March Industry News Round-Up
GIBA’s monthly news round-up keeps you abreast of Guernsey’s latest news affecting the finance sector and our member organisations.
Guernsey marks third consecutive year of funds growth
Figures released by the Guernsey Financial Services Commission have confirmed a £1 billion funds growth in the three months to the end of 2017. The latest figure of £270 billion also represents an increase of approximately £14 billion (5.6%) over the previous 12 months and a third consecutive year of growth for Guernsey’s fund sector.
Paul Smith, Chairman of GIFA, welcomed the figures: ‘I am optimistic about 2018. The mood in the industry has been positive in the early part of the year and I look forward to seeing that coming through in the statistics throughout the year,’ he said.
Finance sector strategy gathers momentum
A short-term strategy to boost Guernsey’s financial services sector is taking firm steps forward as it looks to build on current strengths and develop new products to highlight Guernsey’s proposition.
The strategy, being developed by Dr Andy Sloan, Acting Director of Strategy at Guernsey Finance, is currently focused on securing industry buy-in. Campaigns on two of five workstreams, comprising green investment, global funds distribution, private wealth and family office, wealth management and brokerage, and technology will launch in the next couple of weeks.
Bond issuers attracted by Crown Dependