In the world of private banking and wealth management, Success transcends mere financial growth; it’s about building legacies that endure, creating wealth that lasts for generations, and navigating an evolving world of opportunities with wisdom and foresight. As global markets change, new technologies emerge, and regulations evolve, clients are looking for more than just standard financial advice—they need experts who can see the big picture and guide them through the complexities of today’s financial world.
This is where Ivylyn Cassar’s work makes a difference. With over 35 years in the industry, Ivylyn has built a reputation as a trusted leader who combines deep financial knowledge with a commitment to her client’s success.
As a competitive and energetic student, Ivylyn financed her own education and strived to be the best in everything she pursued. By the age of 20, she had already graduated from both the University of the Bahamas and Liberty University. Graduating Summa Cum Laude with a perfect 4.0 GPA, she quickly attracted attention in the financial industry. Ivylyn was recruited by Touche Ross and qualified as a Certified Public Accountant (CPA), a key early achievement that laid the foundation for her career.
Revolutionizing Local Financial Services Landscape
Three years after starting her professional journey, Ivylyn transitioned into the financial services industry, joining New World Trust Corporation as its Deputy CFO. In this role, she spearheaded business development missions across Europe, North America, and Latin America, while also specializing as a fiduciary expert (TEP). Her skills and reputation continued to grow, leading her to a pivotal position as the Managing Director of Leopold Joseph in 1996. It was here that Ivylyn was given the rare opportunity, as a Bahamian, to build the company’s Bahamas branch from the ground up, a challenge she embraced with enthusiasm and vision.
In 2004, Ivylyn was invited by the late Gilbert Cassar to join him in establishing a Swiss banking group, Experta Bahamas, a venture that would later become known as the Equity Group. By the age of 45, Ivylyn had risen to become one of the principals of the organization. As Principal and Chairman of Equity Bank Bahamas Limited and Equity Trust Bahamas Limited, Ivylyn now leads one of the Bahamas’ leading Bahamian-owned and managed financial services entities. The company, employing over 60 Bahamians, operates in both the international and domestic markets, contributing to the evolution of the local financial services landscape.
Ivylyn’s inspiration has always been rooted in a scholastic and competent journey, with a focus on the enjoyment of doing a job well. Her passion lies in innovating financial solutions, building a robust financial services industry, and playing an active role in its growth. This drive for innovation and achievement, along with her desire to make a tangible impact on the industry, continues to motivate Ivylyn to reach higher and achieve greater rewards.
Redefining Private Banking with a Personalized Touch
As Chairman of Equity Bank Bahamas Limited, Ivylyn’s vision for the bank’s future revolves around leveraging its independent boutique nature as a key advantage in the competitive financial landscape. While the bank competes with numerous multinational players, many of whom are based in The Bahamas, Ivylyn believes that Equity’s size and unique position offer significant advantages. Unlike larger institutions, Equity’s relatively small size allows it to remain agile, flexible, and more client-focused—traits that Ivylyn considers critical in today’s evolving financial world. The bank’s boutique nature allows it to avoid the large, bureaucratic structures that often characterize multinational banks, enabling it to concentrate fully on the needs of each client, treating every individual as though they were the bank’s only client. This personal approach is a cornerstone of the bank’s international strategy, as it aims to remain a unique, boutique group in an industry dominated by larger players.
Domestically, Equity Bank Bahamas is focused on redefining the landscape of private banking in The Bahamas. Over the years, the bank has steadily built a reputation for offering tailored financial services that meet the diverse needs of its clients, both locally and globally. One of the major priorities for the coming years is to expand and deepen the bank’s domestic services. Equity now offers a range of comprehensive private banking services designed specifically for the High Net Worth Bahamians and their businesses. This is a significant milestone for the bank, especially with the exercise of its Authorized Dealer license with the Central Bank of The Bahamas, which allows the bank to provide a full suite of services to its Bahamian clients, on par with its international clientele.
