The Cayman Islands Monetary Authority (CIMA) has given the stamp of approval to Cayman's newest independent director services provider, Fund Fiduciary Partners.
Launched by hedge fund industry specialists Michael Pearson and Chris Rowland, Fund Fiduciary Partners is aiming to address the increasing demand for highly qualified and truly independent corporate governance services for hedge funds.
Committed to a limited appointment business model, the principals of Fund Fiduciary Partners will only be taking on a small and select number of opportunities.
Pearson says: "Institutional investors are increasingly and rightfully demanding more transparency regarding the volume of work an independent hedge fund director has oversight of. Fund Fiduciary Partners will provide bespoke and personal attention only to the number of hedge fund appointments we can meaningfully contribute to."
Pearson is formerly the head of Deloitte's hedge fund restructuring and liquidation team in the Cayman Islands. He has advised and managed a number of high profile hedge funds from around the world, giving him insight into corporate governance best practice, managing competing stakeholder interests, regulatory investigations and resolving disputes.
Rowland is a former director at Deloitte in the Cayman Islands, and led the firm's forensic and dispute services practice. He has worked in various jurisdictions on a range of complex compliance reviews and investigations including several regulatory inspection appointments by regulators of licensed entities, including hedge funds and other investment vehicles.
They are complemented by Nick Gaze, former chief financial officer, chief operating officer and head of risk to a number of London based investment managers, who will be joining them in March 2013 when he relocates to the Cayman Islands.
"We have had tremendous support thus far from institutional investors, fellow directors and hedge fund attorneys, who are comforted by the depth and breadth of expertise that we bring to the table, which is what they are seeking," says Gaze.