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Vasil joins with more than 10 years of experience in legal entity management, corporate compliance, and subsidiary governance. He has advised multinational corporations, investment funds, and cross-border structures during his time with a Big Four accounting firm in the UK, and most recently held a senior leadership role overseeing global subsidiary governance models and Managed Services engagements for FTSE 100 and S&P 500 clients. In his new role, Vasil, alongside Yvonne Plamondon, will lead the delivery of R&H’s comprehensive suite of corporate services, including incorporations, registered office facilities, and regulatory compliance support.  In addition to his leadership role, Vasil will work closely with clients to develop effective governance structures and manage complex entity frameworks. His appointment strengthens our ability to provide practical, high-quality corporate solutions tailored to the needs of our diverse client base.   Senior Partner Alan Milgate said: “Vasil brings a wealth of experience in entity management and a strong grasp of corporate structures, making him a valuable addition to the team. With Vasil and Yvonne as co-heads of the corporate team, we’re well positioned to expand our corporate services platform in response to our clients’ evolving needs. My fellow partners and I are delighted to welcome him during this exciting phase of growth.” R&H Trust & Corporate operates as The R & H Trust Co. Ltd., and is a licensed trust service provider wholly owned and operated by the Cayman Islands office of Rawlinson & Hunter.

Estate and wealth planning is not a one-size-fits-all undertaking. While trusts have historically been the go-to solution, evolving family dynamics, tax considerations, and jurisdictional complexities have paved the way for complementary vehicles such as private funds. While this article focuses on private funds, we also provide a high-level overview of trust structures, with further detail available in our companion article at this link . What is a Private Fund? A private fund is a pooled investment vehicle that allows a group of investors, such as families, individuals, or institutions, to collectively manage and grow their capital. By consolidating asset ownership into a single vehicle, a private fund streamlines reporting, reduces administrative burden, and introduces investment discipline. This centralised approach enables the fund to reflect the investors’ long-term financial goals, risk appetite, and governance preferences. Private funds are typically structured to: Pool investor capital into a shared investment vehicle to pursue a defined and strategic investment portfolio Delegate investment authority to fund operators (e.g., directors, the general partner, trustee or third party investment manager) with fiduciary responsibilities to act in the best interests of the fund Provide investors with participation rights, typically through interests or units that entitle them to benefit from the overall financial performance of the fund These structures are most often organised as limited partnerships, exempted companies or segregated portfolio companies (SPCs), offering flexibility in design and operation. They can cater to a broad range of investment strategies, including but not limited to private equity, hedge, real estate, and other public market investment strategies. They can also hold a broad range of private assets. Private funds are particularly well-suited for families with: Members residing in multiple jurisdictions, each with distinct tax and regulatory considerations A desire for centralised, professional investment management Complex ownership and succession planning needs For families who may be uncomfortable with relinquishing control through a traditional trust structure, private funds offer a more familiar corporate structure. They allow for consolidated reporting, consistent asset oversight, and coordinated investment decision making, all while preserving individual and family autonomy. How Trusts and Private Funds Work Together Private funds can be used in combination with trust, company and foundation structures to create sophisticated, flexible, and tax-efficient wealth planning strategies. This hybrid approach brings together the protective and succession advantages. Some of the ways these structures work together include: Single Trust with Multiple Share Classes: A single trust may hold different share classes in a private fund, with each class linked to a specific beneficiary class or generation. This structure allows tailored distributions and investment strategies aligned with the needs and objectives of each beneficiary group. Multi-Trust Ownership Model:  Separate trusts may each own a distinct class of shares in the same fund. This approach is ideal for families with multiple branches or cross-border residency, allowing for separate governance, distribution provisions, and tax treatment within one investment structure. A Private Trust Company (PTC) can serve as trustee to these trusts, ensuring centralised oversight and consistent decision-making. Mixed Ownership: Ownership of the fund can be shared between trusts and individual family members, catering to differing legal requirements or preferences regarding asset control. This structure allows for the flexibility to transition assets into trust over time or maintain a portion under direct personal ownership. This integrated model is especially useful in managing multi-generational wealth. It offers: Enhanced asset protection and risk segregation Simplified and consolidated investment reporting Alignment of investment policy with family governance frameworks Improved tax efficiency through careful structuring Greater flexibility for succession planning and liquidity events Dynamic reporting Private Fund Setup: What to Expect  Establishing a private fund in the Cayman Islands involves compliance with key regulatory steps. R&H Private Fund Services (Cayman) Ltd (“RHPFS”) can guide you through this process - either directly or in collaboration with your existing legal counsel. Once established, private funds are subject to ongoing obligations, such as audited financial statements, annual filings, and maintaining appropriate valuation and asset safekeeping procedures. These regulatory requirements ensure transparency while preserving the fund’s utility as a private family vehicle.   Fund Administration Services Offered by RHPFS RHPFS, is part of a privately owned, multi-disciplinary financial services firm with a highly personalised level of client care and an uncompromising approach to technical excellence. The core components of our fund administration include: ·        Fund accounting: o   Qualified Cayman based team o   Calculating the period net asset value of the fund o   full suite accountancy services and flexible reporting o   bank account management o   automated market data feed o   calculating and paying all fees and expenses o   financial statement preparation   ·        Registrar & Transfer Agency Services o   maintaining the investor registers o   process all capital activity and reporting and AML, CTF and CPF monitoring support throughout the audit   ·        Corporate Services o   full incorporation services o   full suite of registered office services o   AMLCO and MLRO appointments RHPFS works seamlessly with clients to ensure efficient operation and reporting of their fund structures. Private funds are an increasingly attractive solution for families seeking consolidated investment solutions with flexibility, efficiency, and global reach. Whether used in conjunction with or in place of traditional trusts, they offer a powerful framework for managing generational wealth. For a deeper dive into the utilization of trust structures, see our companion article on Cayman Islands trusts here , prepared by our affiliates at R&H Trust & Corporate. Both RHPFS and R&H Trust & Corporate are owned and operated by Rawlinson & Hunter LLP Cayman Islands.

