Archive for September 16th, 2008
Facing the regulators
(CNS): Top regulatory experts will feature in a new half day seminar to be held at the Ritz Carlton in October entitled “working with your financial regulator”. The seminar will feature Tim Ridley, former Chairman of the Cayman Islands Monetary Authority, Ross Delston, former US Federal Regulator and Co-Chair of the American Bar Association’s International Anti-Money Laundering Committee, and Paul Byles (left), former Head of Policy of the Cayman Islands Monetary Authority.
The seminar is being organised by new financial services training firm FTS and has a hands-on focus to help industry practitioners manage their relationships with regulatory bodies such as the Cayman Islands Monetary Authority.
“It is a unique seminar for the Cayman Islands because the focus is on not only how to manage relationships with regulators and expectations but how to best prepare for and handle an onsite inspection by the regulatory body” said Byles.
One of the highlights of the half day event will be a special presentation by Delston (right), a widely respected international consultant, who will deliver a hands-on presentation on how to prepare for an onsite inspection by the regulator, including dealing with the inspection afterwards. Delston comes highly qualified on the topic as he has carried out numerous onsite inspections in his former role with the United Stated Federal Reserve and will reflect on some of these experiences.
The event will not only be valuable to compliance professionals and internal auditors, but also has direct relevance to senior management. For example, Ridley (left) will make a presentation on understanding the interface between the responsibilities of the regulator and those of the financial institution.
“The idea is to discuss where lines should be drawn regarding responsibilities and to help institutions minimise expectation gaps regarding roles” said Ridley.
The seminar is being held on 15 October at the Ritz Carlton. Participants are encouraged to register early at 623-6712 or seminars@fts.ky as spaces are limited to 100 persons.
Butterfield gains with merger
(CNS): The Bank of NT Butterfield & Son Limited today announced that it has completed the merger of its Bermuda-based and international Fund Services businesses with those of Fulcrum Group to form the new company, Butterfield Fulcrum Group. The Bank will realise a gain of approximately $115 million on the transaction in the third quarter of the current financial year.
Butterfield Fulcrum Group has a significant presence in fund administration globally, ranking in the top ten among independent alternative asset fund administrators. It has approximately $100 billion in assets under administration from close to 1,000 funds, and 400 employees in ten locations across nine countries.
The strategic agreement to merge Butterfield Fund Services and Fulcrum Group was announced on 5 August 2008, subject to regulatory approvals in multiple jurisdictions. All required approvals have now been received and the transaction has been completed as planned.
Butterfield retains a substantial ownership interest in Butterfield Fulcrum Group, in excess of 40% (on a fully diluted basis). Alan Thompson, President and Chief Executive Officer, and Graham Brooks, Executive Vice President, International at Butterfield, will be Directors on the Butterfield Fulcrum Group Board.
Mr. Thompson said, “We are pleased that we were able to complete the strategic merger of Butterfield Fund Services with Fulcrum Group in such a timely manner. With our significant ownership stake, Butterfield Fulcrum Group provides the Bank with a platform for continued participation and growth in the field of international fund administration. In addition, this transaction allows us to unlock for shareholders the significant value that we have built up in Butterfield Fund Services over the years.”
Mr. Thompson added, “I would like to express my thanks to everyone at Butterfield and Fulcrum, along with our advisers, for the excellent work they’ve done in establishing Butterfield Fulcrum Group. The new company will offer customers enhanced services, improved technology and the benefits of added scale. With tremendous growth prospects, Butterfield Fulcrum Group also presents fund administration employees with expanded opportunities.”
Scotiabank sponsors Cayman youth sailing
(CNS): For the second consecutive year, Scotiabank is the title sponsor for the Cayman Islands Youth Sailing Championship. Scotiabank has donated CI$3,000 for the regatta, which will take place on 1 and 2 November 2008 at the Cayman Islands Sailing Club. The regatta will be sailed in various different sailboats and will determine the best youth sailors for each class of boat. (Photo: Shane Ebanks from Scotiabank presents a cheque to the CICS sailing director Michael Weber)
It will be run over two days and includes at least eight races, a youth social event and a BBQ, and each competitor will receive a regatta t-shirt.
Michael Weber, the CICS Sailing Director, said, “I am grateful for Scotiabank’s continued support for youth sailing. This regatta is not only the most important competition of the year for youth sailors, but it is also a celebration of the popularity and growth that we’ve seen in youth sailing over the last few years. It is because of sponsors like Scotiabank that we are able to continue to offer fun sailing events to Cayman’s youth.”
The regatta is open to all youth sailors under the age of 18 with prior sailing experience. Registration and boat hire is now open and interested sailors can contact Michael Weber at sailing@sailing.ky to register.