cayman national bank global wealth management solutions
TRANSCRIPT
Global WealthManagementSolutions
CAYMAN ISLANDS | DUBAI | ISLE OF MAN
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Cayman NationalTraditional values in the modern world
2 Peter A. Tomkins, MBE (1931 -2013)
In 1973 the dream of creating a financial services group for the Cayman Islands became a reality, with the incorporation of Cayman National Bank and Trust Co. A financial institiution owned by the Caymanians for Caymanians was the rather ambitious idea of its founder, Mr. Peter Tomkins, and a group of supporting prominent local business people.
Peter Tomkins, Founder
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ContentsProduct and Service OverviewWelcome to Cayman National ...............................................4
The Cayman National Group ..................................................6
Time... where does it go! .............................................................8
The Isle of Man a jurisdiction of choice .........................10
A very personal approach ......................................................12
Banking Services .........................................................................14
Fiduciary Services .......................................................................16
Fund Administration .................................................................18
Contact us .......................................................................................58
Detailed specifications and information
Family office ..................................................................................20
CN Sea ................................................................................................22
CN Aviation .....................................................................................26
Banking .............................................................................................30
Company Administration Services ...................................36
Trusts & Foundations ...............................................................42
Frontline Philanthropy ............................................................48
Fund Services ................................................................................50
Custodial Services ......................................................................56
The ‘small’ print ............................................................................60
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Welcometo Cayman National
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Global wealth management solutions based on traditional values...
Colosseum in Rome, Italy
Capable of seating 50,000 spectators, the Colosseum was used for gladiatorial contests and public spectacles such as mock sea battles, animal hunts, executions, re-enactments of famous battles, and dramas based on Classical mythology.
Built around the sound principles of a highly personalised, flexible and responsive service, scrupulous attention to detail and total discretion, the Cayman National Group, established nearly 40 years ago, has extensive experience in personal and corporate banking, fiduciary administration, trust and company management, wealth management and fund administration services.
Our portfolio of clients range from wealthy individuals and their families through to entrepreneurs, smaller companies, investment business, financial intermediaries and charitable concerns.
Cayman National’s offices are located in the Isle of Man, the Cayman Islands and Dubai. Our international network of offices covers the principal time zones and we operate together as one firm providing reciprocal support and expertise to each other.
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Machu Picchu, Peru
Also known as “The Lost City of the Incas”, Machu Picchu has become not only a symbol of the Inca Empire but an important tourist attraction. In Quechua language Machu Picchu means ‘Old Peak’. This Old Peak has been locally known for centuries until the American Historian rediscovered the site and brought it to worldwide attention. Maps found by historians show references to Machu Picchu as early as 1874.
Welcometo the Cayman National Group
Our heritage
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Cayman National Corporation was established in the Cayman Islands in 1974. For nearly forty years Cayman National has provided its customers with a full range of domestic and international financial services. Through various subsidiaries the group is able to meet virtually any of your personal or business financial objectives - online banking, investment services, trust services, company formation, administration and management, fund administration and premier banking.
The principal operating subsidiary, Cayman National Bank Limited, is the prominent retail banking group in the Cayman Islands employing over 300 members of staff, with the largest number of branches and the only bank represented on all three Cayman Islands. It also boasts the largest ATM network in the Islands.
It holds a Class ‘A’ unrestricted bank and trust company licence – the highest level authorisation granted by the Cayman Islands Monetary Authority.
As an integrated business, we aim to provide a wide range of financial services to local and international clients, currently from our locations in the Cayman Islands and the Isle of Man, with a representative office in Dubai.
Cayman National Corporation Ltd is publicly owned, with its shares trading on the Cayman Islands Stock Exchange. The independence of the group is maintained by a requirement that no single shareholder, or closely associated group of interests, may hold more than 10% of the Corporation’s shares.
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Time...where does it go!
Cayman National Bank and Trust Company Limited (CNB) opened for business.
Caymanx Trust Co Ltd was established in the Isle of Man, becoming CNC’s first venture overseas.
Cayman General Insurance began operations. Cayman Overseas Bank and Trust Co Ltd became Cayman Overseas Trust Co Ltd, standing at arm’s length from any bank activity conducted by Cayman National Bank.
1974
Corporate reorganisation took place. Cayman Overseas Bank and Trust Company and Cayman National Securities Ltd were formed as wholly owned subsidiaries of the holding company to carry on trust and corporate management business and stock broking respectively.
1976 1984 1985
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Caymanx Trust Co Ltd received authority to add deposit-taking activity to its trustee and corporate management operations, while, in Cayman, all subsidiaries upgraded equipment - especially computers - and a modern teller system.
Cayman National Bank issued its own MasterCard credit card, which was the only international credit card issued locally. Bought two acres of land in George Town - the site for the group’s future headquarters. Opened an office in Little Cayman.
1986
Growth and another record profit for the thirteenth consecutive year pushed the balance sheet the CI$100 million mark.
CNB became a full member of both the MasterCard and Visa organisations with a view toward issuing its own credit cards. Caymanx Trust Co Ltd was granted a full Banking Licence.
1987
1991
1989
1993Profits reached a new record of more than CI$3 million.
1998
1999
Cayman National Stock listed on Cayman Islands Stock Exchange
Cayman National celebrated 25 years of successful operations Introduced Cayman
In-Touch (telephone banking),Cayman Global (Internet banking) and 2 off site Self Service Centres.
2002
2006Cayman National Stock commenced trading through the Cayman Islands Stock Exchange on the 7th November. A re-branding of the Isle of Man business took place to better reflect the Group. Cayman National Fund Services (Isle of Man) Limited was incorporated offering fund administration services out of the Isle of Man.
2009Cayman National’s 35th Anniversary
2008Cayman National (Dubai) Ltd , to be located in the Dubai International Financial Centre, received a licence to operate in that country.
2012For the 3rd time, Cayman National Bank has been named “Bank of the Year 2012 - Cayman Islands” by The Banker Magazine (Financial Times).
The Isle of Man
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A jurisdiction of choice
Cregneash, Isle of Man
Set up as a living museum in 1938, Cregneash Village in the south of the Isle of Man preserves the traditional Manx upland crofting community with thatched cottages and a working range of crafts and trades such as horse powered farming, weaving, wood turning and black-smithing.
Why the Isle of Man?In the increasingly challenging world of global financial services, we believe that clients and their professional advisers seek a stable secure environment in which to transact their business.
The Isle of Man is an established international finance centre supported by a modern infrastructure. The Island’s financial services is diverse, with the main activities being banking, life and captive insurance, fund management, trust and fiduciary business, aircraft and ship management and e-commerce. These activities are supported by a professional services sector that boasts international banks, accountancy practices and a wealth of experienced legal firms, plus excellent telecommunications facilities. With a sovereign Triple ‘A’ rating from Moody’s, AA+ from Standard & Poor’s, it has also been recognised by the IMF as a well-regulated offshore Finance Centre of excellence.
