The Tribune

THE Bahamas' minister of financial services, Ryan Pinder, told key financial services intermediaries and executives that this nation should be the "first name off your lips" when advising clients on where to locate their assets.

Ryan Pinder's comments came as the Bahamas Financial Services Board (BFSB) completed an eight-day schedule of events and meetings with private banks, independent asset managers, lawyers, accountants and family offices in Switzerland and the UK.

The tour of major financial centres began in Zurich, continued in Geneva and concluded in London, each highlighted by a Bahamas Landfall event, the BFSB's platform for conveying the Bahamas Advantage for private wealth management, asset management, residency and international business.

BFSB chief executive and executive director, Aliya Allen, said: "We were overwhelmed by the high level of interest in the Bahamas, especially in our Bahamas Executive Entity (BEE) and SMART Fund products. It indicates that the time and resources spent in developing new products that are innovative and client driven were worth the considerable effort."

Addressing the London event, Ms Allen said: "The Bahamas understands that the new global economic reality requires consistent commitment to improvement for the benefit of owners of capital.

"And we are doing so in a manner that is informed by our long history and expertise in this industry. We think that this adaptive and innovative mindset has been the key to our success in the past, and will be the key to our continued success in the future."

Mr Pinder attended the BFSB event in London, joining a wide range of representatives from BFSB member firms. Some 117 international persons and 27 Bahamas delegates attended the event in London, making it one of the best attended international events in BFSB history.

"The financial services sector is the second biggest contributor to the gross domestic product of the Bahamas, and the Government offers unequivocal support to the industry," said Mr Pinder. "This is an important event to showcase what the Bahamas has to offer in terms of investment opportunities and financial services.

"The Bahamas has a history of coming up with progressive and innovative products, such as SMART Funds and the International Arbitration Act, which is an important arm to a growing and thriving financial services industry."

Mr Pinder added: "We believe that we should be the first name off your lips when you are advising your international clients on how to manage their assets."

The Bahamas delegation at the Landfall event at London's Mandarin Oriental Hotel also included the Bahamas Maritime Authority's chairman Ian Fair, and its director and chief executive, Commodore Davy Rolle. The High Commissioner of the Bahamas to London, Paul Farquharson, was also in attendance.

In Switzerland more than 60 Zurich-based financial professionals and 70-plus individuals from Geneva attended BFSB's Bahamas Landfall events. Fourteen Bahamas-based professionals participated in the Zurich event, and 20 were in Geneva to help convey the Bahamas Advantage message. The Landfall event in Zurich took place on June 18 at the Widder Hotel, and the Geneva event took place on June 19 at the Four Seasons Hotel des Bergues Geneva.

In Geneva, Ms Allen, Heather Thompson from Higgs & Johnson and Andrew Law from International Protector Group also spoke about recent amendments to the Trustee Act and the Bahamas Executive Entity (BEE) on a panel at the 26th annual Transcontinental Trust Conference, the oldest conference of its kind in Europe.

Michelle Jacqueline Degoumois, Honorary Consul of the Bahamas to Switzerland, also attended the Zurich presentations.