Deloitte andTouche Acquires Benbow Anderson
From left: Mr.Ian Wight, Deloitte & Touche Managing Partner, Mr. StuartSybersma, Deloitte & Touche Partner and Mr. John Benbow ofBenbow Anderson & Co
Deloitte & Touche has acquired the businessof Cayman accounting firm Benbow Anderson & Co.
A contract to finalise the acquisition processwas signed by Deloitte & Touche Managing Partner, Mr Ian Wightand Mr Peter Anderson of Benbow Anderson & Co on 9 November2001.
Giving further details of the acquisition,Mr. Ian Wight explained that the audit and accounting clientsof Benbow Anderson & Co. will be accommodated by an integratedteam from the Deloitte & Touche Audit and Accounting Servicesdepartments, while the Deloitte & Touche trust company, whichoperates as the Harbour Trust Co. Ltd., will direct the managementof a selected portfolio of companies, trusts, and mutual funds.
The Benbow Anderson practice had been operatingin the Cayman Islands since 1989, with two Partners Mr JohnBenbow and Mr Peter Anderson, and a staff of six. The firm provideda variety of accounting services to a number of local and overseasclients. It also serviced a limited amount of audit clients, andprepared annual financial statements for a considerable portfolioof non-audit clients. Through a now terminated relationship witha bank and trust company the practice also administered severaloffshore companies, mutual funds and trusts.
As a part of the acquisition process, MrJohn Benbow will be joining Deloitte & Touche as a Directorof the Trusts & Corporate Services department while Mr PeterAnderson will be joining the firm as a Partner with responsibilitiesfor Trust & Corporate Services and Accounting Services. Otherstaff may also be included in this move.
Mr Peter Anderson trained and qualifiedas a Chartered Accountant with Coopers & Lybrand in the UKbefore moving to the Cayman Islands with the firm in 1982. Hejoined John Benbow to form Benbow Anderson & Co in 1989. Heholds a BSC in Economics from Queen's University, Belfast andbecame a fellow of the Institute of Chartered Accountants in Irelandin 1991. He currently acts as a Director for several Cayman Islandsregistered Mutual Funds and other companies. Mr Anderson has permanentresidence status in the Cayman Islands.
Mr John Benbow also trained and qualifiedas a Chartered Accountant with Coopers & Lybrand in the UKbefore transferring to their Cayman Islands office in 1976 andforming Benbow Anderson & Co in 1989. He currently acts asa director of several offshore funds and companies and is a Directorof Segoes Securities Ltd, a registered Cayman Islands brokeragefirm specialising in internet trading. Mr Benbow is a Fellow ofthe Institute of Chartered Accountants in England and Wales andwas granted Caymanian Status in 1982.
Deloitte & Touche's Human ResourcesManager Mr Ezzard Miller commented, "We are delighted towelcome two experienced and well respected members of the Caymanfinancial community, Mr John Benbow and Mr Peter Anderson, toour Deloitte & Touche family. Due to our continued successand expansion, Deloitte & Touche in the Cayman Islands nowemploys over 120 professionals and support staff, and we all lookforward to working with our new senior team members as we strivetowards the firm's vision of helping its people and its clientsto excel."