FOR IMMEDIATE RELEASE
IBFS Provides Industry With Frank Overview of Issues and Opportunities
Nassau, Bahamas – February 9, 2015: The Bahamas Financial Services Board (BFSB) has wrapped up its latest
International Business & Finance Summit (IBFS), an event targeting leading stakeholders in the sector. The 2015
IBFS was held at the Grand Lucayan resort in Grand Bahama, February 5-8, attracting 130+ industry practitioners,
regulators and government ministers and other public sector officials.
Prime Minister the Rt. Hon. Perry Christie, M.P. addressed delegates and guests at a CEO Dinner on February 5.
The following morning, the Hon. Hope Strachan, M.P., Minister of Financial Services, provided an overview of the
state of play in global financial services and used the opportunity to speak about some of the programmes her
Ministry is launching to continue with promotion and development of the sector. .
The Minister kicked off more than thirteen different sessions around a central theme of “Creating a New Legacy”.
The Hon. Fred Mitchell, M.P., Minister of Foreign Affairs & Immigration, addressed the luncheon session on
February 6, outlining policies relevant to the financial services sector. He affirmed that government is keenly aware
of the balance needed between enforcement of the laws and the welcoming nature that must be a part of the
jurisdiction. In this context, the Minister noted the work already in progress with the financial services sector on
both improving the range of products and efficient delivery of services. The Minister acknowledged that there is
need for a national discussion on immigration matters, including citizenship. For the present, economic citizenship
is not on the table but permanent residence on an accelerated business remains a product which we offer, he said.
CEO Aliya Allen said the theme chosen this year was very much in line with earlier themes of Staying Ahead of the
Game and Survival of the Fitness. “IBFS 2015 looked at how IFCs are navigating the winds of change, ever in pursuit
of the level playing field, examined this jurisdiction’s building blocks for a new legacy, and reviewed how tradition
can interweave with innovation for customized client solutions”, she said. “Without a doubt, successful centres
must embrace the need to adopt successful strategies that exploit the competitive dimensions that make a
difference in attracting and retaining business.”
An interactive panel moderated by the Ms. Allen and comprising Brian Moree, Q.C., Senior Partner, McKinney,
Bancroft & Hughes and David Munoz, CEO, Deltec Bank & Trust Ltd. immediately followed the introductory session
with the new Minister of Financial Services on February 5. Panelists discussed The New Legacy from the
perspective of The Past, The Present and the Future – with particular focus on defining the vision and the next
steps on the journey ahead.
Ivan Hooper, CEO, The Winterbotham Trust Company, moderated the next session entitled Tax & Information
Exchange: The Reform Agenda - Navigating the Winds of Change, where Mark Bridges, Partner, Farrer & Co. (UK)
examined the global context of the current debates surrounding the issues of Tax and Information Exchange, and
looked at this both in terms of the historical position, and how The Bahamas can be a prominent player in the
future. Jean-Philippe Krafft, a Wealth Planner from Pictet Group, Geneva explained the Swiss perspective on
automatic exchange of information. He outlined the challenges of this new OECD standard and how Switzerland is
responding.
Michele Y. Thompson, Country Managing Partner, Ernst & Young was the moderator for the panel on Immigration
- Tool for Business & Economic Development, which focussed on Global Citizens and the Rise of Investment
Immigration Programmes. David Friedman, President, Wealth-X and Christopher Willis, IMCM, RCIC, Managing
Partner, Henley & Partners Caribbean Ltd. spoke to this topic, discussing various programmes relating to residence
and citizenship and evolving due diligence requirements. They were joined by John Christie, CEO, H.G. Christie Ltd.
whose presentation on Redomiciling in The Bahamas covered the value offerings in the second home market,
particularly for HNWIs.
Regulation & Compliance - The Culture of Compliance was the focus of the session moderated by Industry
Consultant Philip Stubbs and which featured Helen Hatton, Managing Director, Sator Regulatory Consulting and
David A. Javdan, Managing Director, Alvarez & Marsal Holdings, LLC. Panellists discussed whether clients are
attracted to jurisdictions with strict regulatory regimes and whether there is a clash of ideology where a client
wants low regulatory standards, yet also wants his service provider to deliver best practice administration and
fiduciary care. Both stressed the importance of getting the balance right. Also covered in this session was
corporate governance, with an emphasis on risk management, risk review functions, and governance and
structure. Noting the need for the right tone at the top, it was pointed out that never before has the linkage
between strategy, risk management, and regulatory risk been greater.
Joseph A. Field, Of Counsel, Withers Bergman LLP/Withers LLP and Steven Wang, Partner-Wealth Planning Team,
Duan & Duan (Hong Kong) spoke on Succession Issues In China, looking at it from the viewpoint of “Opportunity
and Challenge”. Specifically covered was the growth in demand for succession plans for HNWIs in Mainland China,
how private banks there meet such demands, and what these trends mean for offshore jurisdictions and service
providers. This session also provided the opportunity for an overview of China, its various engines for growth and
its t wealth and outward investment trends – all in the context of the US and The Bahamas.
