The Tribune

The Bahamas Financial Services Board (BFSB) is continuing to push this jurisdiction in Asia, using its participation in two major conferences to promote the country’s wealth management advantages.

The BFSB’s chief executive and executive director, Aliya Allen, was in Hong Kong for the three-day STEP Asia Conference 2012 ,which closed on October 17. She is now heading to Shanghai on October 24-25 for the China Offshore Summit 2012, where she will be part of a panel discussing international financial centres.

“Every macroeconomic view agrees that Asia-Pacific’s growth story is remarkable,” said Ms Allen.

“With the natural linkages and relationships created by the investment by China in the Bahamas, now is an opportune time to really push the advantages of the Bahamas for planning for Chinese families, inbound and outbound investments, international business and residency.

“In 2011, the Asia Pacific High Net Worth Individual population became the largest in the world, and in our view the Bahamas is ideally placed to serve them.”

The STEP Asia Conference, which brought together more than 40 speakers from around the world, covered a wide range of issues and considerations in doing business in the People’s Republic of China, with a strong focus on trust and fiduciary services.

While STEP (The Society of Trust and Estate Practitioners) attracts primarily lawyers specialising in trust and estate services, the two-day China Offshore Summit gathers China’s leading financial intermediaries in an in-depth and exclusive discussion forum with bankers, lawyers, offshore professionals, representatives from trust companies and corporate service providers.

Speakers will discuss the many opportunities and key challenges surrounding China’s future growth, and the development of the investment, trade and wealth management sectors. China’s fruitful business landscape also will be analysed, and participants will have an opportunity to expand business relationships as well as benefit from a transparent conversation with relevant contacts regarding future market trends.

“China has a strong demand for global expertise to help manage its growing wealth,” said Ms Allen.

“The Bahamas has the talent, resources and financial structures to compete for, and meet, the wealth management needs of the Asian market. Participating in conferences and other business development initiatives targeting this market are crucially important to establish and reinforce the Bahamas’ capabilities and advantages.”