and Reddyhough are Caymanians. I thought they were? Have they been replaced with Caymanians? Immigration, where are you? You going to allow two fine Caymanian professionals to be treated like that?
Q.How many people does it take to replace Tony Travers?
A. Don’t ask Maples & Calder because clearly they don’t know and are still struggling to fill the big man’s seat. Travers is allegedly in Australia. We can hear him laughing from here.
Nothing new. Same Maples cutthroat approach that Travers himself was a part of when he ousted Ridley.