A delegation of Guernsey practitioners is heading across the
Atlantic to promote the Island as a major centre for investment
Peter Niven, Chief Executive of Guernsey Finance – the
promotional agency for the Island's finance industry, is
leading the team to New York and then Boston in the first week of
There will be a particular focus on promoting Guernsey's
experience and expertise in catering for private equity funds
Mr Niven said: "During the last decade Guernsey has built a
strong reputation as a leading jurisdiction for domiciling and
servicing private equity funds. In that time we have seen a
significant number of the major UK and European private equity
houses choosing to use Guernsey and, indeed, some of those have
established their own operations in the Island.
"Several US private equity managers have also chosen
Guernsey and we are now seeing renewed interest from across the
Atlantic in what we can offer as a gateway to the European capital
markets. We are looking to capitalise on this interest by taking a
team of local practitioners to meet with private equity managers
and their advisers in both New York and Boston. In responding to
this interest, I suspect that this will be the first in a series of
visits to the US cities which are renowned private equity
Mr Niven will be joined in New York by Gavin Farrell, from law
firm Mourant Ozannes and Tony Mancini from KPMG, for a series of meetings with US private
equity managers and advisers, such as lawyers and accountants.
They will then head to Boston where they will be joined by Neale
Jehan, also from KPMG, and Ray Page and Julian Carey, both from International
Administration Group (IAG), where they will hold a further
series of meetings and also exhibit at the specialist private
equity conference, SuperReturn USA.
Mr Niven added: "The last time Guernsey Finance visited the
US was at the outset of the global financial crisis and since then
the gloomy worldwide economic conditions have depressed the markets
globally. It is positive to see this potential upturn in activity
and in particular, a renewed interest in Guernsey from the US.
"Our latest fund statistics also show that there were a
significant number of new fund launches in the first quarter of
this year in Guernsey but it is important that we do not rest on
our laurels and simply rely on business coming from our traditional
markets of the UK and Europe, especially with the ongoing
uncertainty in the Eurozone. The US economy is slowly picking up
and so it is important that we are well positioned to pick up
business direct from this marketplace as a way to ensure new flows
of business into the Island.
"The renewed US interest in Guernsey from a funds
perspective is also reflected in what we are seeing in other parts
of the industry, notably the fiduciary sector. This shows us that
the US can be a source of very good business, as long as service
providers are aware of and can handle the additional layers of
complexity which the US authorities require for business in other
The Miami-based Offshore Alert Conference has become a regular draw for representatives of Cayman’s financial services industry in recent years, and this year’s event is no exception with the Cayman Islands lending strong support through the provision of speakers from both the financial services industry and Government’s Ministry for Financial Services.
The Organisation for Economic Co-operation and Development recently published a report in which the Cayman Islands was commended for the "streamlined, efficient and responsive procedures it has is in place to facilitate the exchange of information for tax purposes".
On 1st April the new UK "Twin Peaks" regulatory regime was launched. The much criticised FSA was replaced with the Financial Conduct Authority ("FCA") and the Prudential Regulatory Authority ("PRA"). Martin Wheatley, the FCA’s chief executive has publicly criticised the approach of the former FSA as "robotic" and a more challenging UK regulatory climate is widely anticipated.
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