Kesaven Moothoosamy, Executive Director at Intercontinental Trust Ltd (ITL), explains how ITL has evolved over the years. Having first joined the financial services major 20 years ago and recently coming back as a leadership resource in January 2024, Kesaven sees the organisation with eyes old and new, and traces its journey over 2 decades.
With ITL celebrating 25 years of its operations as a proudly Mauritian company, he reflects on this momentous milestone and unfolds the factors that have led to the innovative company’s evolution in the dynamic fund services sector. Edited excerpts from an exclusive interview:
You were appointed as a director at ITL last year. How do you feel about your journey coming full circle as a senior leadership team resource, considering you started your career at ITL as a fresh graduate?
Over the course of two decades, I have witnessed ITL’s remarkable evolution from its fifth year of operations, when I joined, to its current standing as a 25-year-old institution. The journey has indeed been profoundly enriching!
When I started at ITL straight out of university, everything was new to me. I approached the role with enthusiasm and a keen desire to learn, despite being new to the financial services sector. I was fortunate to benefit from exceptional mentorship, which proved invaluable throughout my professional development. The opportunity to gain diverse experience over the years has been particularly meaningful.
In my initial role as a Fund Accountant, I joined the Mauritius Global Business sector when it was still in its relative infancy, primarily focused on the Indian market. We navigated significant challenges, including the revision of the India-Mauritius DTAA, the global financial crisis in 2008, the introduction of FATCA/CRS, and various changes in the global tax landscape. It was crucial to revisit our strategy regularly, and I had the privilege of contributing to ITL’s expansion into African markets. There was also a gap in how we could provide value-added financial services from Mauritius, and I contributed to the development of the capital markets division within the firm, which we later spun off to create Perigeum Capital. This was the first firm to obtain the corporate finance advisory licence from the Mauritius Financial Services Commission, and I was one of its founding executive directors.
Returning to ITL as a director after seven and a half years feels remarkably like coming back home, albeit with a wealth of experience and insights to contribute. This homecoming presents an opportunity to give back to the organisation that shaped my early career. The trajectory of my professional growth stands as a testament to ITL’s commitment to nurturing talent and fostering development. I am genuinely excited to contribute to the next chapter of ITL’s journey.
How exciting is it to have joined back at ITL in the year they are celebrating their 25th anniversary? Could you reflect on ITL then and now, and share your key observations on how the organisation has evolved over the years?
Joining ITL’s leadership during its 25th anniversary year is both an exciting and humbling experience. I would go so far as to say that returning to ITL is like living a dream—embarking on a journey with a company in its early days and returning as a director during its 25th anniversary celebrations. This momentous milestone reflects not only the company’s resilience and growth but also its remarkable evolution over the years. ITL has grown from a small startup with big dreams into a leading player in the industry, expanding its global reach and embracing innovation and cutting-edge technology to stay competitive.
What has changed:
- Growth in staff and sector expertise
When I first joined ITL, it was just five years old, and we were a close-knit team of 25 individuals. We were still finding our feet, learning as we went, and developing the expertise required to serve various sectors. I was only the third member of the Fund Administration team. Together, we built the fund team from the ground up, relying heavily on hands-on experience to now provide world-class solutions to clients in this space. - Advancements in technology and controls
At that time, our journey with technology had just begun, and it was a gradual process. I was fortunate to be part of one of the company’s first digital transformation initiatives, adapting a fund accounting software from India to suit ITL’s needs. Today, ITL leverages state-of-the-art solutions, including Artificial Intelligence (AI), showcasing how far we’ve come in terms of controls and systems. These advances are the result of years of collaboration with numerous stakeholders. - Cultural evolution
ITL’s culture has also transformed significantly, becoming more inclusive, dynamic and collaborative. It fosters an environment that not only encourages continuous learning and growth but also values diverse perspectives, ensuring everyone feels heard and empowered.
What remains the same:
- Proudly Mauritian identity
ITL continues to stand out as one of the few proudly Mauritian financial services groups, maintaining independence in an industry where many peers have been acquired by private equity firms. This unwavering commitment to our Mauritian roots and African identity, coupled with agile decision-making, positions ITL for sustained success on the global stage. - Commitment to innovation
Continuous improvement and innovation are woven into ITL’s DNA. Over the years, the company has been a trailblazer, achieving significant milestones like being the first to list a Global Business Company and a fund on the Stock Exchange of Mauritius under Chapter 18, and obtaining the first corporate finance licence issued by the Financial Services Commission, in which I have humbly played a significant role. - Training and culture at ITL
ITL’s culture of learning and development resonates deeply with me. One of the most valuable skills I’ve honed here is negotiation—an essential life and professional skill. At ITL, negotiation is not just about finding compromises; it’s about creating mutual value. I’ve learned that successful negotiation involves balance—we need to give to get but never give for free.
The company’s commitment to growth extends to robust training initiatives. Over the years, I’ve benefited from management, leadership, and motivational training programmes, carefully designed to align individual and organisational goals. ITL dedicates significant resources annually to identifying and addressing training needs. Looking back, I’m incredibly grateful for ITL’s investment in my growth.
A significant insight from several members of the leadership team has been that ITL provides key training opportunities to hone talent. Does this resonate strongly with you as well? If so, could you comment on the culture and share specific training examples that stand out from your experience with ITL?
ITL has always placed a high priority on talent development, and I have personally benefited from several training programmes that have honed my skills and shaped my professional growth. The culture at ITL fosters continuous learning and innovation, ensuring employees are well-equipped to thrive in an evolving business landscape.
