Group Overview

Group Overview
Deltec TM 2015
Our Group
Exceptional Private Banking & Wealth Management since 1959
As the oldest private bank and trust group in The Bahamas under continuous ownership, our commitment
to delivering innovative solutions and providing the highest quality client service has defined who we
are for more than 65 years. Deltec is an independent full-service financial services group with a wealth
planning and investment platform that delivers bespoke solutions to meet our clients’ unique needs.
Our top-ranked team has one focus: ENHANCING CLIENT WEALTH.
The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited and
Deltec Investment Advisers Limited. Deltec remains independently owned by a core group of clients and
employees.
Our History
Deltec was established in 1946 in Brazil when Clarence J. Dauphinot, Jr. and associates, Earl Elrick and
Angus Littlejohn, moved to Brazil to explore banking and direct investment opportunities. The first initial
of each last name forms the DEL in Deltec.
Attracted to the safety and security offered in The Bahamas, the founders established a banking presence
in Nassau in 1959.
Deltec’s shareholders, in the early days, included a number of prominent U.S. investment banks and
European financial institutions, each of whom had a small shareholding to express their interest in the
financing activities of the Deltec Group. Over the ensuing decades, Deltec forged its reputation as an
innovator in structuring solutions and investment opportunities.
Deltec continues to engage shareholders, clients and friends to seek out and participate in the highest
quality investment opportunities available.
Our Values, Principles
and Advantage
OUR CORE VALUES
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Client Focus
•Excellence
•Integrity
•Privacy
•Innovation
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Long-term Perspective
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Entrepreneurial Spirit
OUR BUSINESS PRINCIPLES
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Client interests always come first
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Objectivity and transparency
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Best-in-class quality standards
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Value enhancement
•Teamwork
OUR ADVANTAGE
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Independently owned – owned by a group of client shareholders
Safe jurisdiction – an independent country, The Bahamas offers a politically stable, well regulated
and tax neutral jurisdiction, including one of the best asset protection laws in the world
Conservative balance sheet – no debt, no proprietary trading, no commercial loans
Alignment of interests – clients, shareholders and employees invest side by side
The Bahamas
The Bahamas has been an independent nation since 1973 and is one of the oldest, most stable democracies
in the Western Hemisphere, with more than 280 years of uninterrupted parliamentary democracy.
Conveniently located in the same time zone as New York and Miami, The Bahamas is an ideal location for
investment and business operations seeking for a hub to invest and operate in, and from, the Americas.
With more than 80 years of financial services history, today the sector is the second biggest driver of the
Bahamian economy - directly and indirectly contributing up to 36% of GDP.
The comprehensive financial products offered by the institutions and advisors located here, coupled
with their ability to provide the necessary service expertise, have made The Bahamas a leading financial
center. This is evident in the innovation and flexibility demonstrated with easily created new products
that can be customized for specific markets and clients such as the SMART Fund products, the Bahamas
Executive Entity, and the Investment Condominium to name a few.
As one of the only independent financial centers in the region, The Bahamas has been able to be innovative
in financial services and distinguish itself in the international community. This is evident in the positions
taken and agreements reached with the United States of America on FATCA and other global regulatory
issues. This provides international clients a jurisdiction to mitigate global political risk in their wealth
planning.
For many reasons, The Bahamas is a preferred location for the ownership of intangible assets – and the
operation of corporate offices and businesses involved in international trade as it offers:
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A tax neutral platform – with no income, estate, inheritance or capital gains tax, and no restrictions
on the repatriation of funds
No forced heirship laws for domiciled assets
Highest ranking nation for civil liberties and political rights by the World Bank
Home to approximately one third of the world’s top 100 banks – and easily accessible to
international financing and global capital markets
Our Team
Our team includes private banking and investment professionals from top-tier firms, trust officers,
lawyers and certified public accountants with the knowledge, experience and global network to provide
world-class expertise. Our experienced investment team of economists, strategists, investment analysts,
portfolio managers and traders can guide clients and managers towards the right solution — across
public markets and private investments.
Our Leadership Team
Jean Chalopin, Chairman, Deltec International Group
A seasoned entrepreneur with decades of management and investing experience, Jean formed his first
company in France in 1968, from which DIC (Diffusion Information Communication) was formed in
the early 1970’s. Twelve years later, DIC had become the undisputed world leader in the creation and
production of children’s programs for TV. In 1986, Jean sold his interest in the DIC Group to become an
investor, client and shareholder of Deltec Bank & Trust Limited (then Deltec Panamerica). Today, Jean is
the largest shareholder and Chairman of Deltec International Group.
David Muñoz, Chief Executive Officer, Deltec International Group
David has served as Chief Executive Officer of Deltec International Group since 2012. David was formerly
Portfolio Manager and the Global Head of Credit Strategy with Blackrock’s Fixed Income Division, and cohead of macroeconomic strategy for Blackrock’s Core Portfolio Strategy Group. Prior to this, David held
senior positions at Credit Suisse, Lehman Brothers and ING. David is also a board member and investor in
GCSA LLC, a provider of soft capital solutions for the global clearinghouse industry, and is the Co-Founder
of Access Personal Finance, a consumer lending business. David holds a Bachelor of Arts in Economics
from Princeton University.
