John McCann (left), Premier McKeeva Bush and Brad Cowdroy addressed the audience at the cocktail reception.

By Mwangi Ngamate
Mwangi@caymannetnews.com

Speaking at the official launch of the Trinity Hedge Fund held at Grand Old House on Wednesday 17 November, Premier Hon. McKeeva Bush said that the country needed to expand the number of players in the industry.

Mr Bush said his recent trip to London allowed the government made headway in attracting investment

“It is not all doom and gloom, but I have to remind you that we are not the only beautiful girl in the block,” the Premier said, stressing the need to stay ahead of the competition.

With branches in Dublin, Ireland and the British Virgin Islands, the Trinity Hedge Fund will be offering its services in the Cayman Islands.

Noting that the industry generated up to CI$200 million and employed Caymanians, he said that he would facilitate all avenues to ensure that the country succeeded as a financial centre.

He thanked Trinity Management for choosing the Cayman Islands to start a new fund, and welcomed back the Fund’s CEO, John McCann, who previously worked in the Cayman Islands with another financial firm.

Mr Bush promised to amend immigration policies to ensure that investors settled easily in the Islands.

Mr Bush said the country had a more solid foundation for business, and is more compliant with international regulations than London and Delaware. He also indicated that he will be touring Singapore and Hong Kong in the near future to showcase the country as an investment destination.

“We are ready to compete as a business centre. Long gone are the days when we were the only ones. International bars have been raised and we have to compete,” Mr Bush said.

He urged what he termed as ‘hostile’ media as well as bloggers to update themselves with facts about the Cayman Islands.

The Premier, who also serves as Minister of Finance, said that there was a need for the different industry players to work together so that the country will grow.

To those in the finance industry who thought of moving, the minister noted that there was no need to leave the serene environment of Cayman Islands to settle in a country that is cold.

“Some of you have been here longer than our children, we know this place as home we shall continue to be the best jurisdiction,” Mr Bush said.

Mr McCann said that Trinity will be a complementary company that has different products, and will not directly compete with the existing companies in the Cayman Islands.