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FS Welcomes Trust Firm

Financial Secretary the Hon. Kenneth Jefferson, JP, outlined measures that Government has taken to help Cayman's financial services industry maintain its edge.

Mr. Jefferson spoke at the opening of a new trust and corporate services firm, Intertrust, on Wednesday, 10 February.

The text of Mr. Jefferson's speech follows.

"Distinguished guests, ladies and gentlemen, good evening.

On behalf of the Government of the Cayman Islands and the Premier in particular, who could not join us this evening as he is off-Island, I would like to congratulate Intertrust on the opening of its Cayman Islands office.

Intertrust is one of the largest players in the global trust and corporate management services sector, employing more than 1,000 experts worldwide in over 20 countries.

We are pleased that the Cayman Islands are a part of Intertrust's global network and look forward to Intertrust's contributions to the Islands' financial services community.

As a new entity formed last year with a renewed focus in the trust and corporate services sector, I have no doubt that the leadership of Intertrust is fully aware of the challenges and opportunities ahead in the global institutional financial services sector.

Intertrust's stated values of high standards, talent and integrity will definitely serve the firm well and we hope that the Cayman Islands' office can demonstrate leadership within the firm's global network.

The Cayman Islands Government also sees the challenges and opportunities in the global financial services sector and we are actively working on how we can best position our jurisdiction in what is an extremely competitive market.

Let me briefly inform you of some of the steps Government is taking in this regard.

We are opening our doors even wider with amendments to our immigration policies that are more responsive than ever to the needs of global businesses like Intertrust to manage the ever-present challenge of finding and keeping the best people - we know this is key in a knowledge-based business like yours.

We are also looking to work with organisations like Intertrust to develop opportunities for Caymanians to succeed and make contributions in their fields of expertise, as a means of securing the future of generations to come.

In addition, and in support of our stated goal to build on our institutional financial services business and into new areas such as reinsurance and investment management, we are continuing to look at other incentives and programmes that will cast the Cayman Islands in the best possible light among current and potential investors.

To that end, we would welcome the opportunity to partner with emerging global brands like Intertrust to make that happen.

Despite the hard work that lies ahead, we are excited for the future and hope that the confidence placed in the Cayman Islands as a jurisdiction to do business by firms such as Intertrust, continues to grow.

I want to wish the leadership and staff of Intertrust the Government's best wishes on the opening of your office and much success in the future.

The Government looks forward to hearing about your progress and continued achievements for years to come.

Have a pleasant evening.

Thank you."