Business briefs: Clarien appoints director

Clarien Bank Limited, formerly Capital G, announced the appointment of Buford Alexander as an independent director of its board of directors. 

Mr. Alexander is a director emeritus of McKinsey & Company, where he served clients in high tech, banking and consumer goods, and was a leader of McKinsey’s European practices in those industries. 

“On behalf of the entire Clarien organization, we welcome Buford, his extensive European perspective, and advisory experience to the Board,” said Keith Stock, chairman. “He is an accomplished leader and advisor to companies who possesses an impressive record of success and substantive impact in the global financial services sector. We look forward to his contributions towards Clarien Bank’s goals of growth, internationalization and leadership.”

Mr. Alexander joins current presiding board directors James Gibbons, Andrew Parsons, James MacDonald and C.H. (Hal) Masters, as well as Keith Stock. 

Acquisition

Mitsubishi UFJ Fund Services has completed its acquisition of Meridian Fund Services Group (Meridian) on May 27, 2014.

The deal was completed as part of the ongoing growth strategy of Mitsubishi UFJ Fund Services, part of Mitsubishi UFJ Financial Group (MUFG).

The Meridian acquisition raises MUFG’s fund services AuA to approximately $165bn, servicing over 300 clients and 1000 funds globally. 

Appleby

Appleby acted as Bermuda counsel to African Risk Capacity (ARC), a specialized agency set up by the African Union (AU), on establishing a specialist hybrid mutual insurance company to help AU member states become more resilient to extreme weather events and to protect insecure food populations in light of climate change.

Appleby advised on the incorporation and registration of ARC Insurance Company Limited (ARC Ltd), a Bermuda-domiciled company, established to provide insurance coverage against drought and other weather-related risks for a group of countries initially comprised of Kenya, Mauritania, Mozambique, Niger and Senegal. Germany and the United Kingdom are founding members of the mutual and contributed the initial capital.