As part of its ongoing growth, Rawlinson & Hunter LLP, Cayman Islands is delighted to welcome Yvonne Plamondon to its Trust & Corporate Services team. Yvonne will be leading the firm’s corporate services group within R&H Trust & Corporate (operating as The R&H Trust Co. Ltd.), a licensed trust company owned and operated by the Cayman Islands office of Rawlinson & Hunter.   With over 18 years of experience, Yvonne brings a deep and varied background in fiduciary and financial advisory services, with a strong focus on complex and distressed structures. Her career includes over 12 years with the Financial Advisory team of a Big 4 accounting firm in the UK and Cayman Islands, where she advised multinational corporations, investment funds, and cross-border structures on strategic restructuring and operational challenges. Prior to joining Rawlinson & Hunter, she held a senior leadership role at the Cayman Islands office of a prominent multinational consultancy firm, acting as a fiduciary for a broad portfolio of Cayman entities, often in distressed scenarios. As part of her new role, Yvonne will contribute to monitoring and interpreting changes in Cayman Islands legislation and regulatory developments, helping ensure our clients are consistently well-informed and supported in an evolving landscape.   A qualified Chartered Accountant and licensed insolvency practitioner, Yvonne brings to the team her analytical approach and ability to deliver pragmatic solutions in complex environments. She has served on the board of the Cayman Islands chapter of the International Women’s Insolvency & Restructuring Confederation (IWIRC) and regularly shares her insights as a speaker on webinars and industry panels. She is also an active member of 100 Women in Finance.   Alan Milgate, Senior Partner, commented on the appointment: “My fellow partners and I are delighted to welcome Yvonne to the team. Her diverse skillset, deep understanding of corporate structures, and significant fiduciary experience make her a valuable addition as we continue to expand our corporate services platform to meet the evolving needs of our clients.”