The Isle of Man aims to be economically competitive yet internationally responsible. It is committed to international standards of tax transparency and helped develop the OECD template for tax information exchange agreement (TIEA). This commitment to openness has earned the Isle of Man a place on the OECD ‘white list’ of countries. Responding to evolving world standards, the Island moved to the automatic exchange of tax information on savings, under the EU Savings Directive, in 2011. Since then, the Isle of Man Government has remained at the forefront of efforts to put in place tax co-operation agreements. The Island was one of the first low tax centres to enter into discussions with the USA in order to implement FATCA through an inter-governmental agreement, and was the first British territory to agree to equivalent information exchange measures with the UK.
The Isle of Man Government remains committed to promoting the Island as an open, transparent and well-regulated jurisdiction and to enhancing its standing in the global community. Cayman National supports these initiatives and believes that the Isle of Man offers an attractive location for clients and their advisers, whatever the nature and scope of their business requirements.
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A very personal approach
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We take your individual needs seriously
The Great Wall, China
In c. 220 B.C., under Qin Shi Huang, sections of earlier fortifications were joined together to form a united defence system against invasions from the north. Construction continued up to the Ming dynasty (1368–1644), when the Great Wall became the world’s largest military structure. Its historic and strategic importance is matched only by its architectural significance.
Where other banks and wealth managers like to fit you into their ‘off the shelf’ products and requirements, at Cayman National we take your individual needs very seriously. We endeavour to build solutions that are based upon your unique circumstances. It is these values of traditional, personal service that sets our business offering apart – that and our meticulous attention to detail.
Welcome to a new level of personalised wealth management...welcome to Cayman National.
• Banking Services• Fiduciary Services• Fund Administration Services
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Banking Services
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The Gherkin, London
30 St Mary Axe (formerly the Swiss Re Building, and informally also known as the Gherkin) is a skyscraper in London’s financial district, the City of London, completed in December 2003 and opened at the end of May 2004. With 41 floors, the tower is 180 metres (591 ft) tall, and stands on the site of the former Baltic Exchange.
The building has become an iconic symbol of London and is one of the city’s most widely recognised examples of modern architecture.
Discretion and attention to detail, the traditional values
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Clients and their financial advisers choose us because we offer an attentive and responsive style of service that is increasingly difficult to obtain from larger, often impersonal financial institutions. Clients rely on us for scrupulous attention to detail and total discretion, and they expect innovative and effective solutions to their banking requirements.
We offer a high quality and responsive service achieved through efficient professional management and a detailed knowledge of the client’s affairs. Personal yet professional banking, as it used to be!
Our banking services include:
• Call, notice and fixed deposit accounts in all major currencies• Worldwide multi-currency money transmission service • Secured lending• Specialist lending, including cash backed loans• Fiduciary Deposits• Spot and forward Foreign Exchange• Online Banking
Fiduciary Services
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The Old City of Jerusalem and its Walls, Israel
The Old City and its Walls are a UNESCO World Heritage Site. This tiny ancient city is home to holy sites for Jews, Christians, and Muslims, and is truly breathtaking. Between the historic monuments that can be found here, some of the most significant are the 7th century Dome of the Rock, The Wailing Wall and Christ’s tomb in the Church of the Holy Sepulcher.
Effective solutions managed by professionals
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It is essential that International financial structures, particularly those put in place for efficient taxation planning purposes, receive correct and proper administration.
Cayman National have experienced and qualified international fiduciary services professionals who provide a wide range of products and services, from simple asset protection to complex structures. Our skill in creating flexible wealth structures, together with our knowledge of legislation in various jurisdictions around the world, enables us to design the most effective solution for our clients’ needs.
Our range of fiduciary services include:
• Formation of Trusts and Trusteeship services• Incorporation and management of Companies incorporated in the Isle of Man and other jurisdictions • Establishment of Foundations in the Isle of Man or other jurisdictions• Family Office services• In house accounting• Completion and filing of VAT and Tax Returns• Aircraft and Yacht registration, management and operational support • Trading companies and associated VAT (EU Sales Tax) administration
Fund Administration
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Notre Dame, Paris
The Notre Dame Cathedral is a Gothic, Roman Catholic cathedral and it is considered one of the best examples of French Gothic architecture in Europe. Its construction began in 1163, during the reign of Louis VII and was partly completed by 1250. The cathedral is visited by approximately 13 million people each year, making it the most visited monument in France, beating even the famous Eiffel tower.
Tailored solutions
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Since 1989, the Cayman National Group has been providing comprehensive and cost-effective fund administration services to a global client base.
From our offices in the Cayman Islands and the Isle of Man we offer a compelling administrative proposition to alternative investment funds, whether open or closed ended, to family office structures and to similar complex wealth management structures.
We are able to complement our fund administration services with a banking, custody and fiduciary capability to provide a “one-stop” solution for clients and their investment vehicles.
For comprehensive fund administration, we can assist you in:
• Establishing new fund structures• Providing ongoing administration, banking, accounting and investor reporting services• Providing corporate secretarial services• Ensuring compliance with local corporate governance, regulatory and legislative requirements• Providing certain investment and cash management services
Our range of fund administration services include:
• Cayman Funds administered from the Isle of Man/European time zone• Isle of Man Fund structures• Family office arrangements• Associated accounting services• Specialist custody services• Integrated banking solutions
Family office
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Optimising wealth preservation
Old Havana and its Fortifications, Cuba
Havana was founded in 1519 by the Spanish. By the 17th century, it had become one of the Caribbean’s main centres for ship-building. Although it is today a sprawling metropolis of 2 million inhabitants, its old centre retains an interesting mix of Baroque and neoclassical monuments, and a homogeneous ensemble of private houses with arcades, balconies, wrought-iron gates and internal courtyards. In 1982, La Habana Vieja was inscribed in the UNESCO World Heritage List. A safeguarding campaign was launched a year later to restore the authentic character of the buildings.
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We provide a personalised wealth solution that helps preserve the interests of family members, using unbiased and open architecture wealth management practices to grow and eventually transfer wealth to future family generations.
Our family office service is available in either the Isle of Man or the Cayman Islands, depending on your preferred time zone. We can also devise solutions involving both centres.
Growing and preserving your wealth is at the heart of our comprehensive Family Office financial management offering, including:
• Establishment of Private Trust Company (PTC)• Isle of Man or Cayman Islands incorporation of companies or foundations to provide
complete flexibility in structuring of the arrangement
• Technical and administrative services
• Virtually unlimited flexibility for trading/joint venture activities; or asset holding (e.g. property, investment portfolios, aircraft, yachts, intellectual property, art and antiques)
• Charitable and philanthropic solutions
• Assistance with family education and succession planning
• Administration, monitoring and reporting
• Integrated international banking services
• Historic cost or NAV accounting
Sydney Opera House, Australia
The Sydney Opera House is a multi-venue performing arts centre in Sydney, New South Wales, Australia. It was conceived and largely built by Danish architect Jørn Utzon, opening in 1973 after a long gestation that had begun with his competition-winning design in 1957.
