Issuu on Google+

www.guernseyfinance.com

It is that time of year again when we look back at the past 12 months and also gaze into the crystal ball about what might lie in store ahead.

GF wishes all our readers a Merry Christmas!

Season’s Greetings Blue Sky Update FT Report GFCI 9 Finance in the Community Global Newswires Industry News Competitor News China Update Events

. PR

GF Initiatives Third Party Events Event Calendar Coverage Generated Journalist Contact Forthcoming Initiatives / Articles Advertising

GF has found 2010 a challenging but also extremely rewarding year. In these uncertain times it is even more important that we are visibly promoting positive messages of Guernsey. During this year we have once again used the same resources to deliver an enhanced offering in terms of our own events, 3rd party conferences, media work and e-marketing.

Peter Niven, Chief Executive

Activity is increasingly focused on niches such as QROPS/QNUPS and Film Finance. We are also now not just targeting key introducers within our traditional centres but also the ‘emerging’ markets of China, India, Russia and the Middle East. I see these trends continuing during 2011 and our recent blue sky sessions with the insurance, funds and fiduciary sectors have given us further ideas about the nature of our future marketing activity. It is also proving to be a time of change in the life of GF. You are undoubtedly aware that the Guernsey Finance Funding Law has now been enacted. This levy is being administered by the Guernsey Registry and is neutral in terms of the overall effect on our budget. I am also extremely pleased to say that we expect to make an announcement of a new Technical Director / Deputy Chief Executive in the coming weeks. In addition, the team itself is also being reorganised as we seek replacements for both Nick Hyde and Bahar Mowbray as they move to pastures new early next year. What I can assure you is that the Guernsey Finance team will continue to work tirelessly both with you and on your behalf during 2011. Best wishes for a happy and productive new year. Peter


As advertised, GF held blue sky sessions with the insurance, funds and fiduciary sectors towards the end of November.

outlining how the feedback will be incorporated into GF activity during 2011 and beyond. We will be in touch in due course!

The notes from these meetings have now been drafted and are being reviewed internally before a more succinct document is distributed to industry

www.guernseyfinance.com The Financial Times published a special report ‘Guernsey as a financial centre’ as a supplement to its main newspaper on Thursday 18th November. Content included an interview with Chief Minister Lyndon Trott, a taxation update, a focus on private equity and features on banking and captive insurance. As well as receiving coverage through the FT’s readership, GF also highlighted the publication to its worldwide database of some 10,000 contacts. To view the report click here.

You can help maintain Guernsey’s standing on the world stage by taking part in a survey which contributes towards the findings of the Global Financial Centres Index (GFCI). This report is viewed as a valuable tool for the comparison of different jurisdictions. Indeed, so much so that many ‘onshore’ centres have been jumping on the bandwagon and making sure that they are also included. Recently Guernsey’s ranking has fallen to 26th position, although the Island remains ahead of most close competitors.

The September 2010 report is available to download here. Details of how it is compiled are available here. A significant part of the ranking is based on feedback from the online survey, so your participation will make a very real difference. To take part please visit the link below: http://www.zyen.info/gfci.

Here we look at a selection of recent charity work, sponsorships and community projects from industry firms.

Babbé sponsors rugby training and development Babbé has agreed a sponsorship deal with the Guernsey Rugby Academy which will allow their coaches to undertake training and obtain qualifications to provide a higher level of coaching for the young players. Academy players lined up for the camera, complete in T-shirts donated by Babbé

2


Deutsche Bank lights up Tree of Joy The festive lights strung to the tree have been officially switched on by the winners of a schools colouring competition organised by the sponsors of the Rotary Club of Guernsey’s Tree of Joy, one of which is Deutsche Bank. The Tree of Joy aims to promote the Rotary Club of Guernsey’s annual campaign, which asks for islanders help to buy more than 400 presents for needy children in the island who may otherwise go without at Christmas.

Ernst & Young team conquer a section of the Himalayas for charity A Team of six employees from Ernst & Young are back from the Himalayas having experienced a challenge of a lifetime as well as raising £21,000 for charity. The Himalaya Action Challenge is a new fundraising event created by the Prince’s Trust with each participant having to raise at least £3,500 for charitable causes.

