DIRECTORS
Independent Directors
The Cayman Islands legal requirements have now changed and a hedge fund is now required to name an individual in the following 3 positions (whereas previously the fact that an Administrator had these officers would have been sufficient to comply):
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Anti-Money Laundering Reporting Officer (MLRO);
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Deputy Anti- Money Laundering Reporting Officer (DMLRO); and
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Compliance Officer (CO).
SERVICES
Independent Directors
The Cayman Islands legal requirements have now changed and a hedge fund is now required to name an individual in the following 3 positions (whereas previously the fact that an Administrator had these officers would have been sufficient to comply):
-
Anti-Money Laundering Reporting Officer (MLRO);
-
Deputy Anti- Money Laundering Reporting Officer (DMLRO); and
-
Compliance Officer (CO).
Deputy Money Laundering Reporting Officer
Who can act as MLRO, DMLRO & CO -
The Regulations state as follows for the appointment of the MLRO, DMLRO & CO
“It is recognised that it is possible that an FSP has no employees in the Cayman Islands and where it may not be possible for a senior member of staff (or a sole trader him/herself) cannot be the MLRO. In these circumstances the FSP may appoint someone who […]
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(a) is a natural person;
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(b) is autonomous (meaning the MLRO is the final decision maker as to whether to file a SAR);
Compliance Officer
3. (c) is independent (meaning no vested interest in the underlying activity); and
4. (d) has and shall have access to all relevant material in order to make an assessment as to whether the activity is or is not suspicious. “
Although not addressed in the Regulations, CIMA have confirmed that the same person can be both the DMLRO and CO.
The person who acts as the MLRO, DMLRO and CO must be notified to CIMA through the registered office of the hedge fund.
DIRECTORS
Victor Murray
Victor Murray, LLB, Dip LP, Acc. Dir., NP
Victor Murray is a Director of MG Management Ltd. (“MG”) in the Cayman Islands, and is the head of its fiduciary team.
MG is licensed by the Cayman Islands Monetary Authority and provides fiduciary and corporate services primarily to hedge funds.
MG is a full member of Cayman Finance which is the consultative body with the Cayman Islands Government on financial services matters.
Mr. Murray currently acts as a director to a number of multi-manager funds, hedge funds, private equity funds and other investment structures.
Prior to joining MG in 2011, Mr. Murray was a Senior Vice President of Maples FS, acting as a director to numerous hedge funds. From 2002 to 2007 Mr. Murray was employed by Citco Fund Services as in-house counsel, advising on a wide range of corporate and financial oriented legal matters. He was also responsible for the corporate
governance of a number of complex investment vehicles.
Prior to joining Citco, he was in private legal practice as a Solicitor (Lawyer) in Scotland.
Mr. Murray’s professional designations include admission as an attorney-at-law in the Cayman Islands, admission as a Solicitor and Notary Public in Scotland and admission as an attorney-at-law in New York and California. He is also a Notary Public for the Cayman Islands. Mr. Murray graduated from the University of Dundee, Scotland with an LL.B (Bachelor of Laws Degree) and a Postgraduate Diploma in Legal Practice. As part of his law degree, he studied investor protection. Mr. Murray is a member of the Cayman Islands Directors Association and is currently the President. He is an Accredited Director by the Chartered Secretaries of Canada. Mr. Murray is a citizen of the Cayman Islands and has resided there since 2002.
Bar Admissions:
Cayman Islands
Scotland
New York
California
Contact:
+1 345 749 8181
Denise Archer
Denise K. Archer, LLB (Hons.), Acc. Dir., NP
Denise Archer acts as a Director in the fiduciary services team of MG Management Ltd. (“MG”) in the Cayman Islands.
MG is licensed by the Cayman Islands Monetary Authority and provides fiduciary and corporate services primarily to hedge funds.
MG is a full member of Cayman Finance which is the consultative body with the Cayman Islands Government on financial services matters.
Ms. Archer is a qualified Attorney-at-Law with an accounting background. She has extensive experience in Public Law and Commercial Law, having held various positions in the public and private sectors including, the Cayman Islands Government and Mourant Ozannes, where she qualified as an Attorney-at-Law.
