Cayman-London Business Luncheon Declared A Success

by Amanda Banks, Tax-News.com, London

03 February 2005

A financial services luncheon held last week in London designed to promote the Cayman Islands financial services industry to a City audience was deemed a success by guests, organisers and sponsors, the Cayman Islands Financial Services Association (CIFSA) has announced.

The luncheon, which was sponsored by CIFSA and organised by the Cayman Islands Investment Bureau in London, attracted more than 85 guests including Mark Simmonds, Opposition Foreign Affairs spokesman; Cheryl Scott, the Treasury’s Head of International Tax Policy; Rab Mackenzie of the Foreign and Commonwealth Office; and representatives from the UK's Financial Services Authority (FSA) including Megan Butler, Head of International Policy and Law.

In addition, the event was attended by prominent members of the financial services community.

“The top names from London’s financial services industry attended and we were able to spread the message about Cayman’s well regulated business environment and promote the complete range of financial services our Islands has to offer,” commented Eduardo D'Angelo Silva, CIFSA Director.

"CIFSA is a relatively new organisation, however in this short time we have had great success with achieving our goal of educating elite opinion and the international media on the high standards of regulation which our Islands uphold,” D'Angelo Silva added.

For Celeste Dias of Barclays, the luncheon represented a useful opportunity to network with fellow industry participants.

“It was attended by very senior people from both London and Cayman. An excellent way to get Cayman's message across to an important constituency in the City,” she noted.

CIMA chairman and principle speaker at the event, Tim Ridley, commented that similar events aimed at promoting the Cayman financial sector will be held in other major financial centres.

According to Mr Ridley, despite the disruption caused by Hurricane Ivan, the Cayman Islands maintained its position as the second leading domicile worldwide for the formation of captive insurance companies, for which 75 new licences were issued last year, bringing the total number of licensees to 693.

“With the total number of captives now writing close to US$6 billion in premium and reporting more than US$22 billion in assets, Cayman remains a domicile of choice,” stated Ridley.

He also explained that Cayman remains the market leader for offshore hedge funds “thanks to its legal and accounting expertise and its regulatory flexibility and efficiency.”

“Last year’s growth rate of 107 per cent resulted in the number of supervised funds exceeding 5,900,” Ridley noted.

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