The Sydney Opera House was made a UNESCO World Heritage Site on 28 June 2007. It is one of the 20th century’s most distinctive buildings and one of the most famous performing arts centres in the world.
CN Sea
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Our Specialist Yacht Registration service
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The Isle of Man has an internationally renowned reputation for yacht registration with exceptionally high standards and competitive charges.
The Island has also become a convenient base for ship management operations, taking advantage of the low costs involved in operating from the Island, and from the beneficial tax regime currently in force. Enjoying the same time zone as the UK, and never more than one hour different from its European counterparts, the Isle of Man also has easy transport links by both sea and air.
Companies based in the Island can enjoy the quality of life associated with a relaxed Island location while making use of exceptional telecommunications links to the rest of the world and the facility to conduct business in the other shipping centres of Europe with ease.
The Island’s tax strategy currently provides for a zero rate of corporation tax applicable to shipping related earnings as well as a number of other benefits making the Isle of Man a cost effective centre in which to undertake shipping business.
The Isle of Man has a long established maritime industry and its Shipping Register forms part of the British Register, the first ships having been registered in 1786. The implementation of the 1991 Merchant Shipping Registration Act provided the Isle of Man with a forward-looking legislative framework within which the shipping industry operates.
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The Isle of Man Ship Registry
The Isle of Man Ship Registry considers itself as ‘a centre of excellence’, where client focus is paramount, providing a high quality service with significant cost savings over its competitors.
Key benefits:
• A high quality professional service, 24/7 with fast response to queries
• Reasonable costs and no annual tonnage dues
• A favourable taxation regime designed to encourage business
• The right to fly the “Red Ensign” and access the support of British consular services world-wide and British Royal Navy protection
• Flexibility in the requirements for registered owners
• The availability of Demise registry both “IN” and “OUT”
• Support for ships treated unfairly by Port State Control
• Full political support for shipping
• ISO 9001/2008 Accreditation
• Not a Flag of Convenience
• Regular advice bulletins on key issues to help owners respond to them
The combined expertise of both the Isle of Man Ship Registry and the Cayman National teams, means that pragmatic and bespoke solutions can be provided for all requirements prior to registration and this relationship continues whilst the vessel is in service to ensure the needs of the client can be fully met at all times.
Cayman Islands Registrations
Liaising with our colleagues in the Cayman Islands, we are able to provide a ‘representative persons address’ which is required for registrations of yachts and ships in the Cayman Islands, particularly attractive to clients outside the European Union VAT (sales tax) area.
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Yacht Management System
Whilst waiting for ratification, the implementation of the ILO Maritime Convention will result in additional liabilities for yacht owning companies who pay their crews directly.
Cayman National can supply a fully automated, multi-currency payroll system with individual payments to crew members outside of the European Union (EU) eliminating any employers EU national insurance liabilities, allowing for increased efficiency and reduced administration schedules. The system is also expandable to facilitate the creation of a full back office financial and commercial solution.
Our Crew contracts are fully MCA compliant and conform to all maritime employment legislation. Crew member details are generated from a central data bank which minimises any potential inputting errors.
The systems also covers all aspects of Superyacht administration, automating and centralising all essential data and administrative requirements, keeping track and recording the Yacht and Crew training and eliminating payroll obstacles. Workflow is eased and data is secured properly.
CN Aviation
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Aviation Services in the Isle of Man and Cayman Islands
Chichén Itzá, Mexico
Chichén Itzá is the largest of the archaeological cities of the pre-Columbian Maya civilization in the Yucatan Peninsula of Mexico. It is one of Mexico’s most visited tourist destinations. It was granted World Heritage Site status in 1988 by UNESCO and was recently selected as one of the New Seven Wonders of the World.
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With offices ideally located within the internationally renowned aircraft registration locations of the Isle of Man and Cayman Islands, our dedicated aircraft registration team also enjoy a close working relationship with each of the respective Aircraft Registries.
Our in-house team of experts are able to provide an integral professional solution for owners seeking an appropriate tax efficient structure, including the registration of the aircraft, management and administration services that arise from ownership of such an asset. We can also provide access to expert advice on legal, tax (including VAT) and technical matters, and ensure proper insurance of the aircraft.
Changes in legislation and obligations on aircraft owners can change frequently, and we will keep our clients appraised of the latest requirements, and assist in accommodating the changes as appropriate.
Whilst the Isle of Man is the only dedicated private and corporate aircraft register in Europe, the Cayman Islands Aircraft Register remains the register of choice for corporate jets, for the Americas, and for those owners who require a structure located outside the European Union VAT (sales tax) area. Each jurisdiction has a range of benefits but both maintain high service level and regulatory standards in a stable legal and political environment.
Isle of Man Aircraft Register
The Isle of Man Aircraft Register is the only dedicated aircraft register in Europe and has grown substantially since it was launched in May 2007. Its client base is global and the success of the Registry means that the Isle of Man is now home to a world-class group of companies who offer support services for owners and operators of corporate and private jets.
Using the identification system adopted by all the major European aircraft registries, all Manx-registered aircraft will use the M prefix followed by a four-letter suffix.
Cayman National can assist companies to register their aircraft on the Isle of Man and capitalise on a range of key benefits that the Isle of Man Government and Aircraft Registry has implemented:
• High service levels and quality international reputation
• High regulatory standards
• Neutral nationality registration prefix
• Secure mortgage register
• No insurance premium tax (6% in UK)
• European time zone
• High quality jurisdiction rated AAA by Moody’s and AA+ by Standard & Poors
• Professional infrastructure with experience in aviation finance
• 16 Authorised Airworthiness Surveyors resident worldwide
• Jet and helicopter registrations and importations
• Flexibility and ‘all hours’ registrations and importations
• Favourable tax regime - zero corporate tax
• Stable legal and political environment
Cayman Islands Aircraft Register
The Cayman Islands Aircraft Registry was established in 1976 and is the registry of choice for many owners and management companies with corporate aircraft ranging from Cessna Citation, Gulfstream, Embraer, Airbus and Boeing Business Jets. Standards are rigid and specifications exact to qualify, but this has led to the register being highly respected and recognized throughout the aviation industry internationally.
The Civil Aviation Authority of the Cayman Islands (CAACI) is the statutory body responsible for aviation regulatory oversight throughout the Cayman Islands and for aircraft registered in the Cayman Islands. The CAA is rated as a Category 1 Aviation Regulatory Authority by the US Federal Aviation Administration.
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The registration mark ‘VP-C’ is intentionally low profile, which some operators may consider of value when operating in certain high risk or politically instable territories. Aircraft registered in the Cayman Islands may be operated anywhere in the world, excluding war zones and similar areas.
Cayman National can assist clients in the registration and management of aircraft on the Cayman Islands register, which offers:
• High service levels
• Tax neutrality – no corporate taxation
• Stable legal and political environment
• ‘Low profile’ registration mark
• Adoption of Cape Town Convention
• Strong mortgage register – Mortgaging of Aircraft Regulations 1979
Aviation Insurance
Working closely with a leading Isle of Man professional Risk Broker, we are able to provide specialist aviation insurance.
Utilising their market knowledge and experience in this field, and our combined understanding of the Isle of Man’s unique business environment, Cayman National are well place to satisfy your requirements for comprehensive and competitive protection of your valuable asset, and the protection of the liabilities of the owning structure.
Technical Management Services
We are able to provide worldwide aircraft technical management services to our clients, in particular:
• Airworthiness surveys of aircraft and their associated documentation prior to registration
• Preparation of Registry application forms for both the Isle of Man and Cayman Islands Registries
• Preparation of aircraft Minimum Equipment Lists
• Continuing airworthiness management including compliance with regulatory airworthiness directives, embodiment of modifications and repairs, plus monitoring mandatory limitations and life limited parts
• On-site support during aircraft and engine maintenance, repair, repainting or insurance assessment
• Review and evaluation of invoices for maintenance services
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Banking
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Our approach – Banking as it used to be!
The Alhambra, Spain
Literally meaning “the red one”, The Alhambra was constructed in the 14th century, by the Moorish rulers of the Emirate of Granada. It had many phases of construction, started as a military area, only to become a residence for the royalty later. It didn’t have an initial plan, so the construction is not organized, and many of the buildings were added later in time.
It’s beauty and architecture made it one of the UNESCO World Heritage Sites.
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People often talk about ‘private banking’, but we like to think of it as ‘bespoke banking’. We believe that banking is about relationships. We know that our clients have differing circumstances, needs and expectations – and we tailor our service accordingly.
The careful management of finances is becoming increasingly important with the relative attractions of currencies, the ongoing low interest rate environment, and the appropriate asset allocation between global markets, all demanding regular consideration. In addition, international clients and their financial advisers often find that their financial arrangements can be dealt with by a variety of institutions, possibly in separate jurisdictions, and often there appears to be little continuity in the people handling their relationship with the bank.
At Cayman National we overcome these difficulties by providing an integrated range of banking services. Clients choose us because we offer an attentive and responsive style of service that is increasingly difficult to obtain from larger, often impersonal, financial institutions. Clients rely on us for scrupulous attention to detail and total discretion, and they expect innovative and effective solutions to their banking requirements. We offer a high quality and responsive, yet very personal service, aimed at the preservation of capital achieved through efficient professional management and a detailed knowledge of the client’s affairs.
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We can offer flexible, bespoke banking services in all major currencies, to both corporate and individual clients and their financial advisers. Irrespective of whether your company, trust, foundation or fund is managed and administered by Cayman National, or whether you simply require stand-alone banking facilities, our dedicated and professional banking team will provide you with the highest levels of personal service and deal with your financial affairs promptly and efficiently, whilst maintaining complete confidentiality.
Multi Currency Call Accounts
Call accounts are available in all major currencies and offer a competitive interest rate with speedy access to funds. Funds are available immediately for sterling, US Dollar and Euro accounts, and at two day’s notice for all other currencies. We can offer UK and international electronic payment capabilities through, UK BACS, CHAPS and SWIFT, and instructions can be given by phone, fax, or email.
A minimum balance of £10,000 or currency equivalent is required to open a call deposit, with no maximum upper deposit limit.
The accounts offer a variable rate of interest, linked to UK market rates, which is regularly reviewed and amended in line with prevailing market conditions. Interest accrues daily and is paid quarterly in arrears, either to the same account or to a separate designated account. Full narrative statements are provided as a matter of routine.
Any number of withdrawals are permitted at any time, without notice. Charges are only levied if funds are paid away outside of Cayman National. There are no annual account maintenance fees or account set up fees for personal bank accounts.
Fixed Deposits
Fixed deposit accounts are offered in all major currencies, with a minimum deposit level of only £25,000 or currency equivalent. We offer fixed deposits for any period from overnight through to one year. During the life of the deposit, the interest rate will not change and no funds can be added to or withdrawn from the account. However, if access to funds is required at short notice, we may be able to break the deposit subject to a penalty charge, or make a short term loan which would be repaid from the maturing fixed deposit transaction.
On maturity, and in the absence of further instructions, we would usually roll over the fixed deposit for a similar period at the then prevailing interest rates. Funds can be added to, or taken from, the fixed deposit on the maturity date.
Interest accrues daily and is paid upon maturity, either to the same account or to a separate designated account.
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Lending
Flexible lending facilities are available, in all major currencies and on a secured basis. Loans can be made available secured against a wide range of assets located in the UK and Isle of Man, including property, investment portfolios and life policies, which can bring significant additional flexibility to clients’ international banking arrangements.
All lending proposals are unique. We consider each proposal on its merits and do not adopt a rigid and formulaic approach when assessing requests for borrowing. Instead, our team works closely with clients and their financial advisers, in order to ensure that the lending process is tailored to the proposition and is made as simple, swift and effective as possible. All credit decisions are made speedily.
Foreign exchange
Cayman National provides a comprehensive range of foreign exchange facilities, in all major currencies.
We offer accounts in a wide range of currencies, and switching between currencies under the same account umbrella is swift and easy. This ability to switch effortlessly between currencies provides additional flexibility to our clients, whatever their banking requirements may be.
Indication rates can be given over the telephone and deals booked with the minimum of fuss.
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Fiduciary Deposits
Clients with substantial cash funds to deposit, usually amounts in excess of US$2.5 million, may wish to consider spreading their risk by holding such deposits at a number of different financial institutions.
Cayman National therefore offers Fiduciary Deposits, whereby funds can be placed with several different financial institutions on behalf of the depositor. By using our treasury expertise coupled with our skills in fiduciary management, we are able to place your funds directly with other institutions on your behalf. At the outset, we agree with you a program for investment, covering the nature and scope of the risk you wish to undertake. We then agree a list of suitable banks, building societies and finance houses with which we can transact business.
We will manage all aspects of the transaction, including the deployment of funds, related payment and receipt transactions, and associated reporting. Deposits placed under our fiduciary management service do not form part of Cayman National’s assets. The fiduciary management service provides you with the ability to have a spread of market risk and a professionally managed liquidity program, at a highly competitive cost.
This arrangement removes the requirement for the individual depositor to open different accounts with several institutions, which can be a very cumbersome and time consuming process.
It also enables Cayman National to obtain wholesale rates on behalf of its depositors, which may be higher than those which could be achieved by the depositor placing funds with those institutions directly.
Fiduciary Deposits can be provided on flexible terms and fixed from as short a period as overnight up to a maximum term usually of one year.
Gross Interest
All interest is paid gross of any Isle of Man taxes. We fully understand the needs of some clients to maintain strict separation of capital and income, and our systems have been designed to meet these needs.
Please note that you may have a tax liability in your country of residence in respect of any interest income received from Cayman National, and it is your responsibility to obtain the relevant tax advice, and to make any appropriate payments, returns and disclosures to the relevant tax authority in your jurisdiction of tax residency.
