Grant Thornton UK LLP launches Cayman Islands recovery and reorganisation practice
Grant Thornton UK LLP has hired Hugh Dickson, a former Andersen insolvency partner, to head a new team based in Grand Cayman. Hugh joins Grant Thornton UK LLP after heading a private firm specialising in corporate and financial sector restructuring. Initially based in the UK with Andersen, Hugh has worked around the globe on a number of multi billion dollar assignments, including clients based in the US, Turkey, South Africa, Hong Kong and South East Asia.
"This is an exciting opportunity to launch an insolvency and forensic operation in the Cayman Islands, to focus on both regional and global insolvency and restructuring projects. The increasing use of offshore jurisdictions for both ownership and financing vehicles is driving the development of specialist local teams" explained Hugh. "The Cayman Islands is also a major financial centre in its own right. It hosts over 50% of the world's hedge funds, is the second largest offshore captive insurance centre, and has over one trillion US dollars on deposit and booked through its 300 registered banks. Having a Recovery and Reorganisation practice here will enhance our service to onshore clients where a Caymanian registered entity plays a critical part in the corporate structure of a distressed entity, as well as offering a direct service to the Caymanian financial services industry."
Increased complexity of national insolvency regulations by local authorities, frequently requiring practitioners to be physically resident, is prompting seasoned professionals to move to where the action is.
Mark Byers, partner in Grant Thornton UK LLP with responsibility for the development of the Recovery and Reorganisation services of member firms around the world, explains that the recruitment of Hugh is by no means a one-off. "We already have successful offshore practices in Bermuda and Gibraltar and intend to set up teams in those jurisdictions which we expect will feature in future higher-value assignments. Work may still originate in the major centres such as London and New York but delivery may require a coordinated approach across many borders with strong input from local professionals. We are seeing an accelerating relevance for Caribbean-related work from both Russia and Asia. We expect to announce further investment into offshore operations in the coming months."
As previously reported, there has been significant growth in Recovery and Reorganisation resources in Grant Thornton International member firms around the world. The launch and rapid growth of the US firms' restructuring and specialist automotive teams was followed by the recent acquisition by Grant Thornton France of DI Finances, an interim financial manager boutique in France. Grant Thornton International has member and correspondent firms in 113 countries and territories, of which 50 have been authorised to undertake Recovery and Reorganisation activity to date.
Ends
Notes to editors
Grant Thornton UK LLP is a leading financial and business adviser with 31 offices nationwide. It is the UK member firm of Grant Thornton International, one of the world's leading organisations of independently owned and managed accounting and consulting firms providing assurance, tax and specialist business advice to privately held businesses and public interest entities. The strength of each local firm is reflected in the quality of the international organisation. Grant Thornton International member firms share a commitment to providing the same high quality service to their clients wherever they choose to do business.
About Grant Thornton International
Grant Thornton International is one of the world's leading organisations of independently owned and managed accounting and consulting firms providing assurance, tax and specialist business advice to privately held businesses and public interest entities. The strength of each local firm is reflected in the quality of the international organisation. All Grant Thornton International member firms share a commitment to providing the same high quality service to their clients wherever they choose to do business.
Grant Thornton International is a non-practising international umbrella organisation and does not deliver services in its own name or otherwise. Each member and correspondent firm in Grant Thornton International is a separate national firm. These firms are not members of one international partnership or otherwise legal partners with each other (with the exception of certain limited instances), nor is any one firm responsible for the services or activities of any other.
"This is an exciting opportunity to launch an insolvency and forensic operation in the Cayman Islands, to focus on both regional and global insolvency and restructuring projects. The increasing use of offshore jurisdictions for both ownership and financing vehicles is driving the development of specialist local teams" explained Hugh. "The Cayman Islands is also a major financial centre in its own right. It hosts over 50% of the world's hedge funds, is the second largest offshore captive insurance centre, and has over one trillion US dollars on deposit and booked through its 300 registered banks. Having a Recovery and Reorganisation practice here will enhance our service to onshore clients where a Caymanian registered entity plays a critical part in the corporate structure of a distressed entity, as well as offering a direct service to the Caymanian financial services industry."
Increased complexity of national insolvency regulations by local authorities, frequently requiring practitioners to be physically resident, is prompting seasoned professionals to move to where the action is.
Mark Byers, partner in Grant Thornton UK LLP with responsibility for the development of the Recovery and Reorganisation services of member firms around the world, explains that the recruitment of Hugh is by no means a one-off. "We already have successful offshore practices in Bermuda and Gibraltar and intend to set up teams in those jurisdictions which we expect will feature in future higher-value assignments. Work may still originate in the major centres such as London and New York but delivery may require a coordinated approach across many borders with strong input from local professionals. We are seeing an accelerating relevance for Caribbean-related work from both Russia and Asia. We expect to announce further investment into offshore operations in the coming months."
As previously reported, there has been significant growth in Recovery and Reorganisation resources in Grant Thornton International member firms around the world. The launch and rapid growth of the US firms' restructuring and specialist automotive teams was followed by the recent acquisition by Grant Thornton France of DI Finances, an interim financial manager boutique in France. Grant Thornton International has member and correspondent firms in 113 countries and territories, of which 50 have been authorised to undertake Recovery and Reorganisation activity to date.
Ends
Notes to editors
Grant Thornton UK LLP is a leading financial and business adviser with 31 offices nationwide. It is the UK member firm of Grant Thornton International, one of the world's leading organisations of independently owned and managed accounting and consulting firms providing assurance, tax and specialist business advice to privately held businesses and public interest entities. The strength of each local firm is reflected in the quality of the international organisation. Grant Thornton International member firms share a commitment to providing the same high quality service to their clients wherever they choose to do business.
About Grant Thornton International
Grant Thornton International is one of the world's leading organisations of independently owned and managed accounting and consulting firms providing assurance, tax and specialist business advice to privately held businesses and public interest entities. The strength of each local firm is reflected in the quality of the international organisation. All Grant Thornton International member firms share a commitment to providing the same high quality service to their clients wherever they choose to do business.
Grant Thornton International is a non-practising international umbrella organisation and does not deliver services in its own name or otherwise. Each member and correspondent firm in Grant Thornton International is a separate national firm. These firms are not members of one international partnership or otherwise legal partners with each other (with the exception of certain limited instances), nor is any one firm responsible for the services or activities of any other.
Contact us
To find out more information about Grant Thornton International contact us.