Consulting
Financial-sector leaders Butterfield Bank, Deloitte, and PriceWaterhouseCoopers are all bullish on Bermuda.
Three Financial-Sector Leaders Committed to Bermuda
Butterfield Bank
creasing competition from emerging financial services centers, Butterfield’s Alan Thompson, President & CEO says, “There are a lot of places that are up and coming and there is a lot more competition out there, but Bermuda has the advantage of being one of the first ones out of the gate years ago. Nevertheless Bermuda can’t afford to be complacent; it has to keep working at it.”
Thompson adds that one of Bermuda’s key advantages is its strong regulator. He says, “We want to be in first-class jurisdictions with solid regulatory, legislative and judicial frameworks. Bermuda has this.”
Deloitte
While Deloitte’s main concentration in Bermuda is auditing and accounting services, the company also provides a range of other services, including financial advisory and enterprise risk management. William Jack, Managing Partner says, “Deloitte Bermuda’s tax and actuarial consulting services complement our industry specializations, which are insurance/reinsurance and alternative investments, or hedge funds.”
Jack explains that Deloitte audits a number of major insurers and has significant experience with the new Sarbanes-Oxley requirements, especially as they relate to internal controls. He adds that Deloitte also serves companies in many other sectors, and offers all its clients the benefits of its in-depth local expertise and the Deloitte group’s international reach.
PriceWaterhouseCoopers
PWC, active all over the world, has established a strong position in the Bermuda market, where it serves a number of key players. Peter Mitchell, Senior Partner, points out that Bermuda’s attraction is that it is a sophisticated, open society whose government and business sector are determined to maintain and enhance the many advantages the island offers to international business.
Bermuda’s leaders are well aware that the local economy depends on satisfying international business. “The Bermuda brand needs to do well,” He says. As for PWC Bermuda, “We are able to bring PWC’s global resources to the international community here. Our clients can count on the same high-quality service from PWC in Bermuda as they would receive in New York,” he concludes.
KPMG
“As a domicile, Bermuda is as attractive as ever.”
Steve Green, Managing Partner
KPMG was the first of the “big four” international accounting firms to establish a presence in Bermuda, and today plays a major role in the local financial-services sector. Today KPMG in Bermuda provides audit, tax and advisory services, with audit making up approximately 60 percent of its business.
With a staff of 200, KPMG is one of the largest financial-services firms in Bermuda, Their client base includes many of the Island’s leading international insurance and reinsurance companies, fund management services firms, banks, Government Ministries and a myriad of local wholesale, retail and hospitality businesses. Globally, the KPMG network of member firms employs over 120,000 people in 144 countries and collectively the firms are known worldwide for their focus on adding value to their clients by being able to deliver services across-boarders and industry sectors. This means KPMG in Bermuda is able to offer its clients both in-depth local knowledge and an international perspective.
Steve Green, Managing Partner, noted that the firm’s US tax practice is regarded to be among the largest world-wide to offer dedicated US tax services to the offshore market.
The firm is also recognized for its personalized approach to resolving even the most complex of client issues and for the high quality of its service delivery. “All of the partners and the senior management team invest a considerable amount of time building client relationships,” noted Green.
KPMG also works closely with the local government and is involved in a number of community-service initiatives and scholastic programs. “Being a good corporate citizen is one of KPMG’s core values,” Green explains. He adds that the firm also places a high priority on its own internal training and development programs to ensure the best possible outcome for their employees.
The company, an active member of the Bermuda International Business Association (BIBA), remains bullish on Bermuda “As a domicile, Bermuda is as attractive as ever. Compared to its competitors, Bermuda offers a sensible regulatory environment, excellent infrastructure and in many instances the very best intellectual capital,” Green says.
Ernst & Young
“Dedicated to the financial services marketplace.”
Gil Tucker, Country Managing Partner
Ernst & Young, with over 135,000 people around the world, is a leader in serving the global financial services marketplace. The firm has 30,000 professionals dedicated to the financial services industry worldwide, with more than 3,300 of these employees located across the United States, Bermuda, The Bahamas and the Cayman Islands.
Bermuda Country Managing Partner Gil Tucker explains that Ernst & Young has positioned itself as the ideal partner for international companies operating on the island. “We are closely aligned with Ernst & Young’s New York City-centered Financial Services office, enabling us to draw upon a wealth of expertise to provide seamless, high-quality, consistent service to our clients,” he says. Ernst & Young specializes in serving firms in Bermuda’s leading business sector, international business. “Asset management, insurance and reinsurance anchor our practice,” Mr. Tucker explains.
Committed to the places where we live and work, Ernst & Young supports a number of local community programs. “Our focus in Bermuda is on the island’s youth, with a particular emphasis on mentoring, says Mr. Tucker. “We are significantly involved in YouthNet, a school-based mentoring program serving over 900 students in 25 schools across the island and,” he says proudly, “the brainchild of one of our alumni.”
Ernst & Young Bermuda is committed to its employees. “We have a ‘people first’ culture and strong emphasis on inclusiveness. The Bermuda office boasts 27 nationalities, although it remains committed to Bermudian talent,” adds Mr. Tucker. Ernst & Young has won a number of awards for the diversity of its workforce and for being a desirable employer.
BusinessWeek magazine has rated the company the “best place to launch a career,” thanks to its attractive benefits package and commitment to training. Fortune magazine has named Ernst & Young one of the 100 best companies to work for in the world for 10 years in a row.
Mr. Tucker points out that in spite of increasing competition globally, Bermuda continues to offer outstanding advantages as a business base, including its sophisticated, open business environment and supportive government. Looking to the future, Ernst & Young participates in international road shows to promote Bermuda and aims to continue to work closely with local leaders to attract more capital, investors and high-quality employees to the island. “We cannot rest on our laurels,” he concludes.