David McNaughtan, Chairman, Deltec Bank & Trust Limited
David has been with the Deltec group since 1976 where he has worked in various senior investment
management capacities in London and Nassau. He joined Deltec London in 1976 as an equity and bond
analyst and developed into a Portfolio Management role in the 1980s before transferring to Deltec Nassau
as Head of the Trust Company. He became Chairman and CEO of the Trust Company in 1990 and was
elected to the parent company board Deltec Panamerica in 1993. After 1996 when the Trust Company
and the banking business was combined into Deltec Bank & Trust Limited, he remained as Chairman with
particular responsibility for managing discretionary and advisory client portfolios. He holds a degree in
Economic History with Honors from the University of Strathclyde, Glasgow.
Ryan Pinder, Chief Legal Officer and Head of Wealth Management, Deltec International Group
The Hon L. Ryan Pinder, Member of Parliament and Former Minister of Financial Services for The
Commonwealth of The Bahamas. In this role he played an integral role in positioning The Bahamas as a
leading financial services center, ensuring global competitiveness and attracting significant business to
support the second largest driver of the Bahamian economy. Ryan brings decades of experience in private
practice, most recently serving as Attorney-at-law and International Tax and Commercial Consultant for
OL Private Corporate Counsel and Becker & Poliakoff, P.A. and previously with Boies Schiller and Flexner.
Ryan holds a BBA, MBA, JD and an LLM in international tax from the University of Miami. He is licensed to
practice law in Florida and The Bahamas.
Atul Lele, Chief Investment Strategist, Deltec International Group
Prior to joining Deltec, Atul was formerly a Director and Head of Strategy and Economics in Credit
Suisse, based in Australia, and was the #1 Rated Strategist in Institutional Investor Survey and Peter Lee
(formerly Greenwich) Institutional Equities Survey over multiple years. Prior to this, Atul was a Partner
and Portfolio Manager at White Funds Management. Atul graduated from University of NSW with a
Bachelor of Commerce in Finance and Accounting, Fellow of Financial Services Institute of Australia and
is a CFA Charterholder.
Odetta Grant, Chief Financial Officer, Deltec International Group
With nearly two decades of experience in accounting and finance, Odetta has been with Deltec since
September 2003. Before joining Deltec, Odetta worked in the Audit and Assurance department of Deloitte,
and as a Forensic Accountant for Kroll Lindquist Avey in Atlanta, Georgia. Odetta is a Certified Public
Accountant and a member of the American Institute of CPAs and the Bahamas Institute of Chartered
Accountants. She completed the Emerging CFO: Strategic Financial Leadership Program at Stanford
University.
Brian Jones, Managing Director, Deltec Fund Services
Brian has over a decade of leadership experience in the investment funds industry. Previously, he served as
the Director and Manager of Private Label Fund Services at UBS Trustees (Bahamas) Ltd. Brian currently
serves as President of the Bahamas Investments & Securities Business Association (BISBA, formerly
BASD), in addition to serving as Director and Secretary of the Bahamas Financial Services Board. Brian is
a Chartered Alternative Investment Analyst (CAIA) and holds a Bachelor’s degree in Economics from St.
John’s University in Collegeville, Minnesota.
Kenris Albury, Head of Client and Fiduciary Services, Deltec Bank & Trust Limited
Kenris has overall responsibility for managing all client service activities. In addition to the management
and administration of corporate and fiduciary structures, matters such as execution of payments, foreign
exchange transactions, trades, general client requests, and concierge services fall under her purview.
Kenris has been a member of the Society of Trust and Estate Practitioners for 15 years and her career
spans some 21 years in the Offshore Banking and Trust Industry with Pictet, Julius Baer and BSI.
Our Services
We provide the following bespoke service offerings under one roof:
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Private Banking
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Wealth Planning and Structuring
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Family Office Services
Corporate and Fiduciary Services
Investment Management
Fund Administration, Accounting and Consolidation Services
Merchant Banking and Corporate Advisory
“Being an independent service provider affords us the
flexibility to tailor our advice. We appreciate that each
client’s circumstance is unique, an ideal that is reflected
in our product and service offering.”
- David Muñoz, CEO, Deltec International Group
Private Banking
We have been providing highly specialized, international private banking services to wealthy individuals
and families for more than half a century in The Bahamas. Our private bankers help clients manage,
enhance and protect their clients’ wealth by providing advice and services that are customized to their
investment profiles and financial objectives.