Prior to joining MG, Ms. Archer was in private legal practice as an Attorney in the Cayman Islands. Ms. Archer’s experience as an Attorney has afforded her a broad knowledge and exposure on the formation and structuring of various types of investment vehicles; the legal and operational issues affecting investment funds including offering memoranda disclosures, changes to service providers and providing guidance and advice on regulatory and statutory matters, including but not limited to, the registration of funds and management entities in the Cayman Islands. Ms. Archer’s held accountancy roles from 1984 to 2001 with various Cayman Islands firms including Deloitte.
Ms. Archer obtained a Bachelor of Laws Degree with Honours from the University of Liverpool and completed the Postgraduate Qualifying Law Examination (the Professional Practice Course). Ms. Archer’s other professional designations include admission as an Attorney-at-Law in the Cayman Islands and as a Notary Public for the Cayman Islands. She is an Accredited Director by the Chartered Secretaries of Canada. Ms. Archer was born in the Cayman Islands and resides there.
Bar Admissions:
Cayman Islands
Contact:
+1 345 749 8183
Hannah Welcome
Ms. Welcome has worked in financial services roles since 2014 and has underwent extensive AML training and certification. Hannah is currently studying for her undergraduate degree in Business Accounting and is anticipated to graduate in early 2021.
Contact:
+1 345 749 8182
KEY SERVICES
The MG directors are confident in their abilities whilst being independent, qualified, experienced and responsive.
“Best practice for any Fund would be to have a majority of independent offshore Directors…(AIMA Directors guide 2008)
MG helps our clients by providing experienced and qualified professionals to act as directors to a diverse number of hedge funds and other types of investment companies. We add value in all matters they are involved with.
Independent Directors
MG’s directors have acted for some of the seminal names in the hedge funds industry as well as serving as directors for subsidiaries for some of the largest US mutual funds including blue chip clients. The types of investments our directors have oversight experience with include all of the mainstream investment strategies as well as renewables, infrastructure and shipping to name but a few.
Other areas within the expertise of our directors include private equity funds where they acted as the general partner (being appointed to a Cayman Islands company that acts in that capacity), joint ventures where our directors were the majority independent directors
The MG directors are experienced in all aspects of hedge fund governance they are able to grasp the matters at hand quickly and suggest possible solutions to issues in a proactive and constructive manner.
Increasingly our directors are being interviewed by investors or potential investors in funds as part of their due diligence procedures. These investors are interested in our independence from other services providers, our capacity and experience which we gladly share with them as we consider this adds value to fund offering.
Economic Substance Regulations and Guidance Services
The ES Law applies to all companies incorporated under the Cayman Islands Companies Law or partnerships under the Partnership Law, importantly the ES Law does not include an investment fund or an entity that is tax resident outside the Cayman Islands as being a ‘relevant entity’.
Under the ES Law a mutual fund licensed or registered with the Cayman Islands Monetary Authority is considered to be an investment fund and thereby exempt from the ES Law.
However it should be noted that the ES Law definition of an investment fund is wider than under the Mutual Funds Law. MG can assist with full Economic Substance Services
Corporate Services
MG provides full registered office services including:
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Preparation and filing of the annual return
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Payment of annual fee to the Registrar of Companies
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Filing monthly beneficial ownership report to the Department for International Tax Cooperation
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Filing Economic Substance status report with the Department for International Tax Cooperation
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Payment of the per fee to the Cayman Islands Monetary Authority
Corporate Secretary
We provide substantive corporate secretarial services which would include the provision of a dedicated person to prepare board packs with Agenda’s and thereafter attending the meetings and preparing detailed minutes. This is available for any company at a fixed fee per meeting which has the advantage of knowing the costs of the service regardless of the length of the meetings.
We are cost effective, accurate professional and timely in the preparation of board minutes.
CONTACT
Inquiries
For any inquiries, questions or commendations, please call: +1 345 749 8181 or e-mail: info@mgcayman.com
Head Office
2D Landmark Square
64 Earth Close
Seven Mile Beach
Grand Cayman
Tel: +1 345 749 8181