A key aspect of this expansion is the introduction of B$ deposits. For the first time, Equity Bank can now accept Bahamian Dollar deposits and provide B$ financial services, giving local clients access to global financial markets and tapping into the bank’s 38 years of professional expertise. This move demonstrates Equity’s commitment to adapting its world-class service protocols to cater specifically to the local high net worth sector. Ivylyn believes that offering B$ services is not merely a new product offering but a reflection of the bank’s broader strategy to provide premium service, concierge treatment, and a holistic wealth management approach. This includes not only personal banking services but also legacy planning and private banking solutions, which are vital for Bahamian families seeking to preserve and grow their wealth over generations.
Navigating Financial Headwinds with Resilience
For years, The Bahamas, like many other jurisdictions, has been ‘running against the wind’ as the headwinds of successive global regulatory initiatives blow hard against the financial services landscape, seemingly intent on eroding the competitive advantage and ability to lead the way in the international financial services marketplace. While The Bahamas confronts both forward and rearguard actions by G7 and other international bodies that threaten to impede its sustainability as a financial center, the jurisdiction continues to persevere and move forward, unperturbed by these efforts and focused on remaining compliant in delivering exceptional service and bespoke client solutions.
It has been more than 20 years since the heavyweights of the world’s economic order began to impose rules that pose an existential threat to core elements of the economies of developing countries such as The Bahamas. Some of these actions were admittedly required. However, the uniform global implementation and imposition of consequences for failing to comply remained uneven, with small developing states feeling most of the pressure.
As the debate around International Financial Centers (IFCs) continues, The Bahamas remains steadfast and unwavering in its dedication to excellence in financial services. A resilient jurisdiction reinforced by a solid regulatory framework, The Bahamas emerges as a comprehensive and successful IFC. Its wealth management and structuring distinction solidifies its position, while its global connectivity and accessibility are indispensable enablers for its continued success. With these qualities, The Bahamas continues to chart a course towards solidifying its status as the ultimate destination for financial services as a prominent one-stop jurisdiction.
Against this backdrop, the constantly changing global economic environment and geopolitical occurrences demand an increasingly complex process for personal wealth management and a service provider that understands the intricacies and challenges that come with that responsibility and mandate. Specifically for Equity, the present economic environment has allowed the bank to demonstrate its resilience and fierce commitment to its clients’ success. Ivylyn’s commitment to the 20-year evolution of the sector is seen in her resilient leadership of the Equity Group.
Crafting Bespoke Financial Solutions
One size does not fit all. Tailored solutions are at the heart of the financial services ecosystem in The Bahamas, particularly in private banking and wealth management, where the diversity and dynamism of client needs require a personalized approach. As Ivylyn Cassar emphasizes, understanding the unique requirements of each client is essential to building a successful and enduring relationship. The Bahamas offers a comprehensive toolkit of products and services, all under Bahamian law, providing the necessary infrastructure to create bespoke solutions that meet individual client needs.
The key strategy, as Ivylyn explains, is to leverage this toolkit of products and services while ensuring compliance with local regulations. The flexibility of Bahamian law allows for adaptable financial structures, providing a solid foundation for the evolution of financial services without having to reinvent the wheel each time. This adaptability is a significant competitive advantage for The Bahamas, positioning it as an attractive jurisdiction for clients seeking customized financial solutions.
At Equity Bank Bahamas, Ivylyn’s strategy is centered on holding all relevant licenses and ensuring that international trust and investment fund companies are kept separate from the core banking operations. This structure enables the bank to deliver specialized services while maintaining regulatory compliance. By maintaining this separation, Equity can offer both comprehensive banking services and sophisticated wealth management solutions without conflicts of interest, ensuring clients receive the highest level of tailored financial services. This strategic approach, as Ivylyn highlights, is designed to provide clients with solutions that align with their unique needs while adhering to the best practices and regulatory standards of The Bahamas.
Shaping the Future of Global FinTech
Technology has significantly transformed the banking experience for clients, and the impact is particularly evident in The Bahamas’ growing financial landscape. As Ivylyn Cassar explains, the recent resurgence of large-market-cap cryptocurrencies has accelerated this transformation, creating new opportunities for crypto and FinTech firms to seek business solutions beyond traditional areas like custody, liquidation, and trading. The legal clarity provided by The Bahamas’ regulatory framework offers a level of security and protection that makes it an attractive destination for these innovative firms.
