April Industry News Round-Up
From leadership changes at GIBA to cybersecurity under the spotlight, it’s been a busy month for Guernsey’s finance sector; here is our monthly newsletter with all of the top stories from the industry and our member organisations.
Don’t forget to follow @GIBAGuernsey on Twitter for updates and news throughout the month.
GIBA NEWS
GIBA Announces Leadership Changes
GIBA has appointed a new Chair and Deputy Chair; Tony Mancini takes up the position of Chair, while Paul Hodgson has been appointed as Deputy Chair.
Tony, a Tax Partner at accountancy firm KPMG, has previously sat on the GIBA Executive Committee as Deputy Chair. He has also served on the Guernsey International Fund Association (GIFA) Executive Committee and been a member of the Guernsey Society of Chartered and Certified Accountants (GSCCA) tax sub-committee.
Paul, Managing Director of Butterfield Trust (Guernsey) Limited, has also previously sat on the GIBA Executive Committee and is the current Chairman of the Guernsey Associations of Trustees (GAT). An experienced finance professional, Paul is also a Non-Executive Director of the Guernsey Training Agency (GTA) and was previously a non-States member of Guernsey’s Public Accounts Committee.
David Oxburgh now stands down after two years in the role of GIBA Chair and he will remain on the Council. GIBA would like to thank David for the tremendous work he has done for the finance industry during his time as Chair.
GIBA Issues Joint Statement on Runway Extension
GIBA, the IoD and Chamber of Commerce have issued a statement calling on the island’s Deputies to support a policy letter lodged by the Policy & Resources Committee authorising funding for a full cost-benefit analysis of the two runway extension options recommended in the PwC report on air and sea links.
GIBA Discusses Why Collaboration is Key to Island’s Finance Industry Success
Guernsey’s finance industry is built on a bedrock of collaboration. The close working relationships between the various sector associations, industry bodies, the government and the regulator support the success of the many firms based in the island.
Read more in our article, which originally appeared in the Guernsey Chamber of Commerce’s Contact magazine.
Minutes and Technical Update
March GIBA Council minutes are now online in the members’ section of our website. You can find them here.
BUSINESS NEWS
Guernsey Introduces World’s First ILS Hybrid Vehicle
The world’s first hybrid vehicle for use in the insurance-linked securities (ILS) sector will lead to increased simplicity and efficiency for ILS fund managers, according to Carey Olsen Partner Christopher Anderson, who created the concept with the support of the GFSC.
The new launch means ILS managers will no longer have to ‘rent’ cells of protected cell or segregated account companies to act as Special Purpose Insurers (SPIs), which are often established in a different jurisdiction and operate entirely separately from the ILS manager’s fund.
GUERNSEY GREEN FUND
First London-listed Investment Company Gains Guernsey Green Fund Accreditation
In a landmark move, a first London-listed investment fund has successfully received Guernsey Green Fund accreditation.
Bluefield Solar Income Fund has invested in more than 80 UK-based solar assets, one of the largest diversified portfolios of solar assets in the UK, targeting long-life solar energy infrastructure expected to generate stable renewable energy output over a 25-year asset life.
Read more
CIISF Hosts Inaugural Guernsey Cyber Security Conference
The Channel Islands Information Security Forum (CIISF) held its inaugural Annual Guernsey Cyber Security Conference this month. A host of top cyber-security experts presented to local professionals from all business sectors.
Organiser Arthur Mainja, Cyber & Digital Advisory at KPMG, said: “It was great to see such a large turnout, which was a testament to the community’s interest in and regard for security. We believe the conference proved to be a valuable platform for education, awareness and collaboration for our security community in the Channel Islands.”
Butterfield Buys ABN AMRO
Butterfield Guernsey has announced it is buying the Channel Islands banking business branch of the Dutch-owned ABN AMRO, in a deal worth around £161million.
An agreement has been reached but the transaction should be finalised during the third quarter of 2019, when the ABN AMRO Channel Islands business and employees will all be integrated into the existing Butterfield Guernsey operations and operate under the Butterfield name.
Agilisys Announced as Preferred Bidder to Deliver Future Digital Services Programme
A two-year procurement process has reached a key milestone with Agilisys Limited, a leading UK-based technology and transformation company, being appointed as the preferred bidder for the digital transformation and future delivery of the States’ IT services.
As the proposed strategic partner for the States’ Future Digital Services Programme, Agilisys will help to deliver a dramatic improvement in technology, giving the community better and easier access to public services while enabling efficiencies and long-term cost savings. Furthermore, the partnership will see a significant investment in Guernsey’s digital economy.
FINANCE IN THE COMMUNITY
The charitable work done by Guernsey’s finance sector continues to support many individuals, groups and services in the community. Follow our Twitter feed and the hashtag #GsyFinance4Community, here are just a few examples:
Chicken Run Takes Flight for PPBF
Running group distance.gg organised a new fun run for the Easter weekend. The Bedell Cristin Chicken Run was a 5km fun run open to athletes of all ages and abilities, beginning and ending at Pembroke.
Participants were given a chicken hat to wear during the run to celebrate the Easter weekend, with profits being donated to the Priaulx Premature Baby Foundation.
Saffery Champness Gives Helping Hand to Bright Beginnings Children’s Centre
A team of volunteers from Saffery Champness has revamped the baby and toddler gardens at Bright Beginnings Children’s Centre in preparation for the summer months.
The clear-up, organised by Audit Manager Lindsey Dean and Children’s Centre Manager at Bright Beginnings, Teresa Bott, saw a team of 10 volunteers from the audit and tax department with their family and friends assist with planting flowers and herbs, weeding, pruning, painting and giving the garden area a general tidy up.
30/30 Cycling Challenge is Back
The annual 30-day cycling challenge in aid of Les Bourgs Hospice is back, with a number of riders set to take to the roads over the coming weeks.
Organised by business partners Ian Brown and Paul Brehaut, the event has raised almost £700,000 for the charity-funded hospice over the last 12 years.
If you have a corporate team taking part, do tweet and tag @GIBAgsy so we can share your involvement.
MAY DIARY DATES
STEP Conference Early Bird Rates
STEP Guernsey Branch invites attendees to the annual STEP Conference at Beau Sejour on 20 June 2019.
STEP Guernsey’s flagship event, sponsored by Carey Olsen, allows delegates to meet, network and gain important knowledge and technical updates from outstanding speakers in the industry.
Book on or before 20 May 2019 to benefit from the following preferential early-bird rates:
- STEP member = £160 (£190 from 21 May 2019)
- Non-member = £190 (£225 from 21 May 2019)
Guernsey Funds Forum
Thursday 16th May – London
12:00pm to 5:00pm
The 10th edition of the Guernsey Funds Forum, titled ‘Restart’, will explore the narrative for the future and how Guernsey can be the ideal location for investment funds in 2020 and beyond.