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Information Exchange
There are increasing moves across the globe towards the automatic exchange of information for taxation purposes. The following information is based on the position as we went to press, but the situation is evolving. The details below represent brief summaries of the existing or proposed information exchange agreements. We intend to remain fully compliant with all international information exchange agreements entered into by the Isle of Man Government, and we will continue to offer our services to properly structured arrangements.
Please speak to your usual contact for an up to date perspective on how current requirements might affect you, or to obtain more information on any of the following initiatives.
USA Foreign Account Tax Compliance Act (FATCA)
FATCA is being introduced in stages, with effect from 1 January 2013. If you are a resident of the USA, the holder of a Green Card, are a US citizen living in a different jurisdiction or have dual nationality including that of the United States, you may be impacted by this legislation. Under FATCA, we will be required to disclose certain information to the IRS in respect of any personal banking accounts you maintain with us, or in respect of any corporate or trust relationships with which you are related and which maintain either banking or fiduciary relationships with us. FATCA also extends to certain funds which we administer. In certain circumstances, we may need to liaise with clients to clarify their status under FATCA.
UK FATCA
The United Kingdom intends to introduce measures equivalent to the USA FATCA in respect of information exchange between the UK and the British Crown Dependencies (the Isle of Man, Jersey and Guernsey) and Overseas Territories (e.g. the Cayman Islands). These measures are expected to be similar in effect to the USA FATCA. However, unlike the USA provisions, the UK FATCA will not apply to UK nationals who are resident for tax purposes outside the UK.
European Union Savings Directive
The EU Savings Directive (‘EUSD’) was introduced in 2005 and provides for the automatic exchange of information about individual customers who earn savings income in one EU jurisdiction, whilst being resident in a separate EU jurisdiction. Some non-EU countries and jurisdictions, including the Isle of Man, Jersey, Guernsey and the Cayman Islands, have voluntarily introduced the same or equivalent measures. Under the present version of the EUSD, if you are an individual resident in the EU, we will disclose each year details of interest paid to you on your bank accounts to the Isle of Man Assessor of Income Tax. Such information will then be passed on to the tax authorities in your ‘home’ jurisdiction.
We expect that EU information exchange will be enlarged in due course to cover companies and trusts, possibly through an extension of the existing EUSD measures, or possibly through the introduction in the EU of FATCA type measures.
Company Administration Services
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Taj Mahal, India
An immense mausoleum of white marble, built in Agra between 1631 and 1648 by order of the Mughal emperor Shah Jahan in memory of his favourite wife, the Taj Mahal is the jewel of Muslim art in India and one of the universally admired masterpieces of the world’s heritage. The Taj Mahal is considered to be the greatest architectural achievement in the whole range of Indo-Islamic architecture.
Professional service, personally delivered
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Qualified staff to advise on appropriate corporate vehicles
There are a number of different types of company available in the Isle of Man including public and private companies limited by shares, companies limited by guarantee and unlimited liability companies with or without shares. In addition, hybrid companies limited by guarantee but which also have a share capital, as well as limited liability companies can be formed.
Isle of Man Companies are generally incorporated under either the Companies Acts 1931 to 2004, or under the Companies Act 2006. It is also possible to incorporate companies under the Limited Liability Company Act 1996, and to create hybrid company structures.
A company incorporated in the Isle of Man can undertake a wide variety of activities including investment and property holding, general trading and international invoicing operations.
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‘1931 Act’ Companies Companies incorporated under this Act must have at least two directors, who must be individuals and a company secretary, who can be an individual or a corporate body. There are no restrictions on the residence or nationality of the directors or secretary. Proper books of accounts must be kept. A ‘1931 Act’ company may elect for audit exemption provided certain criteria is met.
The 1931 Act company offers a more traditional solution, particularly for clients needing to balance the separate interests of shareholders and management.
‘2006 Act’ Companies Companies incorporated under the Companies Act 2006 co-exist with companies incorporated under the Companies Acts 1931 to 2004, or under the Limited Liabilities Companies Act 1996.
Unlike the ‘1931 Act’ company, a company incorporated under the 2006 Act has no requirement to have an authorised share capital, and shares of no par value are permissible.
The 2006 Act company can have a minimum of one director. Corporate directors are permitted provided a corporate body holds an appropriate licence granted by the Isle of Man Financial Supervision Commission or permitted to do so by regulations made by the Registrar of Companies. Cayman National can provide the requisite corporate director services.
The 2006 Act company has a Registered Agent instead of a company secretary.
Reliable accounting records are required to be kept. There is no statutory requirement for a company to have its accounts audited.
Limited Liability Companies Act 1996
The Limited Liability Companies Act 1996 permits the formation of limited liability companies (“LLCs”). An LLC has no shareholders or directors and is owned and managed by its members, whose liability is limited to the extent of their contributions to capital. The concept can, therefore, be likened to a form of incorporated limited liability partnership.
Manx income tax is levied on the individual members of the LLC and not on the company itself. An LLC can apply for international designated status and upon payment of an annual fee to the Manx government (and compliance with certain defined criteria), the members can be granted complete exemption from Manx taxation.
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Ownership
Cayman National is regulated to provide nominee services. The issued share capital of a company may be held in the name of one of our nominee companies if required. Evidence of ownership is then given by confidential nominee declarations, signed by the nominee in favour of the beneficial owner.
Companies are required to file an annual return with the registrar of companies on its anniversary date. The filing requirements under the 2006 Act are slightly less onerous than for a ‘1931 Act’ company. Both contain details which include names and addresses of directors and registered shareholders appear on these returns. In such cases, the interests of the beneficial owners are not disclosed.
Taxation
Any company incorporated in the Isle of Man is resident locally for tax purposes. However, in April 2006, the Isle of Man Government introduced a zero tax rate for all corporate activity (other than banking business and certain domestic land transactions) and accordingly the effective tax rate for most companies is nil.
A company incorporated outside the Isle of Man is regarded as tax resident in the Isle of Man where its management and control is in the Island. Companies incorporated outside and not resident in the Isle of Man but having a branch in the Isle of Man are taxed to the extent of the business conducted in the Island, and at either the standard 0% rate or the 10% rate of corporate income tax depending on the nature of the income, although the company itself remains tax non-resident.
Any legislation which previously deemed other companies formed in the Isle of Man to be tax-exempt, ‘international’ or non-resident for tax purposes was repealed with effect from 6 April 2007, after which date all such companies became tax resident. Given the nil rate of tax outlined above, the changes introduced in April 2007 have no practical taxation impact on most businesses.
There are special rules covering the distribution policy of Isle of Man companies where such companies are beneficially owned by Isle of Man residents. There is no withholding tax on distributions payable to non - resident shareholders. For 2006 Act companies, a solvency test is required at the time of any distribution of capital or income.
