Protecting your Assets
How safe are your assets?
Jamie Lyon, Sackville’s Head of Custody and Financial Reporting advises that, "The Basel II Accord puts total capital adequacy ratios for banks at a minimum of 10% of their risk-rated assets. Sackville’s Capital Adequacy Ratio is over 40% -- more than double the required amount and substantially above the Cayman Islands Monetary Authority (CIMA) minimum requirement of 15%."
Sackville has taken a number of measures to ensure that your assets are secure under all circumstances;
- All securities and cash are held separately from the assets of the Bank.
- Custody services for these assets are provided to us by strong, reputable, global Custodians, specifically CIBC Mellon, Canaccord Genuity Wealth Management and Oppenheimer & Co. Inc.
- Sackville is regulated by CIMA and governed by the Islands’ strong laws, including Banks and Trust Companies Law, Money Laundering Regulations and Securities Investment Business (Conduct of Business) Regulations.
- Sackville's auditor is the Cayman Islands partnership of PricewaterhouseCoopers.
- Sackville is already a Qualified Intermediary with the Internal Revenue Service in the U.S. and has full registration with the Securities and Exchange Commission allowing us to conduct business with compliant US persons.
- Sackville has established a strong team of five committees, made up of internal and external advisors to provide oversight of our accounts and business operations. These cover: Management, Investment, Finance, Audit/Compliance and Credit.