Private Wealth Management

Asset Management, BFSB News, International Issues, Newsletter, Private Wealth Management

Major Asian Promotion

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One of China’s major investment conferences targeting Asian investors was the anchor event of a two-week promotional programme by the Ministry of Financial Services and the Bahamas Financial Services Board (BFSB). The China Offshore Summit took placed in Shanghai on October 15 and 16 with the Ministry positioned as a lead sponsor for the event, which annually attracts top notch financial intermediaries seeking information on the effective use of tax planning and asset management tools available in jurisdictions such as The Bahamas. On October 7, BFSB in collaboration with the Ministry hosted its [Bahamas Landfall: Destination Hong Kong](http://chinaoffshore.com.hk/the-bahamas-wealth-management-and-investment-breakfast-seminar-bahamas-landfall-destination-asia.html) promotion. And, on October 13, just prior to the Offshore Summit, a similar event was hosted in [Beijing](http://cn.chinaoffshore.com.hk/the-bahamas-wealth-management-and-investment-private-dinner-bahamas-landfall-destination-asia.html). BFSB CEO Aliya Allen maintains, *“The Asian market holds enormous promise for The Bahamas. The number of high net worth individuals (HNWIs) and families in China has exploded in the past ten years, and like those in other parts of the world, they have a wide range of choices of jurisdictions for their wealth planning needs. The Summit and Landfall events enabled us to showcase our experience and expertise in these areas.”* Seminar style presentations were made at the Hong Kong and Beijing Landfalls. The China Offshore Summit, now in its fourth year, was designed to meet the demand of an ever increasing need for sophisticated international wealth, tax and asset planning services by Chinese investment groups and corporations. Two major speaking slots and two separate panel presentations were afforded The Bahamas in Shanghai at the Summit. The Ministry was instrumental in bringing on Baha Mar as a sponsor of the events in Hong Kong, Beijing and Shanghai, while a number of BFSB member firms also came on board as corporate sponsors. These included Ansbacher (Bahamas) Ltd., BDO Bahamas, Butterfield Trust (Bahamas) Ltd., Deltec Bank & Trust and The Winterbotham Trust Company.

BFSB News, Private Wealth Management

Bahamas to Participate in LatAm’s Leading Event for Wealth Management

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The Private Wealth Latin America & The Caribbean Forum is scheduled for October 23-24 at the InterContinental Hotel in Miami, Florida. The Forum is a pan-regional wealth management, wealth planning and investment management international meeting for private banks, HNWIs, wealth managers, and family offices. It brings together 600+ industry leaders from Latin American and Caribbean Private Wealth Management field for a two day conference discussing strategies to protect, preserve and grow wealth. Organiser Latin Markets says industry practitioners attending the upcoming event will hear from more than 50 experts on wealth management, private clients, HNWI and UHNWIs, structuring, tax and investment management. Additionally, they will meet family offices, private banks, and wealth managers from Central America, South America and the Caribbean during 10+ hours of networking opportunities. Sessions and one-one-one meetings will ensure that participants fully understand where growth in the industry is taking place. Included in the speaker line up is a team from The Bahamas, who will present early on the opening day, a slot made available because of BFSB’s sponsorship of the event for the second year in a row. BFSB CEO Aliya Allen, Minister of Financial Services the Hon. L. Ryan Pinder, and Michelle Neville-Clarke of Lennox Paton will provide an update on the wealth and asset management services and products in The Bahamas, including the new Investment Condominium launched in August. Ms. Allen says, *“BFSB has chosen to partner with Latin Markets in Miami as well as in the region because its platform provides a comprehensive and fascinating perspective of the opportunities in this diverse and booming region.”* Latin Markets is one of the world’s leading provider of Latin America focused investment forums, regional summits, and streamlined market intelligence. It provides access to new investments, business opportunities and partnerships for the global investment community. The various events under the LM brand include a wide range of business development and educational vehicles enabling Latin America’s most active investors and fund managers to more adeptly navigate socio-economical, regulatory and financial considerations within the market.