Hybrid Companies Since Isle of Man legislation permits the formation of guarantee companies, it is also possible to form a hybrid company. Such a structure has a group of shareholders (in the traditional sense) alongside a group of members - who may or may not also be shareholders.
A hybrid company can, therefore, act as a quasi trust allowing the shareholders (professional administrators) to manage the structure, as trustees would do, but the guarantee members to have all rights to income and capital, similar to beneficiaries.
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Administration
We provide full corporate administration services for all types of Isle of Man companies and also for companies incorporated in other jurisdictions, such as the Cayman Islands, the British Virgin Islands, Panama, Malta, Cyprus, and Gibraltar.
These services include all statutory compliance requirements, together with day to day administration such as the purchase and sale of assets, collection of income, payment of expenses and liaison with customers and suppliers. Investment management for a company can also be arranged, if required and full banking facilities can be provided in all major currencies.
We can also provide registered agent services for 2006 Act companies and registered office services if required.
Corporate Fees
Please refer to our current published fee schedule.
The minimum annual management fee includes compliance with all statutory requirements in the form of maintenance of all statutory registers, holding of directors’ and shareholder meetings if and when required, preparing and filing the annual return. In addition, this minimum fee includes the provision of officers (directors and secretary), registered office or registered agent and nominee shareholders. Time charges will be incurred for additional directors’ meetings, administrator time in connection with the business activity of the company and ad hoc reporting.
All fees are exclusive of disbursements and are subject to Value Added Tax (VAT) as appropriate. In addition, annual government duties are usually payable in the relevant jurisdiction of the structure.
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Termination of Companies
In the event that a company is no longer required by the client, the methods of termination currently available under Isle of Man law are as follows:
• Dissolution• Members’ voluntary liquidation• Creditors’ voluntary liquidation• Strike off by court order
Dissolution is the most straightforward process, subject to the company having discharged all its assets and liabilities. The dissolution process takes approximately three months from the commencement to formal removal of the company from the public register. We will be pleased to agree a fixed fee in advance of commencing this process.
It is the policy of Cayman National to ensure that clients take a responsible approach to the termination of a company. It is not possible to effect this process other than by one of the above formal legal mechanisms. Potential clients should be aware of this fact prior to establishing a company relationship.
Trusts and Foundations
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Cristo Redentor, Brazil
Cristo Redentor (English: Christ the Redeemer) is a statue of Jesus of Nazareth in Rio de Janeiro, Brazil. Constructed between 1922 and 1931, it is considered the largest Art Deco statue in the world and the 5th largest statue of Jesus in the world. It is 39.6 metres tall, including its 9.5 metres pedestal, and 30 metres wide. It is located at the peak of the Corcovado mountain in the Tijuca Forest National Park overlooking the city. A symbol of Brazilian Christianity, the statue has become an icon for Rio de Janeiro and Brazil.
Effective wealth and succession planning solutions
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In simple terms, a trust is created when there is a transfer of ownership of assets from a ‘settlor’ to a trustee. The trustee becomes the ‘legal owner’ and has responsibility for managing the assets and distributing them to the beneficiaries in accordance with the terms of a trust deed.
The Modern Use of TrustsModern trust deeds can be tailored to meet the settlor’s individual requirements. Generally, they are worded in the widest possible terms to allow a trustee scope to respond to changing circumstances and requirements. The trust imposes strict obligations on the trustees to manage and deal with the assets in accordance with those terms. The effect of the trust is to give beneficiaries equitable rights that can be enforced in a court.
The settlor will specify the trust terms, while he may be completely distanced from the assets in trust once it is established. Prior to the establishment of a trust the Settlor will be consulted as to his intentions for the trust and its terms. Once the trust assets are settled into the trust, those assets are then under the full control of the trustees.
Trusts can be established to provide a legitimate means for:
• Tax planning
• Providing protection from forced heirs
• Planning for family succession
• The avoidance of probate problems
• Protection from creditors
• The provision of confidentiality
• The endowment of Charities
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Types of Trust
There are several types of trust:
Discretionary Trust: A trust where the trustees decide how income and capital of the trust assets is applied for the benefit of the beneficiaries. The trustees have wide discretion, but are subject to obligations as to how they exercise it and must do so for the benefit of the beneficiaries. The settlor can give guidance as to how he would like the trustees to exercise its discretion, but ultimately cannot control them. If so desired, such trusts can be framed so as to qualify as accumulation and maintenance trusts (in the U.K.) or grantor trusts (in the U.S.).
Life Interest or Interest in Possession Trust:
A trust where the income of the trust assets automatically belongs to one or more named persons in specified shares. While the trustees can deduct their administrative expenses and liabilities from the income, the balance belongs to the beneficiaries as specified. The trustees may be given discretionary powers to apply capital for the benefit of beneficiaries.
Purpose Trust: A trust expressed to be to fund a purpose. Previously unenforceable, a trust for a lawful purpose may be established under the Purpose Trusts Act 1996. The purpose must be certain, reasonably possible and not contrary to law, morals or public policy. An independent “enforcer” must be appointed to ensure that the trustees fulfill their duties. These trusts are subject to rules concerning perpetuities.
Charitable Trust: A trust for charitable purposes. It is an exception to the general rule against trusts for purposes, and is not subject to rules concerning perpetuities.
There are two types of charitable trust, a simple trust with charitable objects, and a trust registered in the Isle of Man as a charity. For more information on registered charities, please see our separate section on Frontline Philanthropy.
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Some Attributes of Manx Trust Law
The Isle of Man is a separate legal jurisdiction from those of the United Kingdom. Unlike some civil law jurisdictions that have recently attempted to adopt trust law; the sources of trust law in the Isle of Man are, like England, long established and represent a combination of judicial precedent and statute. Isle of Man trust law is common-law based, with an overlay of statute, and is closely modelled on and has developed in parallel to English Trust law.
The statutory perpetuity period for trusts created on or after 1 January 2000 is 150 years and 80 years for trusts created before that date, at the end of which the trust assets must vest as to interest (which means that all interests under the trust must become fixed and defined). There is no restriction on accumulation of trust income during the perpetuity period.
The Isle of Man has legislation permitting fraudulent transfers of assets and transfers at an undervalue to be set aside in some circumstances. It has no “asset protection” legislation. However, in “re Heginbotham” 1999, it was held that validly constituted Isle of Man trusts would not be set aside, provided that the settlor of the trust was at the time the trust was made an adult of sound mind; solvent and remains solvent afterwards; and did not intend to defeat foreseeable future creditors.
The Isle of Man also has legislation permitting the court to assist the courts of another jurisdiction in matters of insolvency, but little (if any) use appears to have been made in this area.
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Regulation of Trustees
Isle of Man Professional Trustees are regulated by the Isle of Man Financial Supervision Commission under the Financial Services Act 2008. Cayman National Bank and Trust Company holds a Trust Corporation license, which is the highest available category.
Isle of Man Tax Implications
There is no capital gains tax and there are no inheritance, gift or estate taxes in the Isle of Man.
