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Schroders closing Cayman branch

| 19/03/2015 | 5 Comments

(CNS Business): An asset management company is closing its branch in the Cayman Islands. Schroders Cayman Bank & Trust Company Ltd is a global investment company that opened its doors for business in the Cayman Islands in 1972, officials confirmed with CNS Business Wednesday.

The company’s Cayman Island’s branch is located at Harbour Centre in George Town on North Church Street. Schroders’ clients include major corporations, insurance companies, local and public authorities, charities, retail investors and high net worth individuals in the Cayman Islands.

A spokesperson with Schroders told CNS Business, “Following an internal review, we have taken the decision to exit our trust businesses in Switzerland and the Cayman Islands. The trust business is a small part of our Wealth Management offering and is not a material part of the business. As part of this process we are working to ensure that we take care of any employees or clients who may be impacted.”

CNS Business is working to learn more details on this closing and when it will happen.

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Category: Finance, Financial Services, Uncategorized

Comments (5)

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  1. Wix says:

    I wonder what the jurisdiction will look like in 5 months. Banking is done. More to come.

  2. Anonymous says:

    This is just the beginning. Since CIMA won’t stand up to support the businesses that they regulate, large international financial services providers will start exiting. I wonder what the jurisdiction will look like in 5 years…

    • Anonymous says:

      Nonsense.

      • Anonymous says:

        HSBC closed down, 70 jobs. RBC closed their wealth management, 101 jobs. Caledonian Bank shut down, 61 jobs. Scotia Bank cut backs, 100 jobs. CIBC cut backs, 100 jobs. Now Schroeders… Can’t you see the trend????
        What is CIMA and the government doing about this?

      • Anonymous says:

        @ Anonymous, 9:53am.
        I agree. It is nonsense. Schroder Bank’s departure was a decision based on the sub-trusts governed under the Jersey Laws not the Cayman Islands Laws. The trustees’ have rendered a decision concerning the direction of their investment, interest, and the continuation of Schroder’s banking operations. While it may effect local job losses and a blow to the island’s economy, the shareholders/beneficiaries decision has been affirmed in court documents. An exerpt of the court case ruling reads:

        “Recently, in Schroder Bank and Trust v Schroder Trust AG (Grand Court FSD Cause No 122 of 2014, judgment 9th March 2015), trustees sought declaratory relief to set aside certain appointments of capital out from a Cayman trust to a number of sub-trusts to be settled under Jersey law. After the execution of the deeds of appointment, the Cayman trustee was advised that the appointments in favour of the Jersey sub-trusts had been made in the excessive and impermissibly wide use of the dispositive powers in that they purported to benefit a class of beneficiaries not within the Cayman trust, beneficiaries who, therefore, could not be entitled to benefit under the Jersey sub-trusts on the basis of dispositions from the Cayman trust.” etc, etc, etc.

        There is obviously a shift happening, but banking isn’t going anywhere.

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