Asset Management, BFSB News, International Issues, Private Wealth Management

BFSB Promotes The Bahamas Advantage

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With the Ministry of Financial Services as a co-sponsor, BFSB has scheduled five Bahamas Landfall events between August and October as it takes aim at advancing The Bahamas Advantage and business opportunities in Latin America and China. The ambitious promotional programme – built around the Bahamas Landfall theme that was conceived and launched in 2010 – will include events in Rio de Janeiro and Sao Paulo in August, Mexico City in September and Hong Kong and Beijing in October. Sandwiched between the Landfall events in China, BFSB will also cosponsor with the Ministry of Financial Services the China Offshore Summit in Shanghai. The China Offshore Summit is designed to educate Chinese financial intermediaries on the effective use of tax planning and asset management tools available in low-tax jurisdictions. With an average of over 500 attendees per event, the China Offshore Summit provides a premium platform for information exchange, business development and much-needed education for Chinese intermediaries in this burgeoning market. *“We have made significant strides in Latin America, particularly in Brazil, over the past few years,”* says BFSB’s CEO and Executive Director Aliya Allen. *“Persistent promotions by BFSB combined with independent efforts by many of our member firms have been key to this success.“* She continues, *“China’s burgeoning number of HNWIs and its investment groups and corporations requiring an ever increasing need for sophisticated international wealth, tax and asset planning services is a business opportunity that just can’t be ignored. But it will require the same kind of persistent effort that has led to our success in Latin America.”* BFSB’s Landfall events have played a pivotal role in the headway that has been made in Brazil and in promoting The Bahamas’ advantages in international financial services in the other global markets that have been on its radar screen. Landfall events were strategically conceived as a platform for conveying The Bahamas Advantage for private wealth management, asset management, residency and international business, engaging multiple stakeholders. BFSB member firms and other business related partners such as the Bahamas Maritime Authority, the Grand Bahama Port Authority and others have been able to coalesce under a single banner to promote the broad range of financial, investment and business opportunities available in The Bahamas. Since the inaugural event in Brazil in 2010, BFSB has coordinated eleven Landfall promotions: three in Brazil, two in London, and one each in Hong Kong, Geneva, Zurich, Toronto, Calgary and Miami. With the events scheduled over the next few months, BFSB will have undertaken 16 Landfall promotions in less than five years. *“No two events are the same,”* says Ms. Allen. *“Information is tailored to the specific needs and levels of awareness to the audiences attending the Landfall events. We also use the Landfall platform to introduce new products or services as will be the case in Brazil in August where we will launch a new investment fund product that has been designed specifically with the Brazilian market in mind.”* Landfall events are also often scheduled to take advantage of BFSB presence at major conferences taking place around the same time. For example, as with the Bahamas Landfall: Destination Mexico event scheduled just prior to STEP LatAm in early September, and the China Offshore Shanghai Summit in October.

BFSB News, Industry News, Private Wealth Management

New World Order – Who is the Client?

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Daniel D. Morris of Strategic Global Advisors will be a featured speaker at the 2014 International Business & Finance Summit. His topic: New World Order – Evolutionary Changes in Client Demography. Shifting cultural norms impact IFCs and can create tensions in terms of service delivery and product/service structuring. The modern definition of marriage, family, and child beneficiary are creating not only new laws and interpretation, but these tectonic shifts provide both opportunities and threats to all phases of service providers. This IBFS Session will look at recent case law – its impacts, opportunities and challenges – as well as optimizing new structuring alternatives. It will showcase the necessity of reaching out to lead and interface with cross-cultural teams as well as balancing mental road blocks, prejudices and barriers. In short, IBFS participants will learn about adapting to the modern world – delivering on the true professional ideal. Dan started his accounting career in 1984 Ernst & Young in San Jose, California. Today, he is the senior partner of Morris + D’Angelo, a Silicon Valley and Portland, Oregon based CPA firm specializing in integrating entrepreneurial advisory services and international taxation strategies. Dan also holds the position of Director of International Tax for Exemplar Consulting, LLC a Boston and New York based law firm and consultancy serving the middle market. He co-founded Strategic Global Advisors, a Nassau anchored consultancy serving entrepreneurially led start-ups and high net worth families, helping them to navigate the complexities of cross-border transactions, expansion, asset protection, and wealth preservation. IBFS 2014 will take place at the Sandals Emerald Bay Resort in Exuma, starting with a pre-Summit CEO Dinner on January 23, when the Rt. Hon. Perry G. Christie, Prime Minister of The Bahamas, will address delegates. Official Summit sessions continue on Friday and Saturday, with the event wrapping up on Sunday, January 26 with a series of recreational activities. The theme for this year’s event is “Survival of the Fittest”, following up on 2013’s “Staying Ahead of The Game” event. As in 2013, presenters and participants will look at changes on the financial horizon while reviewing the best practices and strategies adopted by this jurisdiction.