Headway as the charity to benefit after hearing a presentation of the work it supports.

www.guernseyfinance.com

Pictured are Graham Madeley (HSBC) and Orlagh McPeake, Carolyn O'Donovan and Suzanne Chapman from Southampton General Hospital

HSBC Securities Services donates nearly £14,000 to support bowel cancer treatment The firm has provided £13,960 of funding to purchase two carbon fibre bellyboards and one carbon fibre breast board vital for the treatment of cancer at Southampton General Hospital. The boards are crucial immobilisation equipment that allows doctors to keep patients in a stationary position when undergoing radiotherapy treatment to minimise irradiation of the surrounding healthy tissue. The team (L to R): Greg Francis, Margo Bourcier, Tim Nicolle, Nicola Clelland, Carrie Atkinson and Michael Thomas

A seven day 320km circular race by mountain bike, foot and raft across a small section of this barren part of the world, the Ernst & Young team found it one of the toughest challenges they had ever encountered. The group was made up of Margo Bourcier, Tim Nicolle, Greg Francis and Nicola Clelland from the firm’s Guernsey office and Carrie Atkinson and Michael Thomas from the Jersey office. Ernst & Young Partner, Chris Matthews, said: ‚they have certainly proved their drive to succeed in what looks like an extremely tough challenge.‛

Climb for a great cause Emily Ferbrache and Louise Martel from Investec Specialist Private Bank have raised vital funds for Headway Guernsey by climbing Mount Kilimanjaro. The pair climbed anything ranging from four to eight hours a day, although on summit day they were on their feet for 20 hours. The women chose

The donation was awarded following a recommendation from Jurat Dr John Ferguson, a retired Guernsey consultant colorectal surgeon who himself underwent a course of neo adjuvant chemo-radiotherapy before undergoing keyhole surgery at the Princes Elizabeth Hospital in Guernsey to remove the tumour. Another initiative from HSBC is the firm’s Pillar Community Scheme, where any Guernsey charities, groups and schools have a chance of being awarded a one-off donation this Christmas. Although the charitable fund has already donated nearly £22,000 this year, there are still some funds left, with any groups who wish to take part having until 17 December to contact Haley Saunders at HSBC (email: hayley.saunders@gg.hsbc.com).

Swimarathon total past £40,000 This year’s swimarathon, sponsored by Skipton, raised more than £40,000 for charity. Organisers said it was one of the most successful events yet, with 1,200 swimmers in 171 teams taking part. The main beneficiary is the Ron Short Centre, which will put the money towards a new minibus.

3


Catch up with the latest news, reports and views from across the global financial services industry – click on the links below to be taken to these stories – Generic

Funds

UK law firms to reduce head count as income falls – PwC survey

Fund sales down on 2009 but emerging markets hit new nigh, IMA research

Online searches for IFAs on the increase

Private equity investors bullish about UK media sector

Insurance The evolving role of the risk manager, by Advisen Fiduciary Barclays Wealth research: US, Ireland, India and South Africa top list of philanthropic nations

Use ofwww.guernseyfinance.com performance fees set to rise in 2011, says Skandia Investors hold faith in stock markets despite ‘cautious’ outlook Middle market private equity deals increase in Q3

Trust and estate practitioner positive on business prospects: STEP research

What’s happened this month? GENERIC

Funds continued

Guernsey / Jersey law firms set to merge

Cenkos Channel Islands launches locally-focussed property fund

BANKING

Guernsey fund administrator wins awards and Guernsey bank deposits fall but ‘positives’ are still at names new MD play Guernsey’s fund business continues to grow

INSURANCE Guernsey signs insurance MMoU

FUNDS New Guernsey entity is second largest LSE fund launch in 2010

Guernsey is the new home for Indian AIM listings Guernsey find raises $175 million to become world’s largest dispute financier Two Guernsey funds win industry awards

Full stories are available at www.guernseyfinance.com

Jersey GENERIC: A Jersey Finance delegation visited Mumbai and Delhi earlier this month. The visit, in advance of the opening of a Jersey office next the delegation number of Fullyear, saw stories are meet aavailable at intermediaries as well as sponsoring and www.guernseyfinance.com participating in the International Taxation Conference 2010.

GENERIC: The Zero-10 tax regime in Jersey is not under threat by the EU Code of Conduct on business taxation, according to Jersey Finance’s Geoff Cook. GENERIC: Jersey Finance’s representative in London – Clive Boothman – is leaving at the end of the year and will not be replaced. This comes after Martin De Forest-Brown, Director of International Finance, moved to the UK capital. 4


Isle of Man FUNDS: The island has launched a new private equity proposition for fund formations, which allows private equity funds to be set up as ‘specialist’ funds and offers zero corporate tax for the fund and for Manx-domiciled managers and administrators.

www.guernseyfinance.com FUNDS: Funds China 2011

22-24 March, Shanghai This is the only China funds overseas investment conference that is aimed at educating the investors in China, and will gather senior decision makers from leading investors and service providers to discuss the hottest topics in this market.

managers and chief investment officers who want to optimise investment prospects. GF’s Wendy Weng will be attending as a delegate and if you are considering attending then visit the event organiser’s website and/or contact Wendy w.weng@guernseyfinance.com.cn

It is aimed at pension fund managers, independent financial advisers, wealth managers, portfolio

Promoting the brand, demonstrating expertise and spreading key messages face to face

FIDUCIARY: Guernsey QROPS Regional Series

25 November, Bristol Our third in the series of regional QROPs events, held last month at the Marriott Royal Hotel in Bristol, was attended by a number of IFAs and other intermediaries.