The vast majority of Manx trusts exclude those persons who are resident for the time being in the Isle of Man from benefiting under the trust concerned. In such cases, only the trustees and the law governing the trust deed are Manx, with the settlor and the beneficiaries being off the Island, and the trust property being located wherever is most convenient or remunerative.
Trustees may be income tax payers, however, and may be obliged to file tax returns when they are resident in the Isle of Man. Manx trusts with Manx resident beneficiaries are subject to income tax on undistributed income. However, where the beneficiaries of a Manx trust are resident outside the Isle of Man and the income arises outside the Isle of Man (or is Isle of Man sourced bank interest) there will be no Manx taxation in respect of trust income.
Cayman National’s Trustee Services
Cayman National Bank and Trust Company can provide the following services:
• Establishment of trusts including pre-formation liaison with professional advisers and other parties
• Acting as sole, joint or successor trustee
• Acting as a protector or enforcer
• Provision of personal, comprehensive and professional administration including tailored client reporting and liaison
• Compliance with all aspects of a trust’s governing law
• Continuing liaison with professional advisers
• Retention and maintenance of all original documents and relevant records
• Preparation of appropriate financial statements
• Implementation of controls to ensure that confidentiality and protection of assets are maintained at all times
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Manx Trusts
Trust law in the Isle of Man is principally set out in the Trustee Act 2001, the Perpetuities and Accumulations Act 1968 and the Recognition of Trusts Act 1988. In addition, being a common law jurisdiction, there is a vast amount of case law (mainly English but also including other Commonwealth countries) which is persuasive authority for the Manx courts. Legislation in the form of the Trusts Act 1995 and the Purpose Trusts Act 1996 has strengthened the position of the Isle of Man as a secure international jurisdiction in which to establish a trust. The Trusts Act 1995 has greatly assisted trusts established in the Isle of Man in resisting challenges in the applicable governing law by other (particularly civil law) jurisdictions.
The Purpose Trusts Act 1996 has facilitated the establishment of trusts for more commercially orientated purposes where previously a defined class of beneficiaries or charitable body had to be able to benefit.
Foundations
Foundations can play an important part in the structure of the ownership of family and corporate assets, particularly in countries where the concept of trusts are not recognized. Panama, the Netherlands Antilles, the Bahamas and more recently, the Isle of Man have introduced legislation ensuring their status as leading law jurisdictions for the domicile of foundations.
A foundation is regarded as a separate legal entity, similar to corporate vehicles and need not have members or shareholders. It can be established by either an individual or corporate entity. The wishes of the founder are set out in the Foundation’s Charter and Regulations and may be in existence for a fixed or indefinite time period. They can be considered for charitable, commercial and family purposes.
Fees for Trusts and Foundations
Please refer to our current published fee schedule.
Trusts: the annual fee relates to the provision of trustees, basis trustee duties and the maintenance of appropriate documentation (excluding accounting records). Time charges will be incurred for additional trustees’ meetings, administrator time in connection with the activity of the trust and ad hoc reporting.
Foundations: given the unique structure of each foundation, we will prepare a personalised fee quote on request.
VAT will be charged on fees as appropriate.
Specific fees for the termination of any trust or foundation will be quoted on a case by case basis subject to the nature and complexity of the structure and its underlying assets.
Frontline Philanthropy
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“…makes doing the right thing easy.”
Stonehenge, England
Stonehenge is a well-known stone monument in a World Heritage Site of over 2000 hectares that is considered one of the most archaeologicaly rich in Europe. It is home to some of the most important Neolithic and Bronze Age finds and structures in the UK, and contains some 200 scheduled monuments. It is also the site of one of the biggest Chalk grassland reversion projects in the world.
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Helping you realise your philanthropic visions is just one part of Frontline Philanthropy’s expertise.
Frontline Philanthropy, a joint initiative between Cayman National and specialist law firm Old Court Chambers, makes doing the right thing easy. You may be enthusiastic about bringing a radical change and improvements to the world around us; helping to find cures for diseases, supporting individuals or families to build a better life, looking for solutions to reduce hunger, aid religious, educational and cultural institutions or indeed, any other inspiration that philanthropists may wish to support.
Frontline Philanthropy enables you to make a meaningful contribution to this generation and future generations. It allows you to define your grant making strategies, helps to formulate activity and creates the right vehicles to promote your philanthropic endeavours. Regardless of your situation, Frontline Philanthropy will help you fully understand the choices available to you and overcome any hurdles you might experience. It will deliver the right solutions to bring your philanthropic wishes to fruition.
‘Philanthropia’ (love for mankind) has evolved over the years; the act of giving no longer directed simply at giving donation to existing charitable concerns or institutions but allows an individual to make his/her own direct contribution to a personal cause, to be able to manage and monitor the effects of this contribution. In the partnership of Cayman National and Old Court Chambers, you will have the necessary resource and experience to assist with the formation of charitable trusts or foundations, provide administrative solutions and legal advice in the Isle of Man.
Fund Services
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Great Pyramid of Giza, Egypt
The Great Pyramid of Giza (also known as the Pyramid of Khufu or the Pyramid of Cheops) is the oldest and largest of the three pyramids in the Giza Necropolis bordering what is now El Giza, Egypt. It is the oldest of the Seven Wonders of the Ancient World, and the only one to remain largely intact. Egyptologists believe that the pyramid was built as a tomb for fourth dynasty Egyptian Pharaoh Khufu over a 10 to 20-year period concluding around 2560 BC. Initially at 146.5 metres the Great Pyramid was the tallest man-made structure in the world for over 3,800 years.
Compelling range of fundadministration services
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Our core offering is the provision of independent accounting and valuation services to the alternative investment industry. We are not allied to any investment group and so are able to provide a truly independent service free from potential conflicts of interest.
We pride ourselves on our client service. Each fund that we administer has its own dedicated account manager and support team to ensure our clients receive the highest level of continuity, accuracy and responsiveness.
Our staff are highly experienced and we have invested in state of the art systems capable of administering investment structures and strategies employed across the full range of products in the alternative investment industry.
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Accounting and Valuation
The primary function of any fund administrator is the calculation of a fund’s net asset value. The cornerstone of our service is the utilization of our systems to maintain the accounting records for each fund when undertaking the following tasks:
• Processing investor subscriptions and redemptions
• Trade capture and reconciliation to investment manager and prime broker/custodian
• Independent portfolio pricing using industry standard data vendors
• Monitoring and recording corporate actions
• Cash transaction recording and reconciliation
• Calculation of fees and expense accruals
• Calculation of management and performance fees
• Calculation of net asset value
Using the above accounting records we are able to provide the following services:
• Coordination of the audit process and stock exchange reporting
• Preparation of interim and annual Financial Statements in conformity with the relevant accounting standards (IFRS, US GAAP, UK GAAP) adopted by the fund
• Establishing and enforcing accounting policies
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Investor Services
We provide a full-service transfer agency and currently support multi-class, master/feeder, no-load, open-ended, institutional and closed-ended fund products. We can process all transaction types related to alternative investment fund shareholder activity and process transactions generated from multiple sources.
