Prince Rahming, Territory Senior Partner of PricewaterhouseCoopers, has been elected as the new Chairman of the Bahamas Financial Services Board (BFSB), replacing Paul Winder outgoing Chair of the 15 year old, private sector-led organization that represents and promotes all sectors of the country’s broad-ranging financial services industry.
Mr. Rahming’s selection as Chair was made during a BFSB Board of Directors meeting earlier this week.
The Board also elected Director C. James Schaefer, Chief Operating Officer, Old Fort Financial, as Co-Deputy Chair, along with Timothy Colclough, Vice President, Butterfield Trust, who has been serving as Deputy Chair for the last year.
“I have great respect and admiration for what BFSB represents and what it has accomplished as the front edge of the industry’s development and promotion efforts,” said Mr. Rahming. “I am honored to be elected BFSB’s Chairman and look forward to building on its accomplishments and I will be reaching out to members for their support and advice.”
BFSB CEO and Executive Director Aliya Allen said, “Prince brings extensive international experience and insight from his many years working in Switzerland, New York and here. He follows in the footsteps of the many outstanding Chairmen who have guided BFSB in past. The depth and experience of our industry has bred a leadership pool of highly talented senior executives which has been a great benefit to BFSB and the country in general in our efforts to keep The Bahamas at the leading edge of international financial services. Prince’s expertise and leadership skills will be of tremendous value to BFSB and the industry as we continue to press The Bahamas Advantage internationally and examine fresh and innovative industry development strategies.”
Mr. Winder, who will remain on the Board, was also thanked by Ms. Allen for his “outstanding contributions to BFSB”.
Prince Rahming began his career with PwC Bahamas in September 1991. Twenty years later in 2011, after increasingly senior positions with PwC in New York and Switzerland with a four year stint with PwC Bahamas squeezed between his international postings, he became the Territory Senior Partner of PricewaterhouseCoopers, Bahamas (PwC Bahamas). During his ten year stay with PwC Switzerland, Prince served in various capacities including acting as a lead banking auditor for the Swiss Financial Market Supervisory Authority (FINMA) and made significant contributions to the success and growth of that firm’s financial services practice in Geneva. As the Territory Senior Partner of PwC Bahamas, he leads the firm, and brings extensive knowledge and international experience in financial services to the local partnership.
C. James Schaefer is the Chief Operating Officer of Old Fort Financial formerly Accuvest Ltd., a Nassau Bahamas based broker dealer. He had earlier served as President of Accuvest Global Advisors, a U.S. registered investment advisor and Old Fort Financial’s investment manager. Prior to joining Accuvest he was Deputy Assistant Secretary, U.S. Department of Labor, Office of Public Affairs and served during the George W. Bush administration as a Portfolio Press Officer at the U.S. Embassy. Baghdad, Iraq. Earlier he was an Associate Director, Office of Public Liaison at the White House during the administration of George H.W. Bush.
