Bahamas Landfall: London celebrated 40 years of Independence, bringing a message of the safety and soundness of The Bahamas as a destination for financial services, and also a bit of culture to over 100 attendees comprising lawyers, accountants, intermediaries and friends of The Bahamas. The event was hosted on Monday, June 17, at the exclusive Mandarin Oriental in Hyde Park.
The Bahamas Financial Services Board's (BFSB) Landfall-branded events act as vehicles to update intermediaries in the jurisdiction about new developments in The Bahamas, and also allow The Bahamas to reinforce its brand message as a gateway for wealth and asset management to the Americas and beyond. The London Landfall followed closely on the heels of the Brazil Landfall and briefing meetings in Mexico in May. Upcoming events are planned for Canada, Miami and New York.
In her opening remarks, Aliya Allen, BFSB CEO and executive director, said "Several words should immediately spring to mind when you think about The Bahamas: Mature, progressive, innovative and client-centric. If those words don't spring to mind now, they will after tonight." Allen expounded on the long history of The Bahamas' service offering, the deep and well-diversified infrastructure - both physical and institutional - as well as the pool of talented professionals in The Bahamas.
As the world's attention focused on the G8 summit being held in Northern Ireland on the same day, Allen and Nicola Virgil-Rolle, director of financial services in the Ministry of Financial Services, both spoke strongly about The Bahamas' strong commitment to information exchange as evidenced by its TIEA commitments. They both stressed, however, the need for the G8 to examine its own practices to ensure that all countries without exception were subject to the same rigorous standards that countries like The Bahamas employ. The director in addressing the audience said that in its ongoing relationship building with the international community, "the government will make a very strong case for our continued existence as a reputable financial center".
Following the opening remarks the audience was given a technical briefing on The Bahamas' wealth management services and capabilities. This was led by Nadia Fountain of sponsor firm Higgs & Johnson, which provided practical applications for private trust companies (PTCs), foundations and the Bahamas Executive Entity, all of which are part of The Bahamas, "toolkit" for wealth management planning.
In addition to the director, Allen and BFSB Marketing Officer Janelle Sands, the Bahamian contingent included several cooperating sponsors: Julius Baer, represented by CEO Patrick Feuz, Tiffany Jones and Nicolaus Good; Higgs & Johnson represented by Nadia Fountain; Scotiatrust; RBC Wealth Management, represented by Jeremy Proffitt; ATC Trustees represented by BFSB CEO and Chairman Paul Winder; Bahamas Maritime Authority represented by Executive Director, Commodore Davy Rolle; Dupuch Publications represented by Steve Cotterill; the Grand Bahama Port Authority, and the Ministry of Financial Services, represented by its Director Nicola Virgil-Rolle and Project Officer Charice Rolle.
Also in attendance were Linda Beidler-D'Aguilar of Graham Thompson, who briefed the audience on the new Smart fund 007 and asset management in The Bahamas; and Bryan Glinton of Glinton Sweeting O'Brien, who detailed the highly attractive business, investment and lifestyle options in The Bahamas.
The evening was an ideal opportunity to showcase Bahamian culture, with a small Junkanoo contingent fully attired in colorful costumes provided by Junk-a-noo Bahamas Ltd. and directed by Michael Kirby. BFSB was pleased also to welcome the distinguished presence of Bahamas High Commissioner to the United Kingdom Eldred Bethel and his wife Dawne Bethel as well as their First Secretary Frank Davis.
"London's prominence as a financial center and a hub for structuring has been challenged but not diminished," said Allen. "It will remain an important center for The Bahamas for years to come and the relationships we build and sustain there are critical for ensuring that The Bahamas remains competitive."
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