The services provided include:
• Maintenance of share and partnership registers
• Processing subscriptions, redemptions, switches, capital calls and distributions
• Issue of contract notes and certificates
• Communication with investors
• Verification of each investor, ensuring compliance with the anti-money
laundering requirements in each jurisdiction in which we operate
Stock Exchange Listing
A Stock Exchange listing is often required in order to attract certain categories of investor, notably institutional clients, whose rules may prohibit investment in unlisted securities. The criteria to obtain a listing differ between exchanges but normally would include the submission of an application form and listing particulars supported by the constitutional documents of the fund. The exchange will normally require that all listing applications must be submitted by a sponsoring member firm. We have experience of the listing requirements and procedures of a number of international exchanges and can assist with the submission of appropriate documentation and introduction to sponsors as required.
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Fund Establishment
Setting up a fund can be a complicated process. We provide guidance and support from the conceptual stage through to the launch of the fund. The services provided include:
• Assistance in the choice of domicile and structure
• Review of the constitutional and offer documents
• Liaison with functionaries including legal representatives, investment managers, prime brokers, auditors, directors and bankers
• Establishment of operational procedures, accounting policies and communication flows
• Compliance with regulatory requirements
• Assistance with Stock Exchange listing requirements
• Completion of material agreements
• Co-ordination of fund launch
Company Secretarial
The services provided include:
• Maintenance of minute books and the statutory records
• Calling and holding meetings directors and shareholders
• Preparation and filing local statutory and tax filings
• Managing regulatory requirements and liaison with company registrars
Compliance and Regulatory Reporting
We ensure that the fund complies on an ongoing basis with relevant regulatory requirements and its constitutional documents.
Our systems
We employ state-of-the-art fund administration software provided by Linedata, a global solutions provider with 700 clients operating in 50 countries and more than 900 employees across the globe. Linedata designs, develops, markets and supports software packages for the fund administration and alternative investment industries.
Linedata Mfact
Linedata Mfact is a completely versatile fund accounting solution offering specific functionality for the administration of a wide variety of hedge funds.
This solution is particularly suited to funds that invest in complex securities, multiple currency share classes and can provide full support for complex master-feeder structures.
Linedata Mshare
Linedata Mshare is the industry’s most advanced solution for transfer agency. Linedata Mshare caters for all of the shareholder record keeping requirements of traditional funds, including multi-currency transaction processing, commission accounting, antimony laundering, distributions and user definable investor reporting.
Additionally, Linedata Mshare can cater for a wide range of alternative investment structures including hedge funds with performance fees and equalization, complex master-feeder P&L allocations, private equity commitment tracking and partnership allocations. Coupled together, Linedata Mfact and Linedata Mshare provide a comprehensive fund investment and share class accounting solution for both the traditional and alternative markets.
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Custodial Services
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Statue of Liberty, New York
Made in Paris by the French sculptor Bartholdi, in collaboration with Gustave Eiffel (who was responsible for the steel framework), this towering monument to liberty was a gift from France on the centenary of American independence in 1886. Standing at the entrance to New York Harbour, it has welcomed millions of immigrants to the United States ever since.
With a focus on complex asset classes
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We are able to provide independent custodial arrangements, and can tailor our service model to take into account your specific requirements. It may involve all or some of the following services :
• Safekeeping – holding and protecting your assets, which may range from simple unit trusts to non fungible assets, such as loan notes and certificates of title
• Trade execution – timely placing of trades as instructed
• Trade settlement – punctual settlement of trades
• Income collection – promptly collecting income on portfolio holdings
• Corporate actions – monitoring and settling entitlements
• Proxy voting – casting votes as per your instructions
• Subcustodians – establishing accounts with subcustodians, enabling you, by agreement, to trade directly
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Contact us
Yakushima, Japan
Located in the interior of Yaku Island, at the meeting-point of the palaearctic and oriental biotic regions, Yakushima exhibits a rich flora, with some 1,900 species and subspecies, including ancient specimens of the sugi (Japanese cedar). It also contains a remnant of a warm-temperate ancient forest that is unique in this region.
Ian Bancroft MBA, ACIB, FCMI Managing Director +44 (0) 1624 646905 [email protected]
Roz Melia, TEP Head of Fiduciary Services and Company Secretary +44 (0) 1624 646910 [email protected]
Barry Williams Aifs FICA Banking Director +44 (0) 1624 646940 [email protected]
Gary Kermode, FCCA Head of Fund Services +44 (0) 1624 646926 [email protected]
Andrew CubbonHR & Operations Manager +44 (0) 1624 646911 [email protected]
Anita Gould-Davies Business Development Manager +44 (0) 1624 646944 [email protected]
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Our People
The ‘small print’
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Cayman National Bank and Trust Company (Isle of Man) Limited
Cayman National Fund Services (Isle of Man) Limited
Cayman National House, 4-8 Hope Street, Douglas, Isle of Man, IM1 1AQ, British Isles
www.caymannationalwealth.com
This is neither an invitation to invest to anyone in any country where the issue of solicitations is unlawful nor forms part of an offer to enter into any product or service mentioned within. It is recommended that you take independent tax and legal advice before entering into any agreement.
Cayman National Bank and Trust Company (Isle of Man) Limited is registered in the Isle of Man, company No 25966, and has its registered office at Cayman National House, 4-8 Hope Street, Douglas, Isle of Man, IM1 1AQ, British Isles.
Cayman National Fund Services (Isle of Man) Limited is registered in the Isle of Man, company No 114740, and has its registered office at Cayman National House, 4-8 Hope Street, Douglas, Isle of Man, IM1 1AQ, British Isles.
Cayman National Bank and Trust Company (Isle of Man) Limited and Cayman National Fund Services (Isle of Man) Limited are members of the Cayman National group of companies and are both licensed by the Isle of Man Financial Supervision Commission.
Cayman National Bank and Trust Company (Isle of Man) Limited is a subsidiary of Cayman National Corporation Limited, a bank registered in the Cayman Islands and authorized and regulated by the Cayman Islands Monetary Authority. All Client deposits are placed with a spread of approved counterparties. Prospective depositors should satisfy themselves as to the financial standing of Cayman National Bank & Trust Company (Isle of Man) Limited and its parent based upon publicly available information. A full version of Cayman National Bank and Trust Company (Isle of Man) Limited’s latest financial statements are available on the website at www.caymannationalwealth.com
Cayman National Bank and Trust Company (Isle of Man) LimitedCayman National Fund Services (Isle of Man) LimitedCayman National House, 4-8 Hope Street, Douglas, Isle of Man, IM1 1AQ, British Isles.
Banking: [email protected] telephone: +44 (0) 1624 646900Fiduciary: [email protected] telephone: +44 (0) 1624 646901Funds: [email protected] telephone: +44 (0) 1624 646902
www.caymannationalwealth.com