We offer the following private banking services, among others:
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Custody of assets
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Deposit accounts in all major currencies
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Trading and brokerage
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Investment solutions
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Lombard lending
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Credit cards and payment solutions
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Concierge services
Family Office Services
Our goal is to be a client’s most trusted advisor. We believe a family office should perform services tailored
to the specific needs of a family – proactively anticipating what lies ahead so a client doesn’t have to
shoulder this burden. The family office might assume the day-to-day administration and management of
a family’s affairs, and often extends beyond traditional wealth management functions to include family
governance, full concierge services and specialty asset advisory such as real estate, art and precious
stones. We acknowledge that as the complexity of a family’s circumstances increases, family support
services or “lifestyle management” becomes more important, and our professionals will work with a
client to determine the right solution to meet their family’s needs.
We have significant experience with emotionally complex family financial issues that cross the lines
between estate planning, investments and insurance. We are there when a client needs to navigate
unexpected financial events, both positive and negative.
Wealth Planning And Structuring
We have a long history of partnering with our clients and their advisors to structure and implement long-
term strategies for wealth planning, asset protection, tax planning, inheritance planning and consolidation
of wealth. We partner with tax and legal advisers to ensure alignment with changes in a client’s tax
environment. We understand that each client’s circumstance is unique, an ideal that is reflected in our
product and service offering. We work with each client to understand their specific needs so that we are
able to design the best plan to achieve their goals.
Corporate And Fiduciary Services
We believe that fiduciary services are not simply a product, but rather a unique opportunity to build long-
term relationships and provide value to our clients. With over 65 years of experience in implementing and
managing complex, multi-jurisdictional wealth structuring vehicles, we are able to offer a comprehensive
suite of corporate and fiduciary products and services, tailor made to meet a client’s specific structuring
needs.
Investment Management
Over the years, we have designed a highly specialized investment platform that draws on the best ideas
from around the world through a disciplined process. As an independent institution, we are able to offer
a truly open architecture platform.
The Deltec platform provides a bespoke offering for investments, including discretionary investment
management, advisory and execution services, and open and objective selection of a variety of investment
products and direct investments.
Our investment platform’s success is based on our:
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Understanding of a client’s unique needs
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Long-term approach
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Ability to provide high quality advice from investment professionals
Focus on capital preservation
Rigorous process
Quality of execution
Open and unbiased approach: as a bank owned by client shareholders our interests are aligned
Our investment platform offering includes:
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Investment Portfolio Management
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Direct Investments
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Investment Advisory
Investment Funds
Fund Administration, Accounting
And Consolidation Services
Deltec Fund Services Limited, a wholly-owned subsidiary of Deltec International Group, is an Unrestricted
Investment Fund Administrator licensed by the Securities Commission of The Bahamas. We are authorized
to license SMART Funds and Professional Funds in-house, effectively bypassing bureaucratic delays
typically experienced with launching a fund. We have the ability to account for the fund and provide the
necessary asset value calculations. Throughout the life of the fund, our team of dedicated and experienced
professionals provide comprehensive fund structuring and administration solutions.
Merchant Banking And Corporate
Advisory Services
Servicing only existing clients, our Merchant Banking team specializes in capital raising, corporate
advisory, monetization and exit strategies for small-mid cap businesses. We have the resources to advise
clients on the most appropriate solution for their company’s specific needs.
“Acklins Island Scene” by Nastassia Pratt,
Deltec Initiative for the Arts, 2015 Artist
Deltec and Social
Corporate Citizenship
As a member of the Bahamian community since the 1950s, Deltec has undertaken projects large and
small to support the community. Being a responsible corporate citizen informs how we serve our clients,
develop our services and products, achieve our goals and give back to society.
The Deltec Initiative for the Arts joins a long list of important causes we have supported to help improve
our community throughout our history. We believe that the arts are a powerful tool that can connect
people, educate and enrich our society and help drive the economy. Today’s Bahamian creative economy is
rich with talent, but faces challenges due to a lack of opportunities for enrichment, visibility and funding.
In 2013, we launched the Deltec Initiative for the Arts, a foundation designed to support young Bahamian
Artists and Artisans in the development of their talents and fulfillment of their dreams, while also
increasing cultural awareness in our communities.
If you are interested in collaborating or contributing to support the arts in The Bahamas, please contact
[email protected].
DISCLAIMER
This brochure contains general information only and Deltec is not, by means of this presentation, rendering legal, accounting,
investment, tax or other professional advice or services. This brochure is not a substitute for such professional advice or
services, nor should it be used as a basis for any decision or action that may affect you. Before making any decision or taking any
action that may affect you, you should consult a qualified professional advisor. Any examples provided in this brochure are for
illustrative purposes only. Deltec does not and shall not in any way accept responsibility or liability for any loss or damage caused
by or arising from reliance on the information contained herein.
“For more than 65 years, our commitment to providing the
highest quality client service and delivering innovative
solutions for our clients has defined who we are.”
-Jean Chalopin, Chairman, Deltec International Group
Deltec Bank & Trust Limited
Deltec House, Lyford Cay | P.O. Box N-3229, Nassau, Bahamas
Phone Number: +1 242 302 4100 | Fax Number: +1 242 362 4623
Email: [email protected]
Deltec TM 2015