JTC has enhanced its proposition for international private clients after being granted a trust licence in the Cayman Islands.
The Cayman Islands Monetary Authority (CIMA), the jurisdiction’s regulator, approved the new licence enabling JTC to offer a broad range of trust administration services through the Cayman Islands.
JTC’s new trust offering will be international in focus and form part of its global Private Wealth Services division. In regional terms, it will complement the company’s existing business development offices in Miami and New York and its regulated office in South Dakota, which provides onshore US trust solutions.
JTC has had a presence in the Cayman Islands since 2013 offering global fund administration services. In 2015 it acquired GAM’s Cayman Islands fund administration business in a move that significantly grew its footprint in the jurisdiction.
Meanwhile, the granting of the new licence coincides with JTC’s appointment of Michael Halsey as Managing Director in the Cayman Islands.
Michael joins JTC with more than two decades of experience in the international financial services industry. Most recently, he was Managing Director of Sackville Bank & Trust Company Limited in the Cayman Islands where he oversaw the delivery of fiduciary, banking and corporate services to clients in all corners of the world. Prior to that, he was Director of Trust and Investment Services at CIBC Wealth Management.
Michael is an Associate of the Chartered Institute of Secretaries and Administrators, a qualified Financial Planner, President of the Cayman Islands Bankers’ Association and has earned recognition in the Citywealth Leaders List.
Nigel Le Quesne, CEO at JTC, said:
“This new trust licence increases our private client capabilities in Cayman and is part of our strategy to deliver a truly global and holistic service to clients. I am also delighted that Michael, who has impressive international experience and an in-depth understanding of the local market, has joined us to drive our growth ambitions in Cayman, a jurisdiction that continues to play an important role in our global network.”
Commenting on his new role, Michael added:
“Over the past six years, JTC has earned a solid reputation in the Cayman Islands as a top tier fund service provider. It’s hugely exciting for me to come in to build on that and help lead the firm through the next stage of its journey, in particular as we look to extend our support to private clients who are demanding increasingly sophisticated cross-border wealth management solutions.”