Perhaps one of the most anticipated sessions was the one on “Promoting a Culture of Entrepreneurship within
the Financial Services Industry: Challenges, Opportunities and Imperatives.” Here, Moderator Wendy Warren,
Managing Director of Caystone Solutions, led discussions by Kenwood N. Kerr, Founder, President & CEO,
Providence Advisors Ltd. and K. Jonathan Rodgers (Dr), President, Transfer Solutions Providers Ltd. (TSP). They
maintained that a dynamic approach to the encouragement of entrepreneurship in financial services is the key to
long term stability and growth of the industry in The Bahamas. They warned against complacency in providing back
office or administrative activities in The Bahamas, promoting instead the creation of a “solution-oriented” industry
- considered essential for sustaining the sector going forward. In order to broaden the industry and build a solid
foundation from which future generations of Bahamians can reap benefits, the Government, BFSB, and indeed
industry as a whole, were encouraged to create an environment that fosters and encourages entrepreneurship in
the financial services industry. Each speaker outlined personal experiences on their road to entrepreneurship.
Ronald Alsop, renowned author of “The Trophy Kids Grow Up: How the Millennial Generation Is Shaking Up the
Workplace” headlined the session on Creating & Sustaining a Culture of Innovation - Millennials in the
Workplace. His presentation focused on the value added proposition of engaging millennials and steps that
employers should be pursuing. It is estimated that this year millennials are set to become the largest percentage of
the workforce for the first time.
Speaking on Saturday as part of the “Building Blocks” segment of IBFS, Robert McGraw, Principal, KPMG Financial
Services Advisory in New York presented “The Road to Sustainable Growth in Wealth Management”. He
highlighted challenges facing the wealth management sector, from the perspectives of the customer, shareholder,
and regulation and compliance. He said factors such as changing customer demographics, undifferentiated product
and service offerings, generational and wealth shifts, digitalisation of wealth management all make it imperative to
pursue new operating and service models to ensure growth.
Private Wealth Consultant Katie Louise Booth and Rose Chamberlayne, Partner, Wiggin Osborne Fullerlove took a
look at “The Continuing Evolution of the Dynamic but Sometimes Misunderstood Family Office“. They spoke to
trends following the financial crisis, future challenges, and the positioning of The Bahamas to take advantage of
opportunities that have arisen from some of these challenges..
Brian Jones, Managing Director of Deltec Fund Services addressed participants on “The Investment Condominium
(ICON) and its Place within The Bahamas’ Investment Funds Landscape”. He specifically addressed issues such as
why fund sponsors and promoters choose a particular fund domicile, and what makes The Bahamas special in this
regard. The bulk of his presentation focussed on the ICON, the Bahamas’ new structuring vehicle that can be
licensed as a SMART Fund, Professional Fund or Standard Fund.
Moderator Sanchez Brooks, Underwriter, Summit Insurance Co. Ltd. facilitated presentations and discussions by
panelists Peter Strauss, Managing Member, The Strauss Law Firm, LLC (South Carolina) and Carlos Rodriguez, CEO
of Arthur J Gallagher Colombia Re (Colombia) on Positioning The Bahamas as a Domicile of Choice for Captives.
Both spoke to the growing reputation of this jurisdiction as a centre for captive insurance planning, and how the
recognition is garnering attention from across the globe. Discussions also included an overview of the strong
growth of the captive market in Latin America, with an emphasis on how this can work to the advantage of The
Bahamas.
The last formal session of IBFS 2015 saw Gina M. Pereira, Founder, Dana Philanthropy speaking to Global
Philanthropy Opportunities. She said banking and wealth management developments, global business trends, and
global trends in philanthropy all have created a strong value proposition for offshore charities, arising for example
from the expertise in cross border transactions and international wealth planning and fiduciary services. She
encouraged BFSB to create a New Legacy for The Bahamas through philanthropy which she said would enhance
the nation’s profile as a market-leading innovator, promote collaboration across sectors to develop an efficient
and strategic global charitable offering, and redefine the value proposition of The Bahamas in the international
wealth management industry.
In wrapping up the event Prince Rahming, BFSB Chairman, pointed out that the financial services landscape
continues to evolve. “No matter the diversity of changing trends, they all result in transforming what clients expect,
he said. Consequently, IFCs and the service providers within them have become accustomed to “reinvention” and
meeting the challenge to develop value proposition for competitive positioning. The Bahamas has been well
positioned in terms of its broad toolkit of products and services but has not been immune from having to take a
more holistic view of its financial and international business sector.” CEO Aliya Allen concurred, adding that the
discussions arising from the various IBFS sessions complement the “informed” data culled from a BFSB Board of
Directors Retreat earlier in the year. Combined, these will assist the Board in fine tuning its programme of work in
the year ahead.
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Info Contact:
Aliya Allen, CEO & Executive Director – email: info@bfsb-bahamas.com