June 2025 – Rawlinson & Hunter LLP in the Cayman Islands is pleased to announce the promotion of Owen Walker to Partner, R&H Restructuring, a specialist insolvency and restructuring practice owned and operated by the firm.   Owen joined the firm in 2017 and has nearly two decades of experience in corporate restructuring and insolvency. He has a strong focus on offshore cross-border matters and is an appointment taking Insolvency Practitioner in both the Cayman Islands and the British Virgin Islands.   A Chartered Accountant and Fellow of the Institute of Chartered Accountants in England and Wales, Owen is also an INSOL Fellow and an active member of RISA (INSOL’s Cayman chapter).   Commenting on the appointment, Alan Milgate, Senior Partner of Rawlinson & Hunter LLP Cayman Islands, said: "Owen’s promotion to Partner is well-deserved recognition of his dedication, team leadership, and the value he has brought to our restructuring practice. His expertise has been instrumental in expanding key service lines and fostering collaboration across our organisation. We congratulate Owen and look forward to his continued impact on the growth and success of R&H Restructuring and our firm."   R&H Restructuring is a multidisciplinary team of restructuring professionals operating under the Rawlinson & Hunter LLP Cayman Islands umbrella, providing specialised solutions in complex and distressed scenarios across global markets. R&H Restructuring is an independent member of HLB global advisory and accounting network.

March 2025 - Rawlinson & Hunter LLP, Cayman Islands is delighted to announce the expansion of its Trust services team with the appointment of James Long as Director, Trust Services with R&H Trust & Corporate (operating as The R & H Trust Co. Ltd.). The company is a licensed trust provider, owned and operated by Rawlinson & Hunter LLP. James joins the firm with a strong resume, bringing over 10 years of experience in the creation and management of international trust structures, private trust companies, and purpose trusts. Throughout his career, James has worked extensively with ultra-high-net-worth individuals and institutional clients, advising on complex trust structures and wealth management strategies. His experience spans multiple jurisdictions, including Switzerland and the Cayman Islands, providing him with deep insights into the global landscape of trust services. In addition to his practical expertise, he holds the Trust and Estate Practitioner (TEP) designation and is an active member of the Cayman Islands branch of STEP, where he serves as Chair of both the Education and NextGen sub-committees. His contributions to STEP demonstrate his dedication to advancing professional standards and nurturing the next generation of trust professionals. Senior Partner Alan Milgate, welcoming James to the firm noted, "James’ extensive international private client experience will be a tremendous asset to our trust team. His arrival further strengthens our leadership team and ability to deliver top-tier service to our clients, reinforcing our commitment to providing the best possible expertise and guidance in a rapidly evolving global trust landscape. My fellow partners and I are confident that his expertise will benefit both our current and future clients as we continue to enhance our reputation as a leading provider of trust services."

Congratulations to members of the Rawlinson & Hunter team who were recently promoted across business and support teams for outstanding service, performance and technical ability within their respective fields. They are: - Valerie Akow - Senior Manager with our Accounting Services Team - Jonathan Walmsley - Senior Accountant with our Accounting Services Team - Gerardo Rodriguez-Pomare - Senior Software Developer with our IT Team - Abigail Stoddart – Assistant Manager with our Internal Finance Team Alan Milgate, Senior Partner of Rawlinson & Hunter Cayman Islands, commented, “We are proud to recognise and reward the professional development of these individuals as well as their important and increasing contributions towards the success of their teams and the firm, which further enhances the services we are able to provide our clients as part of our best-in-class offerings.” There are other group promotions that will be announced across our affiliates.

As we continue the yearlong celebration of our 50th anniversary in the Cayman Islands, we recognise and extend a special thanks to another group of our long-service employees. Their dedication and work at Rawlinson & Hunter LLP Cayman Islands is appreciated and celebrated. For being with the firm we say a special thanks to – Kayla Shibli – Senior Manager, Human Resources (15 years), Cassandra Powell - Managing Director of The Harbour Trust Co. Ltd. & Director of HTC Fiduciary Services Limited (16 years), Philip Dickie - Managing Director of The Harbour Trust Co. Ltd. & Director of HTC Fiduciary Services Limited (16 years) and Frances Ebanks - Senior Administrator The Harbour Trust Co. Ltd. (18 years).

As we celebrate our 50th anniversary in the Cayman Islands, we continue to recognise and extend a special thank you to our long-service employees. Their dedication and work at Rawlinson & Hunter LLP Cayman Islands is appreciated and celebrated. For being with the firm we say a special thanks to - Leanne Golding - Director of HTC Fiduciary Services Limited and Officer of The Harbour Trust Co. Ltd. (14 years ), Sophia Campbell - Senior Administrator of The Harbour Trust Co. Ltd. (13 years), Darcia Tatum – Administrator of The R&H Trust Co. Ltd. (13 years) and Lucy Comacchio - Director, Trust Services of The R&H Trust Co. Ltd. (12 years).

