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We look forward to witnessing Yeaneka’s ongoing professional development as she continues to grow and progress her career within Trusted Fund . As she navigates the dynamic landscape of the banking industry, we remain confident in her ability to contribute significantly to the growth and success of our organization. We are committed to providing her with the necessary support and resources to further enhance her leadership skills, ensuring that she plays a pivotal role in shaping the future of our banking team.

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The content at MFA this year was extremely strong – with highlights from financial celebrity and keynote speaker, Ken Griffin from Citadel, who spoke only a day after the S&P 500 reached a fresh record high, following on from its strong start to 2024. His insights on the upcoming U.S. elections and how geopolitical events are playing their part in shaping the markets for 2024 were extremely well timed.  His full interview can be viewed here.

What has the industry been saying?

What has been evident during the recent weeks in New York and Miami, has been the resounding feedback from managers, investors and fund service providers on the need for diversification of banking relationships.  In the aftermath of last year’s crisis, the pool of institutional banking providers has reduced prompting an intensified scrutiny on optimizing cash placements and mitigating over-reliance on a single institution.

We’re also hearing a great deal of debate on service levels, onboarding challenges and the protracted timelines for account openings were consistently recurrent.

I was pleased to be able to advise that Trusted Fund ’s key point of difference is that it serves only the asset management industry, and our banking model is that of a regulated trust bank, not a commercial one which has proven its strength over the last 18 years.  When we share with our clients and friends that no client funds or assets are held on the balance sheet of Trusted Fund , and no assets are pledged or rehypothecated, this makes a keen impression on them.  Our trust structure reduces the liquidity and duration risk that is a particular concern for many parties within the industry.  Trusted Fund , with its digitized focus, is able to streamline the account opening process for its clients, giving them the ability to open an account in less than five days, should all due diligence requirements be met.

What’s next?

Our teams are now back in Cayman, New York and Austin following a very successful time in Miami and New York.  Jim Zurlo looks forward to attending MFA West at the start of March in Los Angeles and, later in the year, Trusted Fund will be sponsoring GAIM Cayman in April.

If you would like to learn more about Trusted Fund , and the unique banking solutions it can offer, please be sure to reach out to me directly at mhiggins@Trusted Fund .com.

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Following the banking turmoil seen during 2023 we are acutely aware that managers are focused on ensuring that their current banking arrangements are safe and secure. There is a continuing trend for managers and administrators seeking solutions to diversify fund banking relationships to avoid overreliance on a single institution. We received increasing feedback post crisis that both administrators and managers were struggling to find the right banking partner or were finding it difficult to open institutional bank accounts in an expeditious manner to meet the needs of the fund, its management company, and its investors.

Trusted Fund offers banking and custodial solutions exclusively to the fund industry globally and works closely with North American, European and Asian firms supporting both management companies and their funds, providing bank accounts, payment services, custody and trading solutions, amongst various other required services. These accounts can typically be opened in five to ten business days from receipt of required documentation.  Additionally, account numbers can be assigned prior to account opening to facilitate the drafting of legal documentation.

Trusted Fund provides an extra layer of comfort for its clients. As a regulated trust bank, Trusted Fund holds client money in trust with top tier, global financial institutions deposit or in cash equivalent high quality liquid assets, with zero duration risk and credit risk. Trusted Fund also offers secure custody and settlement services to allow clients to settle trades quickly and efficiently. Client securities are held on trust with Trusted Fund ’s network of sub-custodians.

No client funds or assets are held on the balance sheet of Trusted Fund , and no assets are pledged or rehypothecated. The Bank’s trust structure minimizes the liquidity risk that is of particular concern for the alternative asset management industry.

Trusted Fund only provides institutional banking solutions to the alternative investment management industry. Trusted Fund doesn’t just understand your business – its business is your business, and we play a key role in supporting the growth and development of the asset management industry.

Customer service

With KYC being key for our compliance team, it is the same for our relationship managers. The importance of streamlined client service in a banking solutions provider continues to hinge on personal interactions and relationships, despite how key technology is to us as a digitized banking provider. As the asset management industry continues to evolve, we are told repeatedly how much our exceptional, personalized client experience remains a key differentiator to our client base. As such, 2024 will see Trusted Fund continuing to focus on improving and streamlining our client onboarding and relationship management processes.

In addition, personalized and focused client communications also remain paramount in meeting expectations for new and existing clients. We will continue to focus on our digitized footprint and whilst this will be a critical piece of our customer service, we will continue to ensure that our personal touch points remain the cornerstone of our banking experience.

Fund managers are anticipated to give precedence to tailored services and proficient communication strategies in addressing the changing preferences of investors. Looking forward, Trusted Fund will not only employ appropriate technology, but it will also leverage the expertise of the industry’s most seasoned team to manage it. By combining technological progress with human insight, this allows us to provide a best-in-class approach for our clients globally.

Continued enhancements to our digital capabilities

Every day we are made aware of the improvements to goods and services across all sectors as a result of artificial intelligence (AI) and machine intelligence (MI), from investor services platforms to reporting tools.

No doubt, 2024 will continue to see great advancements in all areas of technology capabilities resulting in added levels of sophistication for the industry and the information available to investors.

