CAYMAN FUNDS | 2017
When you look at our firm, the one thing we have to continually
refresh when we have people who initially plan to come to Cayman
for only two years is the perspective of ‘what is your professional
growth path, how can you continue to develop as an individual and
stay focused on being better at your job?’.
Your job’s going to change, but whether it be PE or hedge funds, the
heart of it all is keeping people focused on the fact that we will help
you grow professionally, we’ll help you have a rewarding career and
if you’re a Millennial we’ll find ways to keep you motivated to come
into the office every single day.
I had a managing partner whose habit every afternoon was to walk
around the office and say, ‘thanks for coming in today, I appreciate
you making the decision to come to work, I look forward to seeing
you tomorrow’. It was corny but to him our people were the most
important assets to the firm.
To keep them coming back to work is the biggest challenge I have,
so letting them see the big picture on this job is very important. It
will change in the future because we’re going to involve fintech and
involve other ways of technology helping out, we will use resources
from places like India to support us using a 24/7 clock to get through
As you move up as a professional with more experience and
responsibility, we’ll have you do more intellectually demanding things,
tasks that we have to focus on to ensure that when Dan comes
calling to convince our professionals to leave public accounting and
go into fund administration, it’s not as attractive for our staff to leave
as it is for them to stay and continue their career with EY.
Smith: We too will lose people to the industry but we tend to
look at the positive side which is more people going into the
industry who understand the regulatory framework, so when they
encounter something or have a request from CIMA they’re able to
give some perspective as to why it is that CIMA is requesting that
We’ve found it a benefit, we don’t want to continue to lose staff to
industry of course, but people tend to stay locally even if they’re
moving around, so you bring in the talent gained in one organisation
to another and you continue to deepen that talent pool overall.
Within the same small area that in itself is talent management, it
doesn’t have to be within a specific company or even a specific
industry. We’ve had ex-auditors join our team who say ‘we understand
better now what CIMA is requesting and why it is being requested’.
They’re then able in discussions with their colleagues in industry to
communicate the message of what the regulator expects.
Allard: The whole point of all this is that because you have so many
different options here in Cayman, people are moving around but
you’re retaining this talent on the Islands. We’ll continue to do so as
we have those professional options for people.
“The infrastructure that was
put in place for FATCA has
given us the opportunity
to build on that for CRS.”
“Corporate governance isn’t
just about the directors on
the board.” Mark Cook