Protecting your Assets
How safe are your assets?
Simon Garnett, Sackville’s Chief Financial Officer 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 25% -- 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.