As part of our 50th anniversary celebration we are taking the opportunity to say “thank you” to the dynamic and innovative employees who have provided professionalism, commitment to excellence and diligence throughout the years. For being with the firm for 10 years we say a special thanks to Philippa Stokes (Partner of Rawlinson & Hunter and R&H Trust & Corporate), Vivian Morahan (Associate Director, R&H Trust & Corporate), Tom Elliot (Associate Director, Information Technology Applications). Kevin Huys (Senior Vice President of R&H Services Ltd.) and Daniel McGrath (Senior Manager, R&H Restructuring).

In the Greek tradition, the word philanthropy comes from the words “philos” meaning “love” and “anthropos” meaning “man” or “humanity” - The love of humanity. A Philanthropist is someone who donates their money, time and/or talent to a cause that aims to improve lives and better the community. We may often think of a philanthropist as an ultra wealthy individual who has millions of dollars to donate (Bill Gates, Oprah Winfrey and Jeff Bezos spring to mind). But anyone can be a philanthropist, regardless of status or net worth. Great fulfillment comes from these selfless acts of kindness. Generational Giving Every generation has their own approach towards philanthropy and the causes they choose to support. This is because our attitudes are influenced by our experiences. Each generation has lived through some major events that have shaped them. Understanding generational dynamics can help us understand generational trends in giving. The GI Generation “Greatest Generation” born 1901-1924 This generation lived through the Great Depression and fought in WWII. They were greatly impacted by economic turmoil. They valued trustworthiness and relied on one another. One job or one marriage often lasted an entire lifetime. This great generation were more likely to give to religious causes. The Silent Generation “The Silents” born 1925-1945 This generation was molded by World War II, the Great Depression and the Atomic Bomb. The "Silents" focused on their careers, valued hard work and dedication. They had great respect for authority and rules and grew up believing that ‘children should be seen and not heard’. This generation are big supporters of emergency relief, troops and veterans and religious causes. Baby Boomers born 1946-1963 The Boomers (due to the rise in post-WWII birth rate) are a generation of workaholics. They value teamwork, growth and success. They are independent and self-reliant. Due to their belief in hierarchal structure, they may find it difficult to adjust to modern workplace flexibility trends. This generation heavily supports traditional institutions like colleges, libraries and religious organisations. Generation X born 1964-1981 This generation grew up with minimal adult supervision and thus learned the value of independence and work-life balance. They were the first generation to grow up with computers and witnessed the birth of cell phones and the Internet. Gen-Xers were the first gamers. They have a strong desire to make the community better. They are more likely to give to nonprofits that focus on research and public policy, international affairs, and community development. Generation Y / “The Millennials” born 1982-1994 Also known as the Digital Natives, this generation has grown up with digital services so they naturally align themselves with technology for communication, shopping, education, etc. They collaborate with each other and have a positive mindset. The Millennials are strong supporters of international causes and human rights. Generation Z / “The Zoomers” born 1995-2012 Gen Z has been exposed to terrorism, economic instability, climate change and different humanitarian challenges around the world. As a result, Gen Z is eager to make this world a better place. This generation will often support environmental and social causes. Gen Alpha / i-Generation born 2013-2025 This generation is growing up with the familiar voice of their friends ‘Siri’ and ‘Alexa’. From utilising facial recognition software to surgical robots, interacting with Artificial Intelligence will be second nature to members of Gen Alpha. This generation will be passionate supporters of climate change, LGBT+ and other human rights and advocacy …but with AI being integrated into online giving platforms and tools to enhance and expand philanthropic giving. Despite the generational differences certain things have not changed; - The demand for reliable professional advisors that can deliver trusted expertise - The desire for lasting dependable relationships with these Advisors to ensure that family succession remain in safe hands - The need for adaptability and understanding in order to accommodate varying generational views and values - And thankfully, the love of humanity! As trusted advisors how can we help? · Make philanthropy a family affair As you continue to develop your client’s family relationship make sure that each generation’s needs are listened to. Whether it is an informal family discussion, or the creation of a formal structure such as a Trust or foundation, you can assist in navigating generational differences by including multiple generations of your client’s family in these meetings. · Be responsive Speed is everything, especially when a client is requesting something that is time-sensitive. Reply to your client as soon as you can. In addition, keep your client updated on relevant matters - communication is essential. · Address your communication avenues Building a broader multichannel communication strategy will ensure you reach and engage all generations from traditional in-person meetings and direct mail approach to connecting through chats platforms, video conferencing and webinars. This may mean spending additional time and resources to optimise your digital communications. · Engage the right people Create your own philanthropic ‘toolkit’ of key advisors; - Professional legal advisors experienced in the charity sector and philanthropic giving - Proficient Tax advisors to provide solutions on how best to utilise available tax reliefs and allowances so as to maximise the benefit to the charity concerned - Competent Investment Advisors to ensure that the right asset allocation strategy is created to support your clients investment objectives and ethics - Philanthropic advisors to research topics a donor may be considering supporting and to look for opportunities for philanthropic funding to match the donor’s goals - A professional and experienced corporate Trustee to advise individuals and families on philanthropy and charitable giving. To deliver their expertise on the creation of new charities, whether by way of a trust, foundation or corporate vehicle, and to assist on administrative, accounting, regulatory and compliance matters. The more skilled Trustee will also be well positioned to advise on cross-border giving, and on any practical issues that may arise. · Always, always, always deliver! Commit to those promises you made to your client and to yourself as their advisor. Go that extra mile and make a difference! Takeaway By taking time to listen, adapt and understand your client’s needs and their family’s diverse generational views and values, you will not only create long-term relationships but thoughtful stewards of your client’s wealth and their lasting legacy. Author: Lauretta Bennett, Senior Manager Rawlinson & Hunter, Cayman Islands Lauretta.Bennett@rawlinson.com.ky