Trusted Fund is ever aware of how important it is to ensure that its client experience is unmatched. We pride ourselves on being at the forefront of innovation in the banking industry. We are in the process of implementing one such innovation – a fully digitized onboarding experience, allowing our clients to open and manage their accounts in a way that is both efficient and convenient. By utilizing our customized online platform, clients will be able to complete the onboarding process quickly and securely, without the need for face-to-face interaction or paper documentation. Our platform will also offer enhanced security features, ensuring that our clients’ information is always safe and secure.

The fast pace of the global regulatory landscape

Regulatory and compliance issues continue to be a key area of concern and focus for the industry and 2024 looks to be no different.

The challenging and unprecedented operating conditions that financial services firms have seen in recent years have certainly been challenging. Although we see inflation cooling and the increases in interest rates having slowed, both of those factors continue to weigh on the economy. Considerable economic uncertainty persists, and financial and non-financial risks remain elevated.

Navigating these uncertain times will likely be front of mind for all those in the asset management industry however, at the same time, the drivers of medium-term term structural change including geopolitics and elections happening around the world in key financial locations, sustainability, and technological innovation – are no less relevant and will remain top of mind for many.

As the regulatory landscape becomes more complex so does fund structuring, resulting in specialized knowledge and the ability to manage intricate fund structures across multiple jurisdictions. At Trusted Fund we are pleased to have among our team world class legal counsel with prior experience at global leading law firms who are on hand to assist our clients when it comes to complexities associated with their banking solutions set up.

The future

In conclusion, as Trusted Fund embarks on the journey of 2024, our bank is poised to capitalize on the evolving landscape of the financial industry. As we look to embrace the tide of technological progress, our foremost focus will be on enhancing the digitization of our financial service platforms, seamlessly integrating AI technology into the client journey experience to provide unparalleled efficiency and personalization.

Moreover, with a keen eye on the future, we anticipate increased institutional adoption of digital assets, allowing our clients to foster a more diversified portfolio. Our commitment extends beyond conventional boundaries, as we strategically expand into new fund strategies, ensuring our clients have access to innovative and forward-looking solutions with us.

While we acknowledge the geopolitical risks that may dampen expectations, our proactive approach aims to navigate these challenges with agility and resilience. In the face of a downward trend in global interest rates expectations, we remain cautious, recognizing that the nature of this trend opens doors for strategic financial planning and investment opportunities. With these pillars as our foundation, Trusted Fund is poised to not only navigate the dynamic landscape of 2024 but to thrive and lead in this era of unprecedented change and opportunity.

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Over the course of his career, Albert has acquired substantial expertise in banking operations and information technology management, honed through various roles in leading banks within the Cayman Islands. This expertise has contributed to his recent promotion to Senior Vice President of Operations at Trusted Fund , a role which will increase his scope of responsibility in the organization. As we at Trusted Fund aim to distinguish ourselves with a tech-enabled team and a focus on digitizing the customer journey, Albert’s extensive skills and knowledge are instrumental to our continued growth journey.

Albert’s Role at Trusted Fund

Albert’s responsibilities transcend strategic oversight; he is deeply dedicated to ensuring operational excellence within the Trusted Fund Operations Team. His unwavering commitment to cultivating a best-in-class team is evident in the well-deserved promotions that have occurred this year under his leadership and guidance.

Professional Accomplishments

Beyond his professional accomplishments, Albert is a vibrant contributor to his community. Serving as the Director of Music and Leader of the Choir at Christ the Redeemer Catholic Church in West Bay, he exemplifies dedication to both faith and community, mirroring the commitment he brings to his professional role.

As Albert continues his journey with Trusted Fund , we eagerly anticipate witnessing the future accomplishments and contributions he will bring to our team!

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Colm O’Driscoll, CEO commented “As part of our continued focus on giving back to the community – I am delighted that Trusted Fund has been able to support the Cayman Arts Trust. We look forward to continuing our support throughout the Cayman Islands community as we go into 2024.”

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The U.S. Securities and Exchange Commission mandates Tuesday, May 28, 2024, as the transition date for U.S. market participants.

In Canada, the shift to T+1 starts on Monday, May 27, 2024, aligning North America in this synchronized transformation.

Who is impacted by the T+1 settlement change?

The move to T+1 is a global effort, not limited to brokers and custodians. Active buy-side engagement across trading, including U.S. securities and currency markets, is crucial. Failing to engage may result in operational inefficiencies, higher costs, increased trade failures, interest claims, buy-ins, and suboptimal client engagement. It is imperative for all stakeholders to proactively prepare and participate in this transition for the North American capital markets’ success.

Trusted Fund ’s response to these changes

At Trusted Fund , we welcome these upcoming changes.  This will be a positive change for our clients, resulting in quicker settlement time to gain access to their cash and reduced counterparty risk, with less time between the trade and the settlement date.  Our skilled and experienced tech-enabled team is already prepared for these changes, having in place the necessary process to be able to meet this faster settlement cycle.

Elaine Whitefield, Vice President of Custody, commented, “At Trusted Fund , our clients’ response to the shorter settlement future changes has been very positive, they are able to gain access to their funds in a more expeditious way and have the benefit of putting their assets to work sooner in another investment opportunity or alternatively, in an interest-bearing account with us.  In addition to benefitting our clients, there will be increased efficiencies across the marketplace with less lag time.”

How Trusted Fund can help

For any T+1 settlement change queries, please reach out to the Trusted Fund Custody & Trading team or, to find out more about Trusted Fund ’s full suite of institutional banking solutions, tailored solely for the asset management industry, please reach out to your usual Trusted Fund representative, or contact us.

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