The British Virgin Islands Financial Services Commission has this week formally confirmed the appointment of a new director of investment business.
The BVI regulator announced that Brodrick Penn succeeds Ruth Chadwick in the post. Chadwick headed the BVI regulator's investment department from 2002 until last year.
As director, Penn is tasked with regulating and supervising mutual funds and investment business in the British Virgin Islands. He will also assist in the development of the regulatory regime for investment business in the BVI.
Penn has worked in the area of mutual funds and investment business for more than 10 years, initially working as the assistant registrar of mutual funds with the Financial Services Department, the predecessor to the FSC.
In 2001, he was appointed to act in the post of Registrar of Mutual Funds. He acted in that capacity until June 2002 and thereafter assumed the role of Deputy Director of Investment Business.
Penn also recently completed a five-month secondment in Dublin with GAM Fund Management Ltd., a leading fund administration company which forms a part of the GAM Group.
Commenting on his appointment, Penn stated: “I have had the pleasure of being intricately involved in the regulatory regime for mutual fund business in the BVI since its infancy. Consequently, I am pleased to have noted that even as global financial services businesses continue to evolve within a competitive market, investment business here in the BVI has shown a resilience to grow steadily."
Robert Mathavious, Managing Director/CEO of the FSC, has welcomed Penn's appointment, commenting that: “Brodrick brings a wealth of knowledge and experience to this position. His expertise across a wide range of regulatory issues in the financial services arena will be extremely valuable for the FSC as we face more complex issues working with partners inside and outside of the BVI. He has and will continue to be a valuable asset to the FSC and the financial services industry in the British Virgin Islands.”
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