Expert panel speakers were Adrian Howe from Marlborough Pension Trustees, Richard Green from States of Guernsey Income Tax and David Pieising from Praxis.

FUNDS: AVCJ Forum

10 -12 November, Hong Kong

FIDUCIARY: STEP Asia

9 - 10 November, Hong Kong

Industry practitioners helping on the GF stand at this event were Marcus Leese (Ogier), Sean Cheong (Collas Day), Rob Hutchinson (KPMG), Ian Du Feu (Ubi4Cap) and Tom Carpenter (States of Guernsey).

GF was Gold Sponsor at this event, with the delegation from FUNDS: AVCJ Forum Guernsey including Paul 2 – 3 December, Mumbai A united front: some of the team on the Christopher (Mourant Ozannes), stand at STEP Asia in Hong Kong GF had a presence at this funds event Brian Conway (Deutsche Bank), in India, with assistance from George Marcus Hinkley (Collas Day), Bryan-Orr (Trident Trust) and Matthew Corbin Marcus Leese (Ogier) and Jo Lord (Hiscox). (Nerine).

5


GF has confirmed participation at these events. Passes are available in return for helping on the GF stand. To register your interest, contact Bahar Mowbray b.mowbray@guernseyfinance.com.

INSURANCE: Captive Live UK

31 January – 1 February, London FUNDS: SuperReturn International

DISCOUNT DELEGATE PASSES Discounts of up to 30% are available at all GF supported events. To take advantage please email Jen Baudains j.baudains@guernseyfinance.com.

1-3 March, Berlin

If you are holding a local event that you would like us to help promote, please forward the information to m.oliphant@guernseyfinance.com. Private Client Tax - Future of Trusts: Guernsey

10 February, Old Government House Hotel, Guernsey This conference will feature more than 187 expert speakers from the Channel Islands, UK, China and India. There will be three interactive debates covering fiduciary risk in Guernsey, comparing foundation structures and current international trust litigation, plus three focus sessions on China, India and the Middle East. For more information please visit the event organiser’s website.

As highlighted in last month’s newsletter, the Events calendar for 2011 is NOW live and you can be part of it from the start. The calendar below, details events where we will either exhibit or have branding, and is subject to future updates which will be detailed in future editions of this newsletter. How to get involved – in simple steps… Step 1 Chose your conference. Separate alerts will also be distributed via your industry association, such as GIFA, GAT, GIIA etc. Step 2 Register your interest early in one or more events by emailing Jen Baudains j.baudains@guernseyfinance.com Step 3 You will be notified of your reserved space after the registration deadline. Passes are allocated on a first come, first served basis although discretion is used to ensure equal opportunities for all firms and especially to accommodate first choices wherever possible ….we would also like to hear from you if you are attending any other conferences that are not on GF’s list.

