Isle of Man headquartered SMP Partners Group has acquired offices in the Cayman Islands and Barbados following completion of its purchase of Royal Bank of Canada’s trust, fund administration and custodian business in the Caribbean.
European IFA network Nexus Global (NXG) has expanded to Latin America with the addition of EBG International, a Chile-based advice firm that focuses on the financial planning needs of international executives across the region.
The Cayman Islands will gazette two pieces of legislation before Christmas that will pave the way for the jurisdiction to create a platform where overseas authorities can access information on the beneficial owners of companies and other financial entities.
The Cayman Islands has been added to Italy’s “good tax governance” whitelist, marking a positive step forward for the islands’ financial services industry in Europe, according to Jude Scott, chief executive of Cayman Finance.
Life company consolidator Phoenix Group plans to close its Cayman Islands holding company and set up a new operation in the UK.
A former Julius Baer banker accused of passing sensitive data to WikiLeaks has been given a 14-month suspended sentence after a Zurich court turned down prosecution demands that Rudolf Elmer be convicted of breaching Swiss bank secrecy laws despite being based in the Cayman Islands, according to media reports.
The UK Treasury is on the hunt for a director general to help navigate the post-Brexit landscape, Axa Investment Managers has added to its UK equities desk, while Brooks Macdonald has strengthened its Channel Islands team.
Aviva Investors has named an interim replacement for its Asia Pacific chief executive. BNY Mellon has announced two senior investment services promotions in EMEA, while HSBC Private Bank has named a business head for North America.
Cayman Islands-based DMS Bank Trust and British Virgin Islands-domiciled CWM are being sued by 318 victims of an alleged £50m ($65.9m, €59.7m) investment fraud.
The Gibraltar Financial Services Commission (GFSC) has signed an agreement with the Cayman Islands Monetary Authority (Cima) on the oversight of alternative investment fund managers.
A bill to replace the Cayman Island’s controversial ‘secrecy law’, which would remove criminal sanctions for the unlawful disclosure of information, has been submitted to the jurisdiction’s legislative assembly.
The Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM) signed a memorandum of understanding with the Cayman Islands Monetary Authority on Thursday.
