ICON Launched at BFSB Landfall Event
ICON, the latest innovation in fund structures created by The Bahamas, was introduced to more than 200 Brazilian fund advisors at BFSB Bahamas Landfall: Destination Brazil events in Rio de Janeiro and Sao Paolo making it the most well-attended Landfall to date.
BFSB, the Ministry of Financial Services and 13 sponsor firms participated in the Landfall events as well as a STEP Brazil event which included an ICON presentation from a Brazilian practitioner’s perspective.
ICON the acronym for Investment Condominium is a fund that has been specifically designed to replicate the Brazilian condominium, the structure in which all of Brazil’s almost 13,000 funds are organized. The Investment Condominium Bill was signed into law by Parliament on Monday.
“The events were an unqualified success and we were pleased to have the Hon. L. Ryan Pinder, Minister of Financial Services, with us,” said Aliya Allen, BFSB’s CEO and Executive Director. “The Minister addressed the audience on the very important topic of “In the age of information exchange, where is The Bahamas positioned”.
Post event comments from participants spoke to the success of the events. One participant said “My partner and I have been greatly inspired by all the speeches delivered and have taken the decision to get a first- hand feeling of what doing business in The Bahamas is all about”; while another said “The timing could not have been more perfect in view of the changes in legislation that we will face.”
Other presenters at Landfall events included:
· Humberto Sanches, Ulhôa Canto, Rezende e Guerra Advogados, and William Heusler, Itaú Unibanco, who covered the background and purpose of ICON;
· Michelle Neville-Clarke from Lennox Paton who provided an overview of the Bahamian investment funds regime;
· Christel Sands-Feaste, Higgs & Johnson, who reviewed ICON features and comparisons;
· Pamela L. Klonaris and Samantha Knowles-Pratt, Delaney Partners, who covered ICON Establishment and Registration;
· Linda Beidler-D’Aguilar, Graham Thompson, who reviewed the conversion of an existing entity into an Investment Condominium; and
· Antoine Bastian, Genesis Fund Services, and Ivan Hooper, Winterbotham Trust Company, who discussed the ICON’s administration and governance requirements.
· Wendy Warren, representing Ansbacher Trust Bahamas, who presented on the advantages of domiciling your business in The Bahamas
· Edgar Fernandez, RBC Wealth Management; David Munoz, Deltec Bank & Trust and Patrick Feuz, Julius Baer Bank & Trust who spoke to “Advantage Bahamas”, with a focus on wealth management and residency.
Along with BFSB and the Bahamas Ministry of Financial Services, sponsoring firms for the Landfall events included Ansbacher Bahamas; Delaney Partners; Deltec Bank &Trust; Equity Bank and Trust; Graham Thompson; Genesis Fund Services; Higgs & Johnson; Julius Baer; Lennox Paton; PricewaterhouseCoopers; RBC Wealth Management and The Winterbotham Trust Company Limited. Dupuch Publications acted as a media sponsor.
Photo 1: Captured from left to right: Brian Jones (UBS Bahamas Ltd.), Wendy Warren (Caystone Solutions Ltd.), Ivan Hooper (The Winterbotham Trust Company Limited), Patricia Avallone (Scotia Private Client Group, Miami), Mechelle Martinborough (Securities Commission of the Bahamas), Michelle Neville-Clarke (Lennox Paton), Edgar Fernandez (RBC Wealth Management), Aliya Allen (Bahamas Financial Services Board), Brandace Duncanson (Ministry of Financial Services), David Munoz (Deltec Bank & Trust Limited), Linda Beidler-D’Aguilar (Graham Thompson), Sharon Stuart-LaFleur (Julius Baer Bank & Trust (Bahamas) Ltd.), Jeremy Proffitt (RBC Wealth Management), Patrick Feuz (Julius Baer Bank & Trust (Bahamas) Ltd.), Janelle Sands (Bahamas Financial Services Board), Antoine Bastian (Genesis Fund Services Limited).
Not pictured: Minister L. Ryan Pinder (Ministry of Financial Services), Pamela Klonaris (Delaney Partners), Samantha Knowles-Pratt (Delaney Partners), and Anthony Ferguson (Ansbacher Bahamas Limited)financial