At a time of international dissatisfaction with the global financial services industry, now seen by many as the result of reckless behaviour by some with an appetite for unlimited risk; investment decisions executed by individuals that displayed levels of greed beyond regulation; a global economic crisis so extreme that trustees of collapsed firms are forced to sue their investment advisors for billions of dollars and the vilification of the offshore industry by powerful political groups determined to divert attention, two well respected Cayman Islands financial service organisations decided to launch an initiative of their own.
Stuarts Walker Hersant, Attorneys at Law and RBC Wealth Management joined forces to present a seminar event designed to appeal to private clients and institutional investors held at the prestigious Harvard Club of New York, New York City on Tuesday, 30 June, 2009, headed ‘Offshore Financial Markets Post Madoff: Challenges, Opportunities and Solutions for Private and Institutional Clients’.
“With commercial real-estate loans predicted to generate losses of $100b by the end of next year at over 900 small and midsize US banks, clients are reassessing their banking and investment relationships. The environment is becoming increasingly litigious with no hesitation on the part of investors to sue for negligence and misrepresentation. Size no longer provides comfort and many are now motivated to take greater control of their affairs. We hope that the seminar will provide answers for advisors and wealthy clients alike and provide genuine information as to the involvement of the offshore financial industry in its attempt to facilitate efficient transactions from a neutral base.” Jane Wareham, International Legal Consultant, Cay Solutions Limited.
Organisers of the event, Deanna Bidwell, managing director, RBC International Wealth Cayman and Jane Wareham, International Legal Consultant, Cay Solutions Limited, a corporate and administrative services company located in British Columbia and an affiliate of Stuarts Walker Hersant, approached leading academics based in New York City and Chicago, including Professor Andrew P. Morriss of The H. Ross & Helen Workman, Institute for Government and Public Affairs University of Illinois, Professor Houman B. Shadab, Senior Research Fellow, George Mason University, Mercatus Center and associate professor of law at 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 with a view to providing an afternoon of discussion on the current global financial crisis, fraud scandals that have elicited public outrage involving Wall Street financier Bernard Madoff and Texas Billionaire Allen Stanford, amongst others, the increased attention focussed on offshore banking centres and the potential impact of proposed US legislation and regulation of offshore centres.
“With the wealthiest of families now questioning their relationships with the large, universal banks that have traditionally dominated the wealth management industry, we believe the time is right to promote the solidity synonymous with RBC and to show the seriousness with which we view the current crisis and our solutions to ensure our clients are well served and protected.” Deanna Bidwell, Managing Director, RBC Wealth Management, Cayman Islands.
The above was joined by the former Chairman Cayman Islands Monetary Authority and Attorney at Law, Cayman Islands, Timothy Ridley, whose recent presentation at the Cayman Islands Bankers Association event was well received and considered a valuable contribution to the continued development of the financial services industry in the Cayman Islands and Anthony Akiwumi, Head of Litigation at Stuarts Walker Hersant who has built a reputation handling high profile complex cases will present on the topic of current litigation, global challenges and the requirement to adapt to meet private investors expectations.
Speakers focussed on US litigation issues and international tax developments relevant to private clients with an emphasis on US, UK and EU implications for internationally based clients.
The agenda, speaker biographies and seminar materials can be found at www.caymanseminar.ky.
Stuarts Walker Hersant and RBC Wealth Management, Cayman Islands are pleased to support the organisation Facing Africa, a UK based registered charity, information on which can be found at www.facingafrica.org, together with the Children’s Ward at the George Town Hospital, George Town, Grand Cayman.