Cayman firms join up to promote finance business

(CNS): Addressing the widespread disenchantment with the financial services industry as a result of the global financial crisis and the subsequent vilification of the offshore industry by powerful political groups, two local financial services providers have joined forces to host a forum in New York. Stuarts Walker Hersant Attorneys-at-Law and RBC Wealth Management say they will be focusing on the issues and opportunities facing private and institutional investors in today’s economic climate.

The seminar is entitled "Offshore Financial Markets Post Madoff", and will be held at the Harvard Club of New York on Tuesday 30 June. Jane Wareham (left), International Legal Consultant with Cay Solutions Ltd, a Canadian affiliate company, is working with Stuarts Walker Hersant to help organise the event.

“We felt that the timing was right for us to host a discussion about the impact of recent events on the financial services industry and in particular the potential impact of governmental and international agency proposals on private and institutional investors,” she said. “We have had a great response rate and expect to engage a number of influential industry figures. The event will also provide a useful platform to help communicate the facts about offshore financial services jurisdictions amidst a lot of negative perception.” 

Deanna Bidwell, Managing Director of RBC Wealth Management, Royal Bank of Canada’s wealth management division, said that clients are increasingly reassessing their banking and investment relationships with their service providers.

“It has never been more important for the banking industry to review the best ways to serve and protect the interests of its clients and demonstrate its commitment to providing solutions to the issues presented by the current financial crisis. We are confident that our forum will prove very beneficial to wealthy investors and their advisors alike, and help educate them about the role of offshore financial services centres,” she added 

The firms said they expect around  90 people at the invitation only seminar. Experts speaking at the event include Timothy Ridley, former Chairman of the Cayman Islands Monetary Authority; Anthony Akiwumi, Head of Litigation at Stuarts Walker Hersant Attorneys; Professor Andrew P. Morriss 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, Baker & McKenzie LLP, New York. 

Global and international taxation developments, the potential impact of proposed US legislation and regulation on offshore financial centres, US litigation issues, and how fund of funds and hedge funds will have to adapt to meet private investors’ expectations are some of the topics on the agenda. The current global financial crisis, increasing attention on offshore banking centres, and high profile fraud scandals such as those involving Wall Street financier Bernard Madoff and Texas Billionaire Allen Stanford will also be discussed.

The two firms said they would also use the event as an opportunity to garner support for Facing Africa, a UK-based charity dedicated to helping sufferers of a devastating flesh eating disease, which affects children in sub-Saharan countries.  Both companies’ involvement in Facing Africa has already raised considerable funds for the victims of the disease, as well as the children’s ward of George Town Hospital right here in Cayman.

Cayman Prep & High School recently raised over two thousand dollars for the project after a presentation about the infection by seven-year-old Tiggi (Jane Wareham’s daughter) at a morning assembly last month. “We asked all the students to donate at least two dollars, a toy or some clothing.  In return, we all got to wear our own clothes instead of our uniform for the day” Tiggi explained. “We also gave away t-shirts to help promote the cause”.

“We are delighted with the results of our efforts and deeply grateful to our corporate supporters for their generous donations,” said Jane Wareham, “We have engaged in an initiative with the children’s ward at George Town Hospital in which local children will also share in the proceeds of our fundraising activities.  We have some exciting plans for the future, which include a road race and special hospitality events.” 

More information about the seminar, including the event agenda and speaker biographies can be found at www.caymanseminar.ky.