BFSB News, Industry News, Private Wealth Management

Religious Factors Impact Dynamics of Family Offices

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Family values play an integral part in structuring a Family Office (FO), and as such determine the values of the FO itself, the relationship of its members, and also influence rules of behaviour generally – not bound to territory but to the core morals of the family and its members. In the New World Order, we are seeing that these values are influenced by a host of dynamics, including religious factors. At IBFS 2014, René Werner will speak to the tools for the modern Family Office and how these impact performance, including the differences and similarities between religious and family values. René Werner is Founder and CEO of Werner & Associados, a company dedicated to Consulting to families since 1993. A renowned Speaker in International events, he also has authored and contributed to numerous books, including “… e Deus criou a empresa familiar” (…and God Created the Family Business); “Família e Negóc ios – um caminho para o sucesso” (Family and Business, a Road to success); and Acontece nas Melhores Famílias – (It Happens in the Best Families) He has served as Pro Bono Rabbi of the Liberal Congregation of São Paulo since 1982 and prior to that as Rabbi at the Associacion Israeli Montefiore – Bogota, Colombia (1979 -1981) and as Student Rabbi, North London Synagogue, Barkingside, UK (1976-1979). He is a Visiting Professor at the University of São Paulo – Business Administration, and at Fundação Getulio Vargas. Mr. Werner holds a Bachelor of Arts (Philosophy) from Columbia University, New York as well as a Bachelor of Arts from The Jewish Theological Seminary of America, New York, and has taken Post Graduate Courses at Harvard Business School and in São Paulo and London. He is a Fellow of Leo Baeck College (London) and the Family Firm Institute (US). IBFS, the premier event in BFSB’s calendar of events each year, is scheduled for January 23-26 at Sandals Emerald Bay, Georgetown, Exuma. Under the theme “Survival of the Fittest”, the event brings together the top tier executives and management of the Bahamian financial and business community as well as senior government and regulatory representatives and officials. BFSB CEO Aliya Allen points out that Georgetown is the home of the very first BFSB Retreat, the precursor event to the Summit. *”As from inception, IBFS is the annual meeting place for 120-plus leading stakeholders in the financial services industry in The Bahamas for business development and networking in an off-site location,”* she adds.

Asset Management, Industry News, Private Wealth Management

Advantages of Relocating to The Bahamas

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The Bahamas is featured in the latest edition of the Global Fund Media (GFM) Relocation Guide. This is the third edition of a unique online publication designed to help managers, promoters and their advisers decide where best to locate their investment funds –and themselves. This edition draws together in one volume the key points covering the relocation of investment funds and managers in four jurisdictions: The Bahamas, BVI, Guernsey, and Malta. Writing for The Bahamas’ feature, BFSB says: With the globalisation of business there has been a corresponding surge in the movement of executives and their families, and in some cases businesses themselves, in relocating to new countries. In many cases the relocation has been temporary but for a growing number the move has been permanent, sometimes by design but on many occasions by choice. Relocating one’s business, family or financial affairs takes into account a wide range of factors such as lifestyle, infrastructure, and the business and legal environment. For The Bahamas, which has a long history of attracting wealthy individuals to settle permanently there, the factors that have given rise to its popularity as a choice for relocation have its roots and advantages in the country’s sovereignty, its 80 plus years of experience in international financial services, and its longstanding recognition and growth as the region’s leading tourist destination. The combination has created a stable political environment and a service-based economy that caters to the business and financial needs of companies, individuals and their families, and a lifestyle that seamlessly blends cosmopolitan amenities within a tropical ambience. The financial services industry in The Bahamas is staffed and managed by a large pool of experienced professionals. With personnel committed to the local community, continuity of service, which lies at the heart of a successful professional relationship, is more predictable and secure in The Bahamas. The Bahamas is not only home to more than 260 banks and trust companies which enjoy long standing relationships with clients from around the world. As more and more individuals opt to “follow their money” with respect to where they live and work, The Bahamas also has become the preferred choice for many who have adopted this way of life. Click [here](http://www.hedgeweek.com/2013/11/20/193430/advantages-relocating-bahamas) to read the article in full, and [here](http://www.hedgeweek.com/sites/default/files/GFM_Relocation_13_II.pdf) to download the entire Guide. The Global Fund Media Guide to Relocation is made available to a 50,000-strong audience of investment managers, institutional investors and fund service providers that read GFM’s family of investment management newswires daily.

