Sanctions, ESG and Digital Assets: Cayman Islands Central to Future Economy, says Chancery Advisors

• Law firm launches associate firm in George Town, Grand Cayman – names it ChanceryESG
• Will focus on three pillars of the future economy: ESG, digital asset transactions and sanctions

LONDON, April 11, 2022 /PRNewswire/ -- Chancery Advisors Ltd (Chancery), the London-based go-to law firm for many of the world's leading hedge funds and investment banks, has today announced the launch of ChanceryESG, based in the Cayman Islands.

Dan Harris, a founding partner of Chancery Advisors who counsels many of the world's hedge fund billionaires, believes the time is right to offer joined-up thinking on ESG, digital asset transactions and sanctions. He commented:

"The siloed nature of most law firms prevents them from making the connection between ESG, digital asset transactions and sanctions. In practical terms, all three impact what, with whom, and how clients do business in the real economy and in the financial markets. They are increasingly part of the same conversation."  

The question of what makes Cayman especially relevant to the future economy is interesting. Chancery believes that the constant framing of Cayman in tax terms, both by politicians scapegoating it and those defending its tax neutrality, is a tired war of attrition. While increasing fragmentation in the global economy is fast becoming a reality, ESG, digital asset transactions and sanctions seek to buck this trend. Important financial centres are already showing that these are now the three pillars of the future economy.

Harris continued: "We see Cayman through a different lens – as the clock ticks down on climate change, ESG needs capital with a short investment horizon. Digital assets need trading, not investment capital, to achieve sustained liquidity. Investment vehicles domiciled in Cayman, in contrast to many long only funds onshore, have the right kind of capital. Similarly, this capital is high quality capital. There is no sanctions arbitrage. Cayman tracks UK sanctions. This all means that Cayman will be front and centre in the future economy. ChanceryESG will be uniquely positioned to be the leading firm in this space"

Winston Connolly, a leading attorney in the Cayman Islands, will be senior partner of ChanceryESG. Connolly said: "The firm has the advantage of being able to build out a practice with the new economy in mind and be attuned to the needs of clients from day one. We are very excited by what the future holds for the firm."