Kane changes US and ME focus
Kane plans to increase its US business while downsizing its Middle East captive business.
The captive manager plans to appoint an US managing director by the end of the year, and sees big growth prospects in the region, particularly in the middle market.
But in the Middle East Kane is focusing less on captive business and more on life, pension and investment administration.
“We have a great brand and presence in the Middle East, but the captive market is not picking up there as much as we originally envisaged,” said Simon Hinshelwood, Kane CEO.
“But we are instead picking up life, pension and investment administration business and also compliance support and consulting, so we are concentrating on these areas in the Middle East instead.”
Kane has also closed its registered London office and moved its finance team to its Guernsey office.
Hinshelwood said this did not constitute a downsizing, but was simply a more efficient way of managing its staff and resources.
“Our European clients for our captive management business are serviced in Guernsey and Malta, not London, so the London office was mostly administrative. It made more sense to move the finance team to Guernsey.”