AI Magazine Issue 3 2018

Acquisition International - Issue 3 2018 43 Equity Bank And Trust Bahamas of an older generation, wealth transfers from one generation to the next. With the rapid and growing emergence of a younger wealth class, there are challenges that are facing both large and boutique firms. “The world stage is changing as the old pass on and a new generation of HNWI(s) emerges,” said Ms. Cassar. “The younger generation is more demanding and requires a greater level of reports. However, they are generally less concerned about costs but have high expectations in terms of service quality, flexibility and performance. Also, they have a tendency to purchase homes or condominiums in different jurisdictions away from their home base. This necessitates the establishment of locations beyond our head office to better service our clientele.” The latter has prompted the recent establishment of an affiliate office in Dubai, which is now part of the Equity Group of Companies also located in British Virgin Islands, Panama and Switzerland. “The breadth of our multi-jurisdictional group of companies and affiliates, provides us with the flexibility to devise and establish entities and relationships which are not only in the Bahamas but elsewhere - if this is in the best interest of a client,” said Ms. Cassar. For those clients who are considering relocation or a second home away from their home base, Ms. Cassar says the advantages of living in The Bahamas are as clear as the crystal waters that surround it. “The Bahamas is located in one of the most idyllic tropical settings in the world, offering many incentives to relocate permanently or to establish a second home. The most advantageous conditions have been created for wealthy individuals and their families to live and work in a tropical paradise, where their assets are protected and their confidentiality is assured,” she said. The constantly changing global economic environment, demands an increasingly complex process for personal wealth management, as well as a service provider that understands the intricacies and challenges that come with that responsibility and mandate. Private banking is the foundation of the Bahamas comprehensive financial services offerings. Equity Bank and Trust Bahamas Limited is at the forefront of independent Bahamian banks, with the knowledge, agility and experience to meet the evolving needs of international clients. Since its establishment in 1985, Equity and its affiliates have continued to evolve the broadest range of banking, investment funds, trusts, foundations, corporate products, trustee of pension funds, private trust companies and related services. Equity recently introduced full banking services with the approval of it banking license by the Central Bank of The Bahamas. The addition of full banking services, means clients now have access to the broadest range of financial products and services from Equity. “Our banking capability and services are a natural extension of our product offerings,” says Ms. Cassar, “and also meets a growing demand for these services by many of our clients. We expect banking services will become our fastest growing area in the next five to ten years, so it was critical to establish a full service banking department.” Equity’s growing funds business has also led to it establishing Equity Investment Funds Services Ltd. (Equity Investments) to operate within The Bahamas and to conduct business exclusively with non-residents. It will operate as a wholly-owned subsidiary of Equity Bank And Trust Bahamas Limited, a non-resident licensee of the Central Bank of The Bahamas. Funds services have been a steadily growing area for Equity, spurred by such innovative products such as SMART Funds and ICON. Establishing an investment funds subsidiary, is seen as a logical and appropriate step to oversee this growing area of business. “Our in-house fund expertise and relentless focus on client stewardship, has solidified Equity’s stellar reputation in the investment fund industry, elevating us as one of the fastest growing fund administrators in The Bahamas and the Caribbean,” said Ms Cassar. “Equity Investments will focus solely on our funds administration capability, strengthening our internal guidance throughout every stage of a fund’s life cycle, and ensuring our clients’ investment funds are administered to the highest professional standards.” In addition to SMART Funds and ICON, Professional Funds, a class of funds for sophisticated investors, and Recognized Foreign Funds, which are licensed or registered in a prescribed jurisdiction, are core components of Equity’s private investment funds offerings. Such a broad range of services for a bank built on a boutique framework, is a pressure point for training and professional development at Equity. “We espouse a high standard of service to our clients, and we back that up with ongoing training for our key personnel to meet the diverse needs of our clients”, said Ms. Cassar. “Our skill goes beyond our core competence as we have learned over time that those who cling to the past, generally find themselves left behind.” “This is why we set ourselves new standards for efficiency, quality discretion and authority with each new client. This can also mean that we may find ourselves specializing in areas tomorrow that do not yet belong to our core competence today. For us, as a comprehensive and boutique bank and trust company, there is simply no other way to ensure that our clients’ complex requirements receive the attention they deserve - whether we are advising individuals, business owners or companies. “Our range of bespoke products and services gives us the confidence and strength to deliver creative, responsive advice and solutions for the most complex client requirements. Also, our independence ensures that the integrity of our advice and solutions are clearly and solely focused on what is best for the clients we are proud to serve. Equity’s reputation is built on these pillars. Without compromise, we are fiercely committed to our clients’ success.”