February 2023 This year Rawlinson & Hunter celebrates 50 years of providing professional services in the Cayman Islands. When the fledgling office of three people opened in 1973 there were no emails, no couriers, no faxes and mail took at least a week to get from the UK. From these early days the firm has grown and diversified to where they are today, with over 85 staff, 6 business lines in Cayman and participation in several overseas Rawlinson & Hunter offices. The Cayman Islands office is a financial services firm specialising in private client, corporate, fund governance, restructuring & recovery, accounting and private fund services to a wide range of clients locally and globally. It is the third largest Rawlinson & Hunter international practice, the largest independent trust company in the Cayman Islands and were one of the earliest local providers of professional fund fiduciary services. Celebrating the past and looking to the future, Senior Partner, Alan Milgate said, "With the ever changing global landscape, to remain in business for five decades is a testament to the vision of our founders, adaptability of our leaders and dedication of our team who are committed to navigating and exceeding the needs of our clients. We are extremely proud of the growth and success that the firm has achieved over the last 50 years and thank our stakeholders for their commitment and trust. We look forward to our continued growth and evolution as we build on the strong foundation of our reputation and offerings." Beyond its extensivebusiness portfolio the firm has strong ties with the local community. The Breast Cancer Foundation, Help for Children, the Cayman Islands Crisis Centre, YMCA, Jasmine, National Gallery and CCMI are among numerouscharitable organisations to have receivedsupport. The firm is strongly committed to the development and education of young Caymanians by offering educational scholarships, professional development programs and staff training to build succession locally. Partner, Tamara Corbin "This yearlong celebration will include a focus on the heart of our firm which is our team. During this period the firm will recognise several members of staff for their years of dedicated service. There are currently over 20members of staff who have been with the firm for 10+ years and this year we show appreciation for two special individuals for over 35 years." Rawlinson & Hunter is an international grouping of professional firms and a leading provider of financial advice and private client services. In meeting the international requirements of our clients, wenow operate 12 offices worldwide in 10 countries and employ over 450 people. We pride ourselves on the commitment which we make to delivering a personalised service to all of our clients, whether as accountants, advisers, executors, trustees or directors.