Asset Management, BFSB News, Industry News, International Issues, Private Wealth Management

LATAM in Sharp Focus

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The Bahamas Financial Services Board (BFSB) held its third and final Bahamas Landfall event for the year in Miami on Thursday, November 7 in an extension of its efforts to present a holistic and comprehensive picture of what The Bahamas has to offer the Latin American market. [Bahamas Landfall Miami](https://bfsb-bahamas.com/bahamaslandfall/miami2013/) took place on the heels of BFSB being one of the lead sponsors at the [Private Wealth Latin America & The Caribbean Forum](https://bfsb-bahamas.com/news.php?cmd=view&id=3224&pre=y) hosted by Latin Markets in Miami on October 24 – 25. Strengthening historic ties with Miami advisors was noted by Aliya Allen, BFSB’s CEO & Executive Director as one of the reasons for a Landfall Miami event. She also told attendees, *“With Miami’s increasing importance as a tech, and corporate hub for Latin America we think there are synergies that can be developed between what Miami’s advisory community offers and what The Bahamas offers in terms of wealth and asset management services.”* Bahamas Landfall Miami featured a panel discussion on The Bahamas Advantage for LATAM clients and a presentation on Permanent Residency and Lifestyle Options in the Bahamas. The Bahamas Advantage panel discussion featured The Hon. Ryan Pinder, Minister of Financial Services; Prince Rahming, BFSB’s newly elected Chairman and Territory Senior Partner, PricewaterhouseCooper; Timothy Colclough, Deputy Co-Chairman of BFSB and Head of Trust & Fiduciary Services, Butterfield Trust (Bahamas) Limited; and Edgar Fernandez, Fiduciary Solutions Specialist, Royal Bank of Canada Trust Company (Bahamas) Limited. Richard Keyworth, Director of International Sales and Marketing, Stella Maris Village Limited, outlined plans for the Long Island development to exemplify the lifestyle benefits that exist throughout The Bahamas. Ms. Allen said The Bahamas has been making a concerted effort to increase its visibility and footprint in Brazil, Latin America’s largest economy with the SMART Fund becoming one of the most popular vehicles to access asset classes and investments outside of Brazil. *“Due to their popularity and The Bahamas’ close proximity to Miami we are seeing our own growing enclave of Latin American managers and family offices who have business interests and offices in Miami but also wish to take advantage of our regulation, products, environment and lifestyle,”* she said. The Private Wealth Latin America & The Caribbean Forum which was attended by approximately 500 delegates also reinforced the growing interest in The Bahamas by Latin Americans. “A number of delegates approached us saying that they had no idea why they hadn’t considered The Bahamas before, and that was likely to change in the coming years,” said Ms. Allen. She added *“We know that the cumulative effect of participation in conferences, Bahamas Landfall events, and one to one meetings, works for raising the visibility of The Bahamas brand and our viability as a contending centre for the wealth management requirements of individuals, families and corporate entities. This is a key and important market for us – it’s only by consistency that we show our commitment.”* Bahamas Landfall Miami sponsors included the Bahamas Ministry of Financial Services; Equity Trust Bahamas Limited; Graham Thompson; RBC Wealth Management; and Stella Maris Village. *Photo Caption: Aliya Allen, BFSB CEO; the Hon. L. Ryan Pinder; and Edgar Hernandez, RBC Wealth Management.*

BFSB News, Industry News, Private Wealth Management

LatAm’s Leading Event for Wealth Management

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Latin American Private Clients and their advisers are looking for a global suite of products and services to provide on and offshore solutions for wealth protection, wealth planning and wealth growth. Today and tomorrow, Latin Markets is hosting family office delegates from Latin America and the Caribbean alongside the world’s largest wealth managers and wealth advisers and money managers from around the world. Some 500 delegates – in total from over 30 countries – have registered for the 2-day [Private Wealth Latin America and The Caribbean Forum](https://bfsb-bahamas.com/news.php?cmd=view&id=3223&pre=y), to discuss high networth investment management and wealth protection strategies. The Bahamas Financial Services Board, as a Forum Cosponsor, hosted a Bahamas Roundtable this morning, on the opening day. Panelists included: * The Hon. L. Ryan Pinder, M.P., Minister of Financial Services * Timothy Colclough, Deputy Chairman, Bahamas Financial Services Board * Aliya Allen, CEO, Bahamas Financial Services Board The Presentation focused on LatAm markets of particular interest and the trends that are being observed in respect to regional interaction with this jurisdiction; the concerns that LatAm corporates, individuals and families may have; and how The Bahamas is ready to serve these markets from a strategic positioning perspective (security, confidentiality, diversification, substance). SMART Funds were of particular interest during the presentation and throughout the networking sessions that followed. CEO Aliya Allen noted *“SMART Funds have provided such a smart flexible solution that families want to administer their own funds. The unique features of Bahamas funds generally elicited a lot of interest and questions.”* Minister Ryan also took the opportunity to speak about Bahamas deliberations on FATCA, described as a game changer, and the success that The Bahamas has had in securing “sponsored exemptions” under FATCA for key financial services products, having chosen to comply via a government-government deal (IGA Model 1). In summary, panelists stressed the Bahamas Advantages relating to robustness of regulation, innovation aided by strong public-private sector partnership, and the ability to preserve and grow wealth – highlighting the diversity and depth of financial infrastructure and the ready availability of investment advice, banking, custody, legal and audit services.

