IFC news round up and industry moves

Date: 03 May 2023

Karen Jones

Citywealth editor, Karen Jones curates a round up of IFC news and key London moves. One highlight in the Isle of Man is Boston Multi Family Office having acquired Fedelta Trust in the Isle of Man.

Cayman

• Tom Mylott joins Highvern as Head of Operations in its Cayman team. He was formerly a consultant and partner and head of the Caribbean trust and private client practice at Collas Crill

• Maples law firm wins AML case against ‘over zealous’ regulator CIMA. (The Cayman Islands Monetary Authority). Maples Group is a multi-jurisdictional firm providing legal and financial services, headquartered in the Cayman Islands. As doing business becomes more complicated with AML rules, regulators must expect more challenges. https://caymannewsservice.com/2023/04/maples-wins-legal-battle-over-cimas-aml-rules/

Bermuda

• Cryptocurrency exchange Coinbase, announced a launch in Bermuda led by Walkers. The new company is currently limited to non-U.S. institutional users who will only be able to trade bitcoin and ether perpetual futures. Walkers acted as lead legal counsel to Coinbase Bermuda Limited for a Class F digital assets business license from the Bermuda Monetary Authority. Partner Natalie Neto said, “We are excited that Coinbase has chosen to establish an operating presence in Bermuda.” Walkers also attended one of the biggest crypto conference shows of the year Consensus2023 in Austin, Texas consolidating their push in crypto.

• The Bermuda Monetary Authority (BMA) has announced that it has appointed Toby Mason as the Authority’s next Chief Operating Officer (COO). In the role, he will report to Deputy Chief Executive Officer, Shanna Lespere. Mason spent 20 years at American Express and other financial organisations in various leadership roles in London, New York and Singapore.

Jersey

• KPMG celebrates 50 years in Jersey. “We are thrilled to be celebrating 50 years of operating in Jersey”, said Andrew Quinn, KPMG’s Managing Partner. “To mark this significant milestone, KPMG will be hosting a range of events and initiatives throughout the year.”

Guernsey

• Guernsey Funds Forum sponsored by JTC will be on Thursday 11 May and will focus on ‘The Future of Funds’, discussing first-time funds managers, emerging asset classes, fund distributions and the hurdles faced in different geographic regions. Thursday 11 May 2023. Time: 12:00 – 19:00. It is a well-attended event and worth a visit.
• Alison Ozanne, Partner and head of the Guernsey Dispute Resolution team at Walkers joins the Citywealth editorial board https://www.citywealthmag.com/citywealths-editorial-board/

Isle of Man

• Boston Multi Family Office announces acquisition of Fedelta Trust Limited. This latest deal will see the existing Fedelta team, led by Steven Quirk and David Brew, move to Boston’s offices. Commenting on the acquisition, Katherine Ellis said, “We are delighted to welcome the Fedelta team to our premises and look forward to working with them.” Fedelta Trust Director Steven Quirk added, “During our discussions with Katherine and Alex, it became apparent at an early stage that they, and the wider team at Boston, have a like-minded approach. This was important to us and will provide our clients and staff with a strong foundation for the future.” The acquisition is supported by Horizon Capital, new financing partner for Boston. Commenting on the acquisition, Adam Lewis, Partner at Horizon Capital, said, “We are delighted to support the acquisition of Fedelta having recently completed our investment into Boston. This is the first of several planned strategic acquisitions.” Boston Multi Family Office was founded in 2002 and has offices in the Isle of Man and Malta.

London moves

• Richard Jordan, Partner, just moved to Trowers and Hamlin from Gateley Legal
• Dhana Sabanathan joins Michelmores and celebrates with a party in their new Liverpool Street offices. She was formerly partner at Winckworth Sherwood and McDermott Will & Emery. She specialises in tax and estate planning.