The Cayman Finance trade group, which represents the country’s financial services industry, named Gonzalo Jalles as chief executive officer.
Jalles, formerly CEO of HSBC Cayman, had previously worked at the bank’s offices in London, Bermuda and Argentina, Cayman Finance said in an e-mailed statement today. He founded a financial services company, Javelin Group, last year and had led the Cayman Islands Bankers’ Association from 2009-2012, according to the statement.
The Cayman Islands, a British Overseas Territory, is home to the highest number of hedge funds in the Caribbean and has historically attracted companies such as Bain Capital LLC and Medtronic Inc.
Jalles will lead the trade group as the island government proposes tighter regulations for hedge funds, including listing directors for the first time.
The nation had 10,841 funds registered at the end of last year, down from 10,979 on Sept. 30, according to the country’s monetary authority.