Thu, 08/03/2018 - 16:59
Three experienced figures in the alternative investment industry have partnered to form a new licensed fiduciary services company in the Cayman Islands.
Geoff Ruddick (pictured), Glenn Kennedy and Nic Corsetti have joined together to create Paradigm Governance Partners, which offers independent director services, distressed fund and value recovery services and outsourced accounting services.
The firm is not exactly a start-up as each of the founding partners was able to bring in a book of clients upon launch. The partners will manage the business and make key decisions collectively, which they believe will be a new trend in the governance industry.
Paradigm commenced operations on 1 January, 2018. It has 2,500 square feet of space at One Capital Place in George Town, Grand Cayman. The partners have invested heavily in infrastructure and the secure systems needed to run the business while hiring two additional professionals to service the expected growth in the client base.
Ruddick says: “We are all very experienced and dedicated professionals in the governance space – it is a coming together of like-minded individuals all established within the fiduciary business. We feel it is very much a case of synergies, where one plus one equals three, with this formation; we have complementary skillsets that allow us to establish a valuable and differentiated service offering.
“We are not seeking rapid growth; we want our approach to be qualitative not quantitative and to be thought leaders in the industry. We are not afraid to tackle some of the fundamental governance challenges that have crept into the industry over the years such as board composition, substance over form, capacity, and continuity.
“More and more investors see these as issues and we believe our approach to these matters will set us apart. We know that many investors are becoming more discerning about how they choose directors and are seeking experience and the right ethos and values. We believe the environment will only move further towards transparency and accountability and we can thrive based on our collective, balanced approach, which is conflict free and very fresh in the industry.”
Paradigm will target a wide range of funds and asset classes including the classic hedge fund model in Cayman. Ruddick notes that a lot more private equity funds are looking to implement robust governance structures similar to hedge funds and he believes Paradigm can benefit from this.