BFSB News, Industry News, Private Wealth Management

Private Wealth Latin America & The Caribbean Forum

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##LatAm’s leading event for Wealth Management## The [Private Wealth Latin America & The Caribbean Forum](http://www.latinmarkets.org/forums/private-wealth-miami-forum/overview) is a pan-regional wealth management, wealth planning and investment management international meeting for private banks, HNWIs, wealth managers, and family offices. The Forum brings together 400+ industry leaders from Latin American and Caribbean Private Wealth Management field for a two day conference discussing strategies to protect, preserve and grow wealth. The forum provides direct and unique access to the growing private wealth management community. Attendees include 100+ private bank delegates, 75+ family office delegates and 100+ wealth protection strategists and gatekeepers from around the world. Topics will include: FATCA Regulatory Update, Critical Competencies in the New Private Wealth management, Tax, Trust & Estate Planning, Multifamily Office Model vs. Single Family Office Model, Asset Allocation & Global Investment Strategy, Miami is a wealth hub, Offshore Opportunities, and Regional discussions of: the Andean States, Brazil, Southern Cone, Mexico, Central America & the Caribbean Delegates Can Access Over Twenty Hours of Networking with: * More than 100 Delegates from Family Offices * More than 150 from Private Banks and Wealth Management * More than 150 Wealth Consultants and Advisors The Bahamas Financial Services Board is a Co-Sponsor for the Forum, and will host a “Bahamas Financial Services” Roundtable on the opening morning. It will also have a presence in the Exhibition Area with a “Bahamas Advantage” Booth. **About Latin Markets** Latin Markets is the world’s leading provider of Latin America focused investment forums, regional summits, and streamlined market intelligence. Its platform provides a comprehensive and fascinating perspective of the opportunities in this diverse and booming region.

International Issues, Private Wealth Management

Making a Case for The Bahamas in Asia

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The Bahamas Financial Services Board (BFSB) continues to make inroads and a strong case for The Bahamas in Asia, using its participation in two major conferences to promote the country’s wealth management advantages. BFSB CEO and Executive Director Aliya Allen was in Hong Kong for the three day [STEP Asia Conference 2012](http://www.step.org/events/asia_conference_2012.aspx) which wrapped up on October 17, and will then be in Shanghai on October 24 and 25 for the [China Offshore Summit 2012](http://www.chinaoffshoresummit.com.hk) , where she will be part of a panel discussing international financial centres. *“Every macro-economic view agrees that Asia-Pacific’s growth story is remarkable,”* said Ms. Allen. *“With the natural linkages and relationships created by the investment by China in The Bahamas, now is an opportune time to really push the advantages of The Bahamas for planning for Chinese families, inbound and outbound investments, international business and residency. In 2011 the Asia Pacific High Net Worth Individual population became the largest in the world and in our view The Bahamas is ideally placed to serve them.”* The STEP Asia Conference which brought together more than 40 speakers from around the world covered a wide range of issues and considerations in doing business in the People’s Republic of China with a strong focus on trust and fiduciary services. While STEP attracts primarily lawyers specializing in trust and estate services the two-day China Offshore Summit gathers China’s leading financial intermediaries in an in-depth and exclusive discussion forum with bankers, lawyers, offshore professionals, representatives from trust companies and corporate service providers. Speakers will discuss the many opportunities and key challenges surrounding China’s future growth, and the development of investment, trade and wealth management sectors. China’s fruitful business landscape also will be analyzed, and participants will have an opportunity to expand business relations as well as benefit from transparent conversation with relevant contacts regarding future market trends. *“China has a strong demand for global expertise to help manage its growing wealth,”* said Ms. Allen. *“The Bahamas has the talent, resources and financial structures to compete for and meet the wealth management needs of the Asian market. Participating in conferences and other business development initiatives targeting this market are crucially important to establish and reinforce The Bahamas’ capabilities and advantages.”* ***Photo Caption:*** BFSB CEO Aliya Allen is pictured with John Lawrence Deputy Chairman of STEP Worldwide and Managing Director of Windermere Corporate Services, Bahamas and William Ahern, Chair of the second day of STEP Asia.

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