The British Virgin Islands Financial Services Commission has formally confirmed the appointment of Brodrick Penn as director of investment business as of the beginning of this year.
The British Virgin Islands Financial Services Commission has formally confirmed the appointment of Brodrick Penn as director of investment business as of the beginning of this year. He follows Ruth Chadwick, who headed the BVI regulator’s investment department from 2002 until last year.
Penn has worked in the area of mutual funds and investment business for more than 10 years, initially as the assistant registrar of mutual funds with the government’s Financial Services Department, the predecessor to the commission.
Between 2001 and June 2002, he was acting registrar of mutual funds, before becoming deputy director of investment business, and has stood in as director of investment business on several occasions. Before taking up the position on a full-time basis, he completed a five-month secondment in Dublin with GAM Fund Management, a fund administration firm belonging to the GAM group, which has domiciled nearly 100 alternative funds in the BVI.
‘I have had the pleasure of being intricately involved in the regulatory regime for mutual fund business in the BVI since its infancy,’ Penn says. ‘I am pleased to note that even as global financial services businesses continue to evolve within a competitive market, investment business here in the BVI has shown a resilience to grow steadily.
‘This is in part due to the appropriateness of the regulatory regime. Notwithstanding, the commission’s strategic initiatives have identified other areas for development, and I am especially pleased to be able to play a key role as director of investment business in leading a solid team in the administration and further development of the regulatory regime for investment business in the BVI.’
The commission’s managing director, Robert Mathavious, adds: ‘Brodrick brings a wealth of knowledge and experience to this position. His expertise across a wide range of regulatory issues in the financial services arena will be extremely valuable for the commission as we face more complex issues working with partners inside and outside the BVI. He has and will continue to be a valuable asset to the commission and the financial services industry in the British Virgin Islands.’
As director of investment business, Penn is responsible for regulating and supervising mutual funds and investment business in the BVI, and for assisting in the development of the regulatory regime for investment business in the jurisdiction, as well as advising the commission on strategic and operational issues related to the funds and investment industry.