Over the years, I have participated in workshops on strategic thinking, problem-solving, team leadership, negotiation, and communication. These sessions have been instrumental in refining my leadership style and preparing me for senior roles. In addition to ITL’s internal training programmes, I have also had the privilege of pursuing external qualifications, including an MBA from Ducere Business School in Australia and the Inspiring Leadership Programme from Manchester Business School in the UK.
ITL CEO Ben Lim notes in the press release announcing your directorial appointment that you bring an innovative mindset, fresh ideas, and enhanced leadership capabilities to the table. Could you highlight any key innovations you foresee emerging in the fund industry, considering your esteemed background as a seasoned professional with nearly two decades of experience in the Mauritius financial services industry?
I am deeply grateful to Ben for entrusting me with this opportunity. I believe I bring a fresh perspective through my experience beyond the core fund administration and company secretarial functions at ITL. Over the past seven years, I have had the privilege of stepping into the investment banking arena, gaining a completely different outlook. By leveraging my corporate finance expertise, I focus on understanding clients’ businesses in depth – identifying how they generate cash flow, recognising their pain points, and proactively proposing tailored solutions to address their specific needs.
This exposure to initiating and leading value-driven projects has shaped what I like to call an ‘intrapreneurial’ mindset – thinking like an entrepreneur within an organisation, identifying growth opportunities, and ensuring sustainability through innovation.
I believe these insights contribute to the growth mindset that defines ITL. By fostering a fresh perspective focused on creating new dynamics and market opportunities, we are well-positioned to progress over the next 25 years. Innovation is indeed at the heart of the evolving fund services industry. With nearly two decades of experience, I see several key trends emerging, such as the integration of AI to enhance efficiency and generate new lines of innovative services.
ITL’s journey will continue to be one of innovation. We will keep innovating, creating new offerings, and unlocking greater opportunities!
You note in the same press release that you look forward to leveraging your intrapreneurial and corporate finance skills to help the team nurture stronger collaboration with clients and stakeholders. Could you elaborate on your experience in these noteworthy arenas?
Certainly. My experience as an Executive Director of a corporate finance firm was incredibly enriching. From being a start-up incubated within ITL to becoming fully independent, my role at Perigeum Capital required me to secure mandates, assist in raising capital, advise on client board strategies, oversee the listing of companies on various international exchanges, and establish the firm as a credible and independent player in the Mauritian financial services sector. I am deeply grateful to Shamin A. Sookia for his invaluable collaboration throughout this journey.
Leading such a project instilled a level of maturity in my thinking, especially at a time when the Mauritian financial services industry was predominantly focused on back-office functions. By creating a corporate finance entity, we introduced a value-added dimension to the Mauritius International Financial Centre (IFC), particularly through capital raising and expanding the capital pool.
My time at Perigeum Capital reinforced the importance of understanding the value we can bring to our clients. It taught me to anticipate their needs proactively, propose tailored solutions, and address potential challenges before they arise. This client-centric and solution-oriented approach has been instrumental in ensuring meaningful and enduring client relationships.
As a strategic resource with an MBA focusing on Leadership and Innovation, as well as an Organisational Leadership certification, how do you plan to leverage this rich academic background and practical leadership experience—through founding Perigeum Capital Ltd and serving as a board member on various SEM-listed companies—to add value to ITL?
Innovation is a process—a journey rather than a destination. To sustain it, we must create a platform where innovation becomes an ongoing practice. At ITL, we foster a mindset of continuous improvement, constantly questioning and re-evaluating our current practices with the aim of doing better. It’s about recognising that while our methods may work well today, there is always room for refinement and enhancement.
Innovation also involves simplifying task execution, and technology plays a pivotal role in this. For example, adopting AI presents tremendous opportunities to streamline workflows and enhance efficiency. By leveraging AI thoughtfully, we can not only simplify processes but also focus on creating more products and services that add value for our clients.
My academic background and leadership experience have equipped me with a strong foundation in strategic thinking and innovative problem-solving. I intend to draw on this expertise to drive ITL’s growth, ensuring that innovation remains central to our journey forward.
Looking ahead, how do you envision ITL evolving in the next 3–5 years, and what key initiatives or transformations would you prioritise to drive this evolution?
Expanding our global footprint is a top priority for ITL. Over the years, we have strategically grown our international presence, beginning with our first office outside of Mauritius in Seychelles. Shortly after, we established ourselves in Singapore, expanded to South Africa, and, most recently, launched operations in Dubai. These expansions reflect our commitment to being a truly global player. Looking ahead, we are actively exploring further opportunities across Africa, with Lagos and Nairobi emerging as key jurisdictions of interest based on my recent visits to these vibrant hubs.
Digital transformation is another critical focus area for ITL. While we have consistently performed well, we recognise that the future lies in harnessing the power of AI. We are integrating AI-driven analytics to address operational pain points, optimise cost-effectiveness, and enhance value for our clients. By leveraging these technologies, we aim to transform decision-making processes and deliver deeper customer insights.
In the next three to five years, I envision ITL not only strengthening its global footprint through strategic partnerships but also leading the industry in digital innovation. Key initiatives will include investing in cutting-edge technologies, enhancing our digital capabilities, and fostering a culture of continuous improvement. These efforts will ensure that ITL remains at the forefront of the financial services sector, driving sustainable growth and delivering exceptional value to our clients. Indeed, digital transformation is a key focus at ITL, and we will continue to build on this pillar to take ITL to new heights!
