BVI FSC Appoints Brodrick Penn as New Investment Business Director

Last week, BVI FSC formally appointed the director of investment business. With effect from January 1, 2008, Brodrick Penn took the place of Ruth Chadwick who had been the head of the BVI regulator's investment department from 2002 until last year.

As Director of Investment Business, Penn will bear responsibility for regulation and supervising mutual funds and investment business in the Territory. He will also provide assistance in the development of the regulatory regime for investment business in the jurisdiction, and advise the commission on strategic and operational issues related to the funds and investment industry.

Brodrick Penn has more than 10 years experience of work in the area of mutual funds and investment business. He started to work in this field as the assistant registrar of mutual funds with the government's Financial Services Department, the predecessor to the commission. Between 2001 and June 2002, he was acting as the registrar of mutual funds, before assuming the role of Deputy Director of investment business. On several occasions he has also been the director of investment business – the most recent being May to June 2007. Penn completed a five-month secondment in Dublin with GAM Fund Management – a fund administration firm belonging to the GAM group, a world leader in multi-manager investing, which has domiciled nearly 100 alternative funds in the BVI.

Penn's professional qualifications include bachelors of science degree received in 1997, and LLM in International Tax Planning received in 2005 (with certifications in Offshore Financial Centres, AML/Compliance, and Trust and Estate Planning).

Managing director/CEO of the FSC Robert Mathavious has commented on Penn's appointment saying that his expertise across a wide range of regulatory issues in the financial services arena will be extremely valuable for the FSC as it faces more complex issues working with partners inside and outside of the BVI.