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Alternative Market Briefing

FTI Consulting launches specialist director support services in Cayman

Friday, July 28, 2017

Bailey McCann, Opalesque New York:

FTI Consulting's restructuring group is expanding its services in the Cayman Islands following approval of a Companies Management Licence by the Cayman Islands Monetary Authority (CIMA). FTI will be able to provide independent board directors that can manage fund liquidations and turnarounds.

"Historically, if investors have wanted out of a Cayman fund they might push for a professional liquidator to come in following a judgment," explains Andrew Morrison, a Senior Managing Director in the Corporate Finance & Restructuring segment at FTI Consulting in an interview with Opalesque. "Now, we can offer investors the option of using a specialist director and managing the situation out of court."

The restructuring group at FTI is led by Morrison and David Griffin, Leader of the Corporate Finance & Restructuring. Morrison notes that allowing the appointment of directors with restructuring skills is a relatively new option from CIMA and one that can mean that investors are able to recoup their assets in a more expedient way. Going to court in order to force changes at a fund can take years and a significant amount of money. A specialist director can step in to get the ball rolling almost immediately.

"We thought now was a good time to go to market with this, because investors are becoming more aware of their options when it comes to dealing with funds and fund managers," adds Griffin.

The support services launch comes in......................

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