Delivery of this commitment has helped the firm achieve significant growth in Grand Cayman. The firm is a member of the PKF International (“PKFI”) Limited network of independent accounting firms.
Ben Leung, the managing partner of PKF Cayman, said:
“It’s all about the people. Our talented professionals here are dedicated to providing great client service. The skills and talents of hundreds of PKFI professionals are directed to PKF Cayman clients and that makes us the clear choice for growing companies seeking true global excellence. PKFI is the world’s 11th-largest international network of legally independent accounting firms with around 245 member and correspondent firms in 125 countries and aggregate fees of $1.9 billion.”
EisnerAmper LLP is a major shareholder in PKF Cayman and is also a member of PKF International. Mr. Leung commented on the recent combination of Eisner LLP and Amper, Politziner & Mattia, LLP into EisnerAmper LLP, now the 14th largest accounting firm in the United States and the largest regional firm along the New York-New Jersey-Philadelphia corridor, with around 1,200 employees, including 170 partners.
He said: “Both firms have significant expertise in the financial markets with Eisner a recognized specialist in alternative finance, and Amper a major player in the insurance field. Our strong affiliation with Eisner has been of huge benefit to building our hedge fund practice and the addition of Amper now gives us the same competitive advantages in the insurance field and we are confident that this will assist our growth further.”
Mr Leung is keen to point to the positives for Cayman, saying “whilst there’s no doubt that it has been a tough year for Cayman, there have been many positives which should be emphasized. Cayman Finance, the umbrella body for the financial services industry, recently highlighted that Cayman is the leading offshore domicile for CAT bonds. Five new captive insurance managers have opened their doors in Cayman. Eighteen new captives have formed with another eleven agreed in principle. We have a new and improved Insurance Law, the Insurance Law 2010, which implements recommendations from the 2009 IMF review and is partially structured to protect existing business and attract new business into the Cayman Islands. Our regulator, the Cayman Islands Monetary Authority (CIMA) is also making investments in technology and contributing their ideas on best practice on the global stage.”
Mr. Leung has been the Managing Partner of PKF Cayman, previously named Baker Tilly (Cayman) Ltd, since inception and was formerly an audit partner with Moore Stephens (Cayman Islands) Ltd. He has a decade of experience auditing Cayman captive insurance companies registered with the Cayman Islands Monetary Authority.
PKF Cayman’s management team includes Neil Maynard and James Lewis. Mr. Maynard, a chartered accountant with 12 years audit experience, has been with PKF Cayman since 2008, having joined from Grant Thornton in the UK where he was a senior manager. Mr. Lewis is also a chartered accountant with 12 years experience in public practice and has previously worked in Australia and Canada.
In addition to auditing captive insurance companies, PKF Cayman has extensive experience of auditing hedge funds and also provides audit services to local companies including the Jacques Scott Group.