With international financial centers under "significant pressure", leaders in the industry are urging a focus on emerging markets like never before. Top executives from both The Bahamas and abroad convened at the Goodman's Bay Corporate Center on Friday to discuss this fundamental shift within the context of the upcoming Nassau Conference. Held on October 12 at the British Colonial Hilton, the goal is to provide the financial services industry with an affordable, world-class development and networking experience, according to Jean-Marc Fellay, chairman of the Association of International Banks & Trust (AIBT).
But beyond this educational purpose is a deep understanding by professionals that countries like The Bahamas must better prepare themselves for dramatic changes in how they do business. "International financial centers are under significant pressure from various international bodies and government agencies," Fellay told Guardian Business. "You've seen there is a push for transparency and a push for exchange of information. Financial centers have to evolve in that direction."
Noting there is still a "great future" for leaders in this market, the top executive said even major centers in Switzerland have been impacted. Indeed, clients from the U.S. and Europe, with the rise of new tax and transparency agreements, may no longer be the future of financial services in The Bahamas. "Basically, there is a lot of need for emerging markets and wealth. These countries don't have the framework for asset management. You always have people who want to keep their wealth in a more secured environment, from a political standpoint or financial stability," according to Fellay.
Within this in mind, the Nassau Conference next month is noticeably focused on Latin American markets. A number of speakers, including representatives form Credit Suisse Trust Ltd, Julius Baer Bank and Trust (Bahamas) Ltd, UBS (Bahamas) Ltd and Societe Generale Private Banking (Bahamas) Ltd, are set for roundtable discussions. Ryan Pinder, minister of financial services, was on hand for the announcement of this year's event.
He told Guardian Business that the itinerary is "evidence" of how AIBT is creating a new agenda. Like officials in The Bahamas, this organization is seeking to be "nimble" in its approach to the industry. Later this month, a delegation from the Bahamas Financial Services Board (BFSB) is set for an investment summit in Brazil. Meanwhile, The Bahamas is sending a "significant delegation" to Panama for the STEP Latin American Conference from September 27 to September 28.
"This is not by accident," Pinder explained. "This is part of a united process to identify a key market. The Bahamas is the gateway to the Americas. We have a location that is key and a knowledge base that is key. Now we have to go out and be that." The senior government official also wished to point out the new internship program associated with this year's Nassau Conference.
Approximately 10 Bahamians will be given a paid internship, whereby they will attend the Nassau Conference and receive a summer appointment at one of the international banking institutions associated with AIBT. The candidates will be selected through The College of The Bahamas. Pinder told Guardian Business that the program is the first of its kind and remains in keeping with the government's mandate to train Bahamians in an industry with a great deal of promise.
"We always speak about further training, further Bahamianization, and we speak about financial services being one of the few industries that can provide jobs and clear career paths for Bahamians," he said. "This ability to expose young, aspiring Bahamians to the workings and operations of these international financial institutions goes a long way to fulfilling our mandate." For more information on the conference, delegates can visit www.nassauconference.com.
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