Walkers' BVI Office Continues Expansion; Heidi de Vries Named Managing Partner; Stephen Adams Becomes Senior Partner.

TORTOLA, British Virgin Islands -- Walkers, the global offshore law firm of choice for investment managers, financial organizations, prime brokers and international law firms, today announced the appointment of Heidi de Vries as Managing Partner and Stephen Adams as Senior Partner in the firm's British Virgin Islands (BVI) office.

"The BVI has a long history as a leading offshore financial centre, and as the volume of corporate activity here accelerates, it is increasingly clear that the global financial markets now recognize the advantages this jurisdiction has to offer," Ms. de Vries, who moved from the firm's headquarters in the Cayman Islands to head the three-year-old office in the BVI, said. "From a favorable tax regime to the increasingly sophisticated financial infrastructure in the BVI, our clients continue to seek the advantages of operating here, and get the added benefit of our offices in London, Hong Kong and Cayman," she explained.

Overall, the BVI has benefited from the growth in fund-related engagements as well as an increase in corporate finance assignments, particularly those that flow from New York, London, and Hong Kong. More than 2,000 mutual funds valued at approximately $55 billion are incorporated in the BVI, which is one of the world's largest offshore jurisdictions.

Walkers' expansion in the BVI parallels this growth trend. The firm's BVI office has tripled in size over the past three years and now has a staff of approximately 30. With a client base that includes major international law firms, global financial institutions, fund managers, and corporations, the office is expected to continue to expand in the coming months.

"We're also seeing a great deal of new business from Hong Kong in the BVI office," Mr. Adams said. "The ability to cost-effectively incorporate a large volume of companies in a short timeframe has always been attractive for the Asian market. Now, with the change in valuation of the Chinese yuan and more hedge fund and private equity transactions in the Pacific Rim and Eastern Europe, the deal flow through the BVI has increased and there is a resulting need for the experience and expertise that Walkers provides."

Another factor driving activity in the BVI is new legislation that governs the formation and management of financial trusts, including the Virgin Islands Special Trusts Act (VISTA). Under VISTA, trustees can now safely retain trust assets without intervening in the administration of the underlying investments, whereas under the traditional trust system, trustees may be legally obliged to sell assets if market conditions dictate, even if the individual who placed those assets in trust intended the trustees to continue to hold onto them.

"The BVI had been somewhat behind some of the other major offshore financial centres in modernising its trust laws," Chris McKenzie, a partner in Walkers' trust group said. "Very recently, however, the government, working in partnership with the private sector, has introduced a raft of innovations which has made the BVI a particularly attractive venue for managing trusts and conducting other financial work. Since VISTA allows settlors to retain control over the administration of trusts' underlying investments, there has been a significant upswing in interest from investors and organizations from Latin America, the Far East and mainland Europe who were previously reluctant to take their investments overseas."

As the new Managing Partner, Ms. de Vries brings a wide range of expertise to the BVI office. In addition to her experience in Walkers' Cayman Island headquarters, she has also worked as a solicitor and barrister with the Australian firm, Clayton Utz and specialised in cross-border mergers and acquisitions, joint ventures, reorganisations and private equity transactions at Linklaters in London.

Before joining Walkers' BVI office, Mr. Adams served as the managing director of an international trust company where he advised on all aspects of corporate, commercial and trust law. He also has corporate and commercial law and international tax experience from his work at Miller Thomson and Baker & McKenzie.

About Walkers and Walkers SPV 

Based in the Cayman Islands with offices in the British Virgin Islands, Hong Kong, and London, Walkers offers high-level skills across the legal spectrum. Named by HedgeWorld Limited as the top law firm for hedge funds by total assets of funds and assets of non-U.S. funds, we act for a wide range of clients including major financial institutions, investment banks, leading law and accounting firms, major corporations of all kinds, partnerships, trust companies and other fiduciaries representing almost every country in the world. Our aim is to provide clear, concise and practical advice based on an in-depth knowledge of the legal, regulatory and commercial environment in the Cayman Islands and the BVI. We are experienced in all types of international and cross-border transactions and we welcome a close working relationship with our clients and their other professional advisers.

Walkers SPV Limited is a licensed trust company wholly owned by Walkers, with a branch office in Tokyo. It provides experienced and expert management and administration of Special Purpose Vehicles (SPVs) as well as registered office and secretarial services for many companies and partnerships of all types.

For more information on Walkers or Walkers SPV, contact our BVI office by phone at 284-494-2204, by e-mail at [e-mail] or on the Web at www.walkers.com.ky.