Business Bermuda participates in Private Banking Latin America conference

FRIDAY, NOV. 9: On November 8, 2012, Business Bermuda presented and exhibited at the leading conference for wealth managers in Latin America, the Private Banking Latin America conference, in Miami, Florida. Attended by approximately 200 people, the conference focused on bringing the region’s influential private banks, family offices, and wealth advisors to “discuss best wealth management strategies and business models for success.” According to the conference organizers, “This is where the key decision makers come together to plan their investment strategies and share best practice with their peers.”

Ms. Cheryl Packwood, CEO of Business Bermuda, and Mr. John Johnson, CEO of Capital G Investment Limited and Head of Wealth Management of Capital G Bank Limited, spoke on a panel entitled ‘Latin America’s client turf wars and the role of onshore vs. offshore’. The discussion focused on the relationship between on and offshore jurisdictions and which offshore jurisdictions work best for the needs of Latin American clients with Bermuda highlighted as a center of excellence.

Mr. Johnson pointed out, “Since Bermuda is focused almost entirely on insurance, we are a partner with the onshore markets, and we are fully vertically integrated. This means that everything you need to run a business can be found in Bermuda…We need to be more vocal in the world about what we have to offer, and this is why we are here.”

Panelists were interested to know more about Bermuda’s established position as a financial center. Ms. Packwood stated, “Bermuda has a reputation for being first. We were the first in terms of Private Wealth, Asset Management, Hedge Funds, and the first, and only offshore jurisdiction, amongst our competitors to serve as vice-chair on the OECD Steering Committee. This is part of the reason why we are here – to inform the world, and especially Latin America, that we are a Class one jurisdiction that is transparent and accepted as well regulated by all the major regulatory bodies in the world.”

She continued, “While facing an increasingly more interconnected world, many others like BVI and Cayman have needed to change their strategy in order to stay relevant. Bermuda’s strategy is the same. We have historically been at the forefront of compliance, and we will remain a leading jurisdiction and a place that is reliable, safe, and affordable for Latin American business.”