FundBank launches in the U.S.
FundBank reached a significant milestone this year with the official launch of FundBank N.A. headquartered in Austin, Texas. Approved to operate as a national bank by the U.S. Department of Treasury’s Office of the Comptroller of the Currency, FundBank is the first national bank established to offer institutional banking services to the asset management industry, across both the United States and Canada.
John Rosanelli, CEO of FundBank N.A., commented, “I am honored by the enthusiasm with which our opening as a national bank in the U.S. has been received. The alternatives industry understands that the cash flows in their accounts can be large, volatile, transient and as a result unappealing to commercial banks. FundBank, NA operating as a trust bank, easily manages these cash flows, and does not expose our clients to the credit, liquidity and duration risks that contributed to the recent regional bank failures. We welcome fund clients and offer them safety, security and stability.”
Key appointments
In October, we announced that Marcia Rothschild had been appointed as Senior Managing Director, Head of Business Development and Client Relations. Marcia has over 20 years of experience in global banking, having held senior business development and client relationship management roles within leading global financial institutions. In this role, Marcia oversees client relationships and business development, and her appointment aligns with FundBank’s growth strategy of investing in top industry talent as it expands its global banking services. This year has seen the significant growth of the Relationship Management team at FundBank including Mike Errico who joined FundBank in May and who joins Jim Zurlo and Mark Higgins in the New York operation, with Jessica Thomas joining as Client Relations Manager in June, based in the Cayman Islands. The strengthening of this key team, led by Marcia, highlights FundBank’s commitment to providing excellent customer service.
New services for 2024
Listening to our clients is paramount; by responding nimbly to them, we continue to provide the asset management industry with the key services it needs to thrive and grow.
Earlier this year, we were pleased to announce the launch of Prime Access, our seamless, next-generation trading experience, designed exclusively for the asset management industry and in collaboration with Interactive Brokers (NASDAQ: IBKR).
We have also increased our services to include; banking solutions for insurance and reinsurance structures, private client and family office solutions and solutions for liquidators. The response and take-up from these additions has been extremely positive.
FundBank on the road
Earlier this year we were proud to be a sponsor of MFA Miami in January, GAIM Ops Cayman in April and GAIM Ops West in California in October. These were great opportunities to meet with our industry peers and our clients, to discuss pressing themes such as the need for diversification of banking relationships and the challenges that onboarding presents. In Europe and South America, similar topics were high on the agenda as we found when we sponsored and attended the IMpower FundForum in Monaco and the Private Equity Latin America Forum in Brazil.
Event highlights
The FundBank Spotlight – New York and London were held in May and November respectively and were the latest in a series of our Spotlight events to take place globally. These events featured distinguished speakers including S.P. Kothari, former Chief Economist of the SEC and Pat Lardner, Chief Executive of Irish Funds. These insightful events were also a great opportunity to meet with our friends and industry colleagues across the globe.
In October we hosted the Do you HODL? breakfast event. The FundBank team was delighted to host this interactive discussion with over 75 of our industry colleagues. Moderated by our Cayman CEO, Laura Accurso, our industry experts shared their valuable insights into the demands by investors for exposure to digital assets from the legal, fiduciary, and trust perspectives.
Our New York team, led by Fred Jacobs, hosted several well attended events during the summer and fall, starting with the first annual FundBank Cornhole event followed by an evening of French wine tasting in October. Another great opportunity to connect with clients and friends.
November saw our first ‘Empowering Women in the Corporate World’ breakfast event which took place in the Cayman Islands. Our panel of extraordinary and inspiring women shared their journeys, insights, and strategy for personal and professional growth. It was a candid discussion that spanned work/life integration, leadership styles, emotional intelligence, professional success, navigating challenges, the next generation of women entering the work force, support, confidence and, above all, the need for resilience.
We look forward to hosting engaging and interactive global events in 2025 and continuing to celebrate the talent and diversity in our industry.
FundBank celebrates key award win
We were delighted to announce in September that FundBank had received the award for Best Business Banking Service at HFM Global’s US Service Awards event. This important industry recognition reflects our commitment to excellence and the incredible efforts of our dedicated team.
FundBank is pleased to share that the Citywealth Powerwomen Awards USA 2025 shortlist has been announced, with Cayman CEO, Laura Accurso having been nominated for the Woman of the Year award – Caribbean. The final results will be announced at the Citywealth Powerwomen Awards USA 2025 on 13th March 2025 in New York City.
2025 and beyond
As we move into 2025, we look forward to further opportunities to expand our services and geographical footprint in response to both industry and client demand and to continuing to provide our clients with a seamless and high-quality banking experience.
*The term FundBank refers collectively to FundBank Ltd., a Cayman Islands bank and FundBank, N.A. a US National Association, and their affiliates. These banks are separately chartered and regulated in their respective jurisdictions and have common majority ownership. All products and services referenced in this presentation may not be available at all FundBank banks or in all jurisdictions. Details about each bank’s products and services are available on their respective webpages.
**Subject to approval by CIMA