Looking forward, Ivylyn anticipates that The Bahamas will continue to lead the way in embracing innovative financial technologies. In particular, she believes that tokenization and other advanced FinTech approaches will begin to take root in the jurisdiction. However, she cautions that firms wishing to scale globally cannot rely solely on a single regulatory framework; they must consider the regulatory landscapes of the countries in which their customers are based. For instance, FinTech firms serving customers in the US or Europe must comply with those regions’ regulations, making the need for adaptable, globally conscious solutions more crucial.
The Bahamas, Ivylyn notes, is strategically positioned as a comprehensive solution for global FinTech firms navigating multiple regulatory frameworks. The country’s leadership in global discussions, particularly through the recent Digital Assets and Registered Exchanges Act (DARE Act), which is influencing securities markets and regulators worldwide within the International Organization of Securities Commissions (IOSCO), reinforces its important role on the global stage. The country’s proactive stance within international regulatory conversations is positioning The Bahamas as an active participant in shaping the future of global FinTech. Equity Group has aligned its interest in Fintech era through its affiliate Liongate Bahamas Limited.
Upholding Fiduciary Integrity
Fiduciary responsibility plays a central role in the work of Bahamian trustees, especially in terms of ensuring compliance and maintaining ethical standards. As Ivylyn Cassar explains, Bahamian trustees are legally bound to act in the best interests of the beneficiaries of the trusts they manage. This responsibility is underpinned by two primary duties: the duty of care and the duty of loyalty.
The duty of care requires trustees to make decisions that are both informed and prudent, fully understanding the relevant legal and ethical guidelines that govern their actions. Trustees must always consider the long-term impact of their decisions and ensure they are acting in line with the beneficiaries’ best interests. The duty of loyalty, on the other hand, obligates trustees to put the needs of the beneficiaries above their own. This means avoiding conflicts of interest, and in cases where conflicts do arise, trustees are required to disclose them transparently.
Ivylyn further highlights that trustees in The Bahamas are also required to comply with key anti-money laundering (AML), counter-financing of terrorism (CFT), and counter-proliferation financing (CPF) regulations. These regulations, set forth in legislation such as the Proceeds of Crime Act, 2018, the Anti-Terrorism Act, 2018, and the Financial Transactions Reporting Act, 2018, mandate that trustees implement stringent due diligence processes. For example, trustees must verify the identities of clients and beneficiaries, assess the risk of money laundering, and monitor transactions for any suspicious activities. The Financial Transactions Reporting Act also requires trustees to report any transactions that could involve proceeds of crime or be linked to money laundering, reinforcing the importance of vigilance in financial operations.
Transparency is another critical aspect of fiduciary responsibility. Trustees must maintain open communication with various stakeholders, including beneficiaries and regulators, regarding their compliance efforts and any potential conflicts of interest. This transparency helps build trust and ensures that stakeholders are aware of the steps being taken to adhere to legal and ethical standards. To foster a culture of integrity, Ivylyn advocates for continuous education and training on ethical standards, AML, CFT, and CPF regulations for all team members involved in trust management.
Pioneering Tailored Investment Funds
As bankers, trustees, and investment fund managers, Ivylyn Cassar believes that proprietary investment funds are currently among the most effective strategies for wealth preservation and growth. These funds are tailored to meet the needs of both domestic and international markets, offering clients diversification and risk management—key factors in mitigating financial risks and preserving capital.
At Equity Bank Bahamas Limited, Ivylyn highlights the upcoming launch of their USD Money Market Fund, followed by the introduction of a Balanced Fund and a Growth Fund. These investment vehicles are designed to provide clients with flexible options for their portfolios while maintaining a strong focus on risk management.
The USD Money Market Fund, in particular, aims to offer investors a safe, cost-efficient, and liquid option for managing USD cash. It seeks to preserve capital while delivering competitive yields compared to traditional cash management solutions. The fund will be managed and administered by the Equity Group, with a focus on simple portfolio management and a straightforward net asset value (NAV) calculation, ensuring transparency and ease for investors.
