“Success has always been in
providing clients with a hightouch,
in the native language.”
60 CAYMAN FUNDS | 2019
Benjamin Reid is a senior
business development and client
manager (LatAm) at Maitland
Group. He can be contacted at:
perspective, the nature of the client requires more hand-holding and
attention—something that Reid and his colleague Pedro Olmo can offer
from their combined 14 years servicing the private client segment.
The second product is for private equity firms based in Brazil that
are looking to raise capital offshore, typically via a Cayman-based
“Given the environment in Brazil over the past two or three years,
hedge fund managers have struggled to raise institutional money from
abroad. PE/RE on the other hand has seen great opportunities and
much capital has flowed into Brazil for these type of strategies. Again, it
is knowing the legal particularities of this space that has led to us being
successful in servicing our growing book of PE clients,” Reid says.
The third and newest product Maitland delivers is focused on
Brazilian-based investment funds looking to overcome the local
restrictions pertaining to offshore vanilla and exotic investments—
again the solution typically housed through forming a Cayman-based
offshore fund with the ability to invest globally with restriction.
“This is the solution for those wanting to invest globally and normally
into the more complex, less liquid and over-the-counter instruments
who cannot do that from an entity in Brazil.
“Due to the liquidity and high regulation bestowed on them in Brazil,
this is a very sophisticated approach and requires daily reporting on
a same-day basis. That is where our technology platform becomes
invaluable,” Reid says.
He believes that a key reason the company has achieved its
growth is because of the way and the extent to which it has invested
“We have the best systems in the industry and some of the
best people to make it work,” he says. “Our team, led by Lenin
Perumalsamy, has automated a high percentage of tasks allowing
much quick and more accurate processing—instead of inputting data,
we are constantly looking at ways we can better improve and provide
more inventive solutions for our clients.
“That also frees up our time to speak to our clients more. The
symbiotic relationship between great technology and the way we use
it to create great customer service is the key to this.”
He notes that it has also been important to hire Brazilians from the
region to work in the team. In eight months, the size of the team
focused on the region has gone from four to 18 people and the team
looks to potentially double again in the next 12 months.
Another component that has added to success based on tech is the
way that the team was able to integrate with local and Cayman-based
service providers or third-party choices of the client, in the region,
such as front office and audit firms.
“This is critical as it demonstrated how well Maitland’s technology
platform can integrate open-architecture software,” says Reid.
A personal touch
Even the best technology cannot rival the need for in-person interaction.
“It’s a given that as part of our operating model we visit Brazil at least
six times a year,” he says. “There is no substitute for this as it is a very
high-touch region when it comes to business.”
Maitland’s growth in the region is also influenced by political changes
in the country. New leadership that gained power last year has
introduced a number of pension reforms that have the potential to
boost the Brazilian economy by as much as $2 billion a year.
Reid believes the reforms could trigger an upgrade of the country’s
credit ratings which would, in turn, lead to a flow of capital back into
“That would trigger M&A activity and money moving into the
economy again, all of which would also drive demand for what we
offer from Cayman,” he explains.
Reid is keen to expand the understanding of just how much
potential sits within Brazil. Maitland is working with the Cayman
Alternative Investment Summit (CAIS)—a purveyor of content and
events in the alternative investment industry—to deliver an event
in Brazil towards the back end of 2019. He is also chair of the Latin
America working group for Cayman Finance and sits on AIMA
“The potential in the market is huge if you approach it in the right
way. I want to continue to extend relationships between Cayman and
Brazil while continuing to take our offering from strength to strength,”
Any opinions expressed herein are those of Benjamin Reid and do not necessarily
reflect the views of Maitland.
Shutterstock / Rad K