Date: Tuesday, 29th December 2020
FOR IMMEDIATE RELEASE
Workforce Opportunities & Residency Cayman (WORC) continues a long-standing partnership with MUFG Investor Services which provides paid internship and apprenticeship opportunities for young Caymanians in the financial services industry.
MUFG Investor Services’ Executive Director Lenin Perumalsamy says “It is true that you can succeed best and quickest by helping others to succeed. We started this tradition with WORC and would like to see this program grow steadily and meet the longer-term goals of organically growing skilled workers and professionals within the local financial services industry.
In their day to day duties, we engage/train our interns on our technology platforms and cash/positions reconciliation between Brokers and Administrators. These reconciliations give insight into Investments/Securities and the cash flows. This is the fundamental knowledge interns acquire before moving into other areas of data management. Upon completion of their Internship, successful candidates will be provided an Apprenticeship up to 2 years. During Apprenticeship, candidates will develop knowledge on trade capture, pricing investments, etc. Once that’s completed, exposure to Net Asset Value (NAV) preparation and publishing are next.
All these middle office skills are quite rare in the local community and we are trying to plant these skills with the hope of delivering an end to end Cayman product.”
Katherine Whittaker, Head of Labour Demands, Development & Training says, “WORC is pleased to have had the opportunity of partnering with MUFG Investor Services to provide Caymanians with Internships and Apprenticeships within Funds Administration. Thanks to those at MUFG Investor Services and their dedicated staff, we have seen Caymanians grow from nervous Interns to driven individuals who have been mentored and guided towards full-time employment. We look forward to our continued partnership with MUFG Investor Services as we seek to introduce more Caymanians into this career pathway.”
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In August 2018 MUFG Investor Services first presented an opportunity for Caymanians to intern as Middle Office Fund Administrators. Through WORC, applicants applied and Robia McField was one of the successful applicants who was awarded the paid 6 month internship. After completing the 6 months Mr. McField was offered a 2 year apprenticeship which would provide more hands on training, mentoring and a deeper understanding of the industry. Mr. McField said this about the opportunity “I believe in studying hard and learning new things. Education is the key to success. I have learned so much while working at MUFG Investor Services and I think young Caymanians should strive to keep learning. When you start don’t feel that you will be stuck at one level. During my time at MUFG Investor Services it has opened my eyes to all the financial services industry has to offer and my next step is to get my C.P.A.”. Mr. McField continues to shine in his role and was recently promoted to the post of Associate Fund Administrator.
In September 2019 the second internship opportunity was awarded to Ms. Leann McLeod who successfully completed her 6 month internship and was offered a 2 year apprenticeship. She says “I have learned how to comport myself in a working environment and honed in on teamwork skills as well as my ability to explain certain processes or concepts to others. In addition, I have learned that as soon as there is a willingness to learn, any other skills required for the field can be acquired during the process. I have enjoyed my time with MUFG Investor Services and can see a future career in the financial services industry.”
In February 2020 the internships were awarded to Ms. Shakira Ebanks and Ms. Naidy Rizo. Once again they successfully completed their 6 month internships and are currently on a 2 year apprenticeship as Junior Associate Fund Administrators.