Family offices are nothing new. The Rockefeller family office was founded in 1882 and is still going strong today. However, managing family wealth successfully is a complicated undertaking and starting a dedicated single family office may be one way to manage this complexity. Establishing a family office should be approached the same way as creating any other successful business - with a good strategic plan. Why is the Family Office being created? An important preliminary step is to clarify the objectives for the family office, given that these objectives will determine its mission. There are many reasons why setting up a family office makes sense but at the root is the desire to ensure smooth intergenerational transfer of wealth and to keep the family working together toward a common purpose. Other factors include: - Maintain control of family assets and the decision making process; - Benefit from collective buying power of the family’s combined assets and access to investment, legal and tax information more effectively that any family member could do alone; - Alignment of the direction, interests and goals of all family members with regards to education, communication, philanthropy; - Create openness and transparency to avoid misunderstandings and disputes within the family; - Have a dedicated team devoted to providing key services and help achieve long-term goals; - Identify and manage an array of risks from investment risk to reputational risk; and - Preservation of privacy and security of financial and family information. How much does a Family Office cost? The cost of each family office depends on a number of variables including the size of the family, the number of staff and the nature of the family’s investments. With increased regulatory and compliance reporting, set up and running costs can be high. The general rule of thumb is that a family office typically costs about 1% of the assets being administered. Family offices need to offer competitive remuneration packages in order to attract the top talent. Operating costs are another major factor and can include rent of the office property, trustee fees, external investment management fees and insurance premiums. Throughout the creation and running of a family office, the most important consideration is value. The family should determine whether the benefits of the family office do justify the time and expense involved. Some small well-run offices produce an abundance of benefits relative to cost. The family needs to collectively define what is valuable and beneficial to them and ensure their family office fulfills all of their requirements whilst adhering to a pre-determined operating budget. Who will the Family Office provide services to? Family offices are most often established by founders of successful businesses to serve them and their children. Over time, the children may have their own families and the family office’s client base grows. The family office may also serve extended family and must contend with the reality of managing expectations of spouses, in-laws, stepchildren and adopted family members. Defining the ‘client base’ is important to efficiently allocate resources and capital outlay. What services will the Family Office provide? Although management of the family finances and assets are perhaps considered at the heart of family office services, they also provide a range of other services from strategic planning, administrative support, compliance and regulatory advice, family governance, coordination of philanthropic initiatives and succession planning. In addition, lifestyle or concierge services such as paying bills, arranging travel, management of household personnel may also be required. The range of services delivered may change over time as generations’ age, technology evolves and the investment landscape shifts. Who will be involved in the Family Office? For families with significant wealth, their assets may be sufficiently large and complex to justify a team with wide-ranging expertise and a board comprising of both family members and external parties. For other families it may be more effective to hire a specialist to liaise between the family and multiple third party advisors, rather than recruiting for each specialism internally. A governance and succession process that clearly outlines the role of family members within the office is vital to ensure the involvement of younger family members, particularly whilst there is an opportunity for them to learn from and work with the senior generation and their trusted advisors. Management roles could allow future family leaders to serve on committees or become junior board members. It is not unheard of for family members to take issue with the degree of control wielded by the CEO of their family office. Having clear guidelines will help manage responsibilities and expectations. Every office should have a mission statement, a written code of conduct and perform regular performance reviews. Policies also need to be clear about whether family members can be employees of the office. One of biggest advantages of starting a family office is the ability to hire competent staff who truly understand the family’s needs and motivations. Given family office employees are empowered with tremendous authority and control over the family’s assets, retaining proficient and trustworthy staff is critical to success. What is the appropriate vehicle and location for the Family Office? As can be gleaned from the above, there is no typical family office structure. The legal entity created is driven by a family’s unique jurisdictional, regulatory and tax considerations. In Cayman we are increasingly seeing the use of foundation companies over traditional private trust companies or STAR trusts. Previously, the natural tendency was to locate the family office where the family business was or where the patriarch/matriarch live. However, with new technologies, globalisation and a rising trend towards the remote workforce, family offices are moving to other jurisdictions. Political stability, privacy regulations, access to quality staff and professional advisors are all-important considerations. In conclusion, it is apparent that the considerations for starting a family office are plentiful. Some of the attractive features include highly personalised service, control, exclusivity and confidentiality. However, they can also be a source or catalyst for family dysfunction and an execution failure can lead to the permanent destruction of the family’s wealth if not governed and operated properly. Therefore, it is crucial to consult with the right advisors before formalising a family office structure. Author: Lucy Comacchio, Associate Director Rawlinson & Hunter, Cayman Islands Lucy.Comacchio@rawlinson-hunter.com.ky