Date

Sector

Conference/ Exhibition

Venue

Insurance

Captive Live UK

London

Initiative

India

Delhi/Mumbai

January 31 Jan - 1 Feb February tbc March 1-3

Funds

Super Return International

Berlin

8 - 11

Funds

MIPIM

Cannes

17

Funds

BVCA Russia & CIS

London

25

Film

Guernsey Film

London

tbc

Initiative

China Roadshow

Regions

6


29 - 30

Funds

Super Return China

Beijing

QROPS

Guernsey QROPS Forum

London

April tbc May 10 - 11

Insurance

BIBA

Manchester

11

Funds

Guernsey Funds Forum

London

June 6-8

Insurance

AIRMIC

Bournemouth

21 - 23

Funds

GAIM

Monaco

22 - 23

Fiduciary

TransTrust

Geneva

29

Funds

BVCA India

London

September October 2-5

Insurance

FERMA

Stockholm

tbc

Funds

Super Return Middle East

Abu Dhabi

tbc

Fiduciary

China Wealth Management

Shenzen

November tbc

Fiduciary

STEP Asia

Singapore

tbc

Funds

AVCJ Forum

Hong Kong

tbc

Insurance

Broker Expo

Coventry

December tbc

Initiative

India

Delhi/Mumbai

tbc

Funds

AVCJ India

Mumbai

Allocations Passes are allocated on a first come, first served basis although discretion is used to ensure equal opportunities for all firms. Where possible, GF aims to have a team at each conference that includes practitioners from the different disciplines within each sector, e.g. fund administrator/custodian, lawyer and accountant. To confirm your participation there will be a 30% charge for delegate passes – costs vary from conference to conference. Jurisdiction Initiatives Please let us know if you would like to participate in the jurisdiction initiatives. Lead times for planning start from 3 to 6 months. Such visits usually cover more than one specific sector because we combine attendance at a third-party conference with extra activities such as presentations, masterclasses and seminars. Buy discounted passes through us If you are attending any of the listed events independently, don’t forget that as part of GF’s agreement we can secure a discount for you on your delegate pass. To claim your discount and further details, please email j.baudains@guernseyfinance.com. You can also pass this discount on to your clients and contacts so that they can benefit from this saving too!

7


Spreading our news and key messages through targeted finance publications

– Except for solely locally orientated stories, releases can be viewed on the GF website via the newsroom on the home page

GENERIC Guernsey / Jersey law firms set to merge – GF website & Mondaq BANKING Guernsey bank deposits fall but ‘positives’ are still at play – Local, international, GF website & Mondaq INSURANCE Guernsey signs insurance MMoU – GF website & Mondaq FUNDS New Guernsey entity is second largest LSE fund launch in 2010 – GF website & Mondaq Cenkos Channel Islands launches locallyfocussed property fund – GF website & Mondaq

Funds continued

Guernsey fund administrator wins awards and names new MD – GF Website & Mondaq Guernsey’s fund business continues to grow – Local, international, GF website & Mondaq Guernsey is the new home for Indian AIM listings – Local, international, GF website & Mondaq Guernsey find raises $175 million to become world’s largest dispute financier – GF website & mondaq Two Guernsey funds win industry awards – Local, international, GF website & Mondaq

Full stories are available at www.guernseyfinance.com

– Except where copyright prevents, articles can be viewed on the GF website via the articles section in the newsroom. GENERIC, FSC Yearbook: Peter Niven has contributed an overview article to this publication due out early in 2011.

FIDUCIARY, Wealthbriefing: An article appeared online following from the visit to Guernsey by Tom Burroughes at the start of November.

CHINA, Longtail: Peter Niven has contributed an article to the publication ‘International Finance Centres – A Guide to Chinese Investors 2011.’

FIDUCIARY, International Adviser: On behalf of GF, Martyn Russell (Ardel) contributed an article to the QROPS supplement out in November.

INDIA/FUNDS, Corporate INTL: Peter Niven has written an article to feature in the Guernsey/India feature being published in the new year.

FIDUCIARY, PCP: Peter Niven’s 800-word introductory article was published in the Guernsey Special Report published at the end of November.

FUNDS, ICFA: A Guernsey feature was published in the October/November issue following from the visit to Guernsey by reporter Melanie White in October.

FIDUCIARY, STEP Directory: GF has provided a Guernsey overview to the 2011 publication.

FUNDS, ACQ: GF has contributed a Guernsey feature to the forthcoming issue.

INSURANCE, Captive Review: GF coordinated the participation of the Chief Minister, GFSC and GIIA for the Guernsey Special Report published in November. 8


FIDUCIARY: Wealthbriefing: Tom Burroughes visited the island on Tuesday 9th November and met with representatives from Richmond, Collins Stewart, Clydesdale, Ardel, Provident, Schroders, Carey Olsen and the States of Guernsey.

GENERIC: Peter Niven is visiting media representatives in London on Tuesday 14th and Wednesday 15th December. This is the last of his quarterly visits in 2010 to see journalists in the UK.

Raising awareness and reinforcing perceptions of the brand INDIA/FUNDS, Corporate INTL: GF is advertising within a special Guernsey/India feature being published in the new year.

FIDUCIARY, Private Client Practitioner: GF advertised in the Guernsey Special Report published at the end of November.

FUNDS, ICFA: GF advertised on the outside back cover of the October/November issue including a feature on Guernsey.

FIDUCIARY, STEP Directory: GF is advertising in the 2011 publication.

FIDUCIARY, International Adviser: GF advertised within the QROPS supplement published at the start of November.

INSURANCE, Captive Review: GF advertised in the Guernsey Special Report published in November.

9


GF_Update_December_2010a