Offshore Law Firm Makes Senior Appointments

Stephen Harris

16 August 2005

Global offshore law firm Walkers has appointed Heidi de Vries as managing partner and Stephen Adams as senior partner in the firm's British Virgin Islands office. The firm is widely used by investment managers, financial organizations, prime brokers and international law firms. Ms de Vries, has moved from the firm's headquarters in the Cayman Islands to head the three-year-old office in the BVI. Before joining Walkers' BVI office, Mr Adams served as the managing director of an international trust company where he advised on all aspects of corporate, commercial and trust law. He also has corporate and commercial law and international tax experience from his work at Miller Thomson and Baker & McKenzie. "The BVI has a long history as a leading offshore financial centre, and as the volume of corporate activity here accelerates, it is increasingly clear that the global financial markets now recognize the advantages this jurisdiction has to offer. From a favourable tax regime to the increasingly sophisticated financial infrastructure in the BVI, our clients continue to seek the advantages of operating here, and get the added benefit of our offices in London, Hong Kong and Cayman," said Ms de Vries. The BVI has benefited from the growth in fund-related work as well as an increase in corporate finance assignments, particularly from New York, London and Hong Kong. More than 2,000 mutual funds valued at approximately $55 billion are incorporated in the BVI. Walkers' BVI office has tripled in size over the past three years and now has a staff of around 30. New legislation that governs the formation and management of financial trusts, including the Virgin Islands Special Trusts Act is driving activity. Under VISTA, trustees can now safely retain trust assets without intervening in the administration of the underlying investments, whereas under the traditional trust system, trustees may be legally obliged to sell assets if market conditions dictate, even if the individual who placed those assets in trust intended the trustees to continue to hold onto them.