Independent structured finance firm Captima has celebrated its fifth anniversary.
The company, which provides comprehensive capital solutions to private, corporate and institutional clients, marked the occasion with a reception for some 50 guests drawn from the island’s finance and CSP sector at Admiral House, Douglas.
The Chief Minister, Hon Allan Bell MHK, was guest speaker.
In his welcome address director Adam Reed said that five years ago he and his fellow director and co-founder Mark Watson ‘had a vision’ to offer a service that would provide effective capital structures to assist entrepreneurs, businesses and property developers in funding their projects.
Mr Reed went on to say that despite Captima having been founded in 2008, a time of global economic downturn, their aspirations for the business were being realised and the company was continuing to grow, moving in September this year to new, larger offices in Prospect Hill.
He added: ‘Five years on and we’re still here, in new offices, closing deals – and with 2014 promising to be a year of great opportunities.’
The reception proved to be something of a double celebration, with Mr Reed announcing that Captima had just signed a heads of terms agreement ‘for a joint venture with a European Fund to deploy £200 million into our pipeline’.
Thanking the Captima team for their support, he closed saying: ‘We chose to base the company in the Isle of Man as we believe it offers a strong and resilient base from which to operate, an environment that positively encourages business and government to work together to achieve success and long-term growth.’
Replying, the Chief Minister praised Mr Reed and Mr Watson for their courage and forward thinking in launching a new financial services business in 2008, against a background of a global credit crisis and the collapse of the world’s banking systems.
He said that international regulatory pressures were continuing to place increasing demands on the Isle of Man, despite which the island enjoyed good relationships with the OECD and UK government.
The financial services industry would, however, face growing challenges from FATCA proposals, although he believed the legislation would lead to the island emerging all the stronger in the international compliance arena.
And referring to the matter of new, potentially more onerous beneficial ownership legislation, Mr Bell said: ‘We want to see the US and UK deliver on it before we do.
‘We won’t be at the front of the pack.’
In conclusion, the Chief Minister said: ‘The Isle of Man economy is growing; the financial services industry – “the jewel in the Isle of Man crown” – is growing.
‘I am sure Captima will have a bright future and I congratulate Adam and Mark on their optimism; the area they are trading in has a great future.’
The evening also provided the opportunity for Mr Watson to present Lesley Turnbull of Manx charity Wish Upon A Dream with a cheque for £500, the money the Captima team, with support from clients, had raised through a number of initiatives.