Bahamas profile expanded in Brazil
Twenty Bahamian service providers accompanying the Bahamas Financial Service Board(BFSB)to Brazil may have targeted asset mangers, but Freeport’s transshipment zone helped to broaden the conversation about what The Bahamas has to offer.
The BFSB hosted a”Bahamas Landfall”event in Sao Paolo and Rio De Janeiro, Brazil, November 24 and 26, respectively, in what the Board referred to as its”strongest push”in a gradually increasing effort over the last five years.
“It was also designed to establish the idea that there is a natural linkage between Brazil and Freeport’s transshipment zone, readily demonstrated by the investment and operations of Statoil Hydro,”Wendy Warren, BFSB CEO and Executive Director said in a press release sent to Guardian Business.
The Bahamas contingent included representatives of the Grand Bahama Port Authority, Bahamian lawyers, auditors, trust administrators, bankers, asset managers and fund administrators.
Representing Bahamian law firms were Aliyah Allen and Linda D’Aguilar, partners of the Graham Thompson&Co. According to Allen, they were”integral to the actual presentation both on the asset management/fund structuring side and on the other investment structures side.”
“This is not a one-dimensional jurisdiction which focuses only on private wealth,”Allen told Guardian Business.”We are trying to relate that we are a multi-faceted and substantive jurisdiction which has a depth of financial products, we think, unlike any other of our competitors.”
Allen said that the BFSB and the firm(Graham Thompson)have made a”concerted effort”to develop the relationship between Brazilian investors and The Bahamas over the last few years.
“While Cayman and British Virgin Islands(BVI)are well known by Brazilians, it has to be recognized that The Bahamas, with the invaluable assistance of BFSB, has made important inroads,”Allen said.
According to Allen, The Bahamas has ultimately been successful in trying to”change the conversation”about financial services in country through events like The Bahamas Landfall.
Sponsors of Bahamas Landfall included the Grand Bahama Port Authority, Ansbacher Bahamas Ltd., Butterfield Fund Services, Ernst&Young, Genesis Funds Services, Graham Thompson, Premier Fund Services, Royal Bank of Canada Wealth Management and Swiss Financial Services, according to the BFSB. HFM Week, publishers of the HFMWeek, PAM and Latin American magazine was the official media partner of the event.
Emerging economies are encouraging their asset managers to focus beyond their domestic markets, said BFSB CEO Warren.
“This has provided jurisdictions such as The Bahamas with an opportunity to provide a range of services to these asset management companies,”Warren said.”The Bahamas Landfall event was designed to increase the momentum for interest in The Bahamas that we have been building for the past five years.”