BUSINESS
BUSINESS NEWS
HENRY STREATHER APPOINTED TAX SENIOR MANAGER AT KPMG Henry Streather appointed tax senior manager at KPMG KPMG in the Channel Islands has strengthened its US tax capabilities with the appointment of Henry Streather as senior manager. The firm has provided US tax reporting services to investment fund clients in the Channel Islands for many years. Tony Mancini, who leads the investment funds tax services team at KPMG in the Channel Islands, said: “Henry’s experience married perfectly with KPMG’s expanding US tax reporting function and he has strengthened the firm’s expertise in US tax compliance for hedge funds and private equity structures.” Mr Streather is a chartered accountant with ten years’ tax experience. He has spent the last five years working in the Cayman Islands office of a ‘big 4’ firm where he specialised in providing US tax compliance and advisory services to hedge fund clients. He has particular knowledge of US partnership tax filing requirements (Schedule K-1 and tax return reporting) as they relate to hedge funds and private equity structures. He also has experience with PFIC analysis and reporting. Mr Streather’s Cayman client base included fund of funds, various high profile trading hedge funds and private equity groups. After graduating with a first class honours degree in mathematics from the University of East Anglia, Mr Streather trained as a chartered accountant in a corporate tax group in Cambridge and also qualified as an Internal Revenue Service (IRS) Enrolled Agent. Prior to relocating to Cayman Mr Streather provided corporate tax advice to a variety of small and medium sized enterprises including many hi-tech R&D venture capital backed clients. Mr Mancini said: “Henry brings a wealth of experience with him to KPMG. “We are seeing an increasing demand from our clients for US tax compliance services. Henry’s expertise in this area will further strengthen the team at KPMG in the Channel Islands and will, no doubt, be welcomed by our clients.” GUERNSEY REMAINS A POPULAR INTERNATIONAL INSURANCE CENTRE The Guernsey Financial Services Commission (GFSC) licensed 89 new international insurers during 2013. This includes 10 limited companies, six Protected Cell Companies (PCCs), 63 PCC cells, two Incorporated Cell Companies (ICCs) and eight ICC cells. It means that there were 758 international insurers licensed in the Island at the end of December 2013, which compares to a total of 737 international insurers being licensed by the GFSC at the end of December 2012. Fiona Le Poidevin, Chief Executive of Guernsey Finance, said that a significant proportion of the licences issued last year were associated with structures related to Insurance Linked Securities (ILS). She said: “It is pleasing to see that Guernsey remains a popular international insurance centre. These figures build on last year’s very strong performance.” The Guernsey office of Bedell acted in an ILS deal that received an accolade from Islamic Finance News. It was judged the top deal in the European category and one of the Islamic finance deals of the year in 2013. Islamic Finance News, described as the world’s leading Islamic Finance News provider, judged this deal to have stood out as innovative among the deals undertaken in Europe in 2013. Guernsey was named ‘European captive domicile of the year’ at the UK Captive Services Awards 2013 and independent research carried out by trade publication Business Insurance in March 2013 ranked Guernsey as the largest captive insurance domicile in Europe and number four in the world.
82
TOP JOBS OF THE MONTH ‘We specialise in contract, temporary and permanent recruitment - let PA make your day!’
Corporate Relationship Manager The ideal candidate will be responsible for providing a professional relationship management service within the Corporate Banking team. This role will be based on managerial involvement across the Offshore Trust & Intermediary market, which has significant growth potential. You will need Commercial Products knowledge, relevant experience and excellent communication skills.
Funds Marketing Executive - Full-time temp Our client is looking to recruit a candidate fluent in French and English to translate various marketing documents within their Fund Solutions department. The role will also involve liaising with the Legal and Compliance team based in Paris. Knowledge of business processes and the ability to communicate effectively is required.
Compliance Analyst - Supervisor level This role will be based on supporting the Senior Management team in ensuring ongoing compliance with Guernsey’s regulatory framework. Key responsibilities will include advising on regulatory changes and carrying out risk reviews. A minimum of 5 years financial services experience is required with excellent time management and interpersonal skills.
Senior Trust Administrator The successful candidate will be part of a small team providing administration services to the clients of a privately owned trust company. Duties will include administration of a portfolio of trusts, companies and individual pension plans. An ICSA or Step qualification is desirable along with the ability to work independently.
FOR MORE INFORMATION: t: +44 1481 723221 e: recruit@pa.gg w: www.pa.gg
28a Commercial Arcade, St Peter Port Guernsey, GY1 1JX