Building Lasting Client Relationships
As a boutique bank, Ivylyn Cassar emphasizes the importance of fostering strong relationships with clients through a blend of traditional values and modern approaches. At the core of Equity Bank Bahamas’ philosophy is a commitment to protecting clients’ capital, ensuring their financial security and long-term success.
Building strong relationships begins with truly understanding the unique needs of each client. The bank focuses on high-net-worth individuals (HNWIs), families, and institutional clients, offering bespoke private banking services and personalized portfolio management solutions. The process is driven by continuous and meaningful communication, ensuring that the bank stays attuned to clients’ evolving needs and preferences. This dialogue is key in delivering tailored investment strategies, addressing concerns promptly, and offering proactive advice that aligns with each client’s specific financial goals.
Ivylyn Cassar envisions a strong and ambitious future for both Equity Bank Bahamas Limited, Equity Trust Bahamas Limited and Equity Investment Funds Services Ltd. The organizations have aggressive yet highly focused plans for growth and expansion, with a clear emphasis on client-centric services and operational excellence.
One of the key milestones in their growth strategy is the recent introduction of Bahamian-dollar (B$) private banking services, catering to high-net-worth residents and corporations. This includes offering depository products, investment portfolios, credit facilities, trust and corporate services, as well as comprehensive estate planning solutions. Additionally, the bank is working to establish a modern ATM network, further enhancing the convenience and accessibility of its services.
The focus on private and institutional banking will also see the expansion of correspondent banking relationships, as Equity seeks to broaden its existing correspondent and securities custody banking services. This will help extend the bank’s reach and influence in the global financial marketplace, particularly in regions like the Caribbean, Latin America (LATAM), the Middle East, and Europe.
Ivylyn emphasizes that community engagement is at the core of the values upheld by Equity Bank Bahamas Limited, Equity Trust Bahamas Limited and Equity Investment Funds Services Ltd. The commitment to client success extends beyond business relationships to a broader responsibility to the local community. As a leading Bahamian-owned and managed institution, the Equity Group is dedicated to empowering individuals within The Bahamas and contributing to the prosperity of the nation as a whole.
Equity has been an active participant in supporting various community initiatives, making substantial donations and providing sponsorships for youth sporting events, non-profit organizations, and cultural groups across the country. This engagement reflects a deep sense of responsibility and a strong belief in giving back to the community that has supported the bank’s growth.
The bank is particularly passionate about youth development, recognizing the critical role that young people play in shaping the future of The Bahamas. By investing in both academic and recreational activities for youth, Equity aims to provide opportunities for the next generation to thrive. Whether through educational initiatives or support for recreational sports, the bank’s involvement seeks to create a well-rounded foundation for young Bahamians, equipping them with the skills and experiences necessary for success in both personal and professional realms.
Leading the Way in Wealth Management
Ivylyn Cassar reflects on her early years, recalling a time when she faced financial challenges but also possessed an unwavering drive fueled by “hunger” to succeed. She attributes this hunger as the key factor that propelled her into the financial services industry and ultimately to being recognized as a leading Bahamian woman in the field.
Her advice to young professionals aspiring to build a career in private banking and wealth management is simple: Be hungry for success. Having come from humble beginnings, she understands the power of ambition and the drive to overcome obstacles. This hunger for success became her guiding force, propelling her toward her goals and achievements.
Ivylyn also recalls the pivotal moment in her youth when her parents had just $3 to spare for her entrance exams to a private high school. Choosing St. John’s College, known for its rigorous academics and for producing successful individuals, was a decision that marked the beginning of her journey. As a scholar and member of the class of 1981, she excelled, earning top academic honors, including the distinction of being the class Valedictorian. Her relentless pursuit of excellence has been a constant throughout her career. Advice: Be the best in class.
Education has played a foundational role in Ivylyn’s career, and she encourages young professionals to invest in their education and continuously seek opportunities for growth. She is a Chartered Accountant, Trust and Estate Practitioner, Arbitrator, Investment Advisor, and Justice of the Peace. Ivylyn stresses the importance of embracing every opportunity, taking calculated risks, and always being open to learning.
