A delegation is preparing for a business development mission to the Far East next week to promote the Bahamian financial services industry, with Hong Kong, Shanghai and Singapore on its agenda.
Spearheaded by the Bahamas Financial Services Board (BFSB), the Oct. 24 through Nov. 2 promotional tour comes as private sector interest in Asian markets intensifies.  Key Asian economies continue to demonstrate strong growth and generate increasing numbers of high and ultra-high net worth prospects - prime targets for Bahamas-based financial services providers.
"The Asian market with its growing influence and importance to global economic growth increasingly will play a greater role in the development of financial centers in the Americas," said Paul Winder, BFSB's chairman, in a release from the board. "Our strategic plan for the sector recognizes that The Bahamas must be an active player in Asia and therefore it incorporates steps to grow business from this region."
Among the participants who will represent The Bahamas is Bank Butterfield (Bahamas) Limited's Managing Director Julien Martel.  He told Guardian Business the tour should boost the jurisdiction's profile in the promising region.
"Asia in its totality is too important a region for The Bahamas to ignore, and the hope is that this BFSB Landfall event will provide a boost to our visibility as a serious global player within wealth management and financial services as a whole," Martel said.
"Events such as this one are very important to our jurisdiction, especially in times of continued pressure on [international financial centers].  Getting out the important and consistent message that we remain committed to building a successful and compliant financial services industry is key to the global market considering The Bahamas as a jurisdiction of choice."
The first city on the itinerary is Hong Kong, scheduled for October 24 and 25.  The delegation will promote the jurisdiction under two banners there: Bahamas Landfall and Bahamas Advantage.
The Landfall event will highlight the legal and regulatory regimes under which the financial services industry functions, with a focus on private wealth management and asset management products and services, including investment funds.
Martel will promote the jurisdiction as a whole at the Landfall event, but said providers proficient with the right products for the market should benefit from the mission.  One of Butterfield's specialties is the private trust company (PTC).
"I believe strongly that the PTC will be a product of great interest to the Asian market, as it gives the client the ability to direct and take an active role/involvement in the day to day management of the structure," Martel said.  "I'm therefore hopeful that, as we present as an industry body, interest will be shown in such key products, and that Bahamian firms who show expertise in these areas will benefit as a result."
The Bahamas Advantage will focus on business and lifestyle opportunities in The Bahamas, including maritime, transshipment, logistics, residency and financial services.
Shanghai promises great opportunities for the BFSB with its Oct. 26 - 27 visit coinciding with the China Offshore Summit there.  The summit will bring China's leading financial intermediaries together with international financial services providers for an 'in-depth conference' to explore opportunities coming out of China. The BFSB will participate as a panelist at that event, and will host a dinner for select guests.
The Singapore leg of the tour, planned for November 1 and 2, will coincide with the Society of Trust and Estate Practitioners (STEP) Asia conference, where the BFSB will present to an estimated 400 practitioners from throughout the region.
Local participants in the Landfall event include Anita Bain, Dianne Bingham, Geoffrey Hooper, Ivy Cassar, James Stook, John Lawrence, Julien Martel, Osborne Lockhart and Surinder Deal.  Sponsors include ATC Trustees (Bahamas) Limited, Butterfield Bank and Trust, Deltec, Equity Trust, Higgs & Johnson, Scotia Private Client Group, Societe Generale, Windermere Corporate Management Limited and the Winterbotham Trust Company Limited.
The Bahamas Advantage will be sponsored by the Bahamas Maritime Authority and BORCO.
"We appreciate the support of our sponsors and the individuals who are traveling to Asia for this major undertaking," Winder said.  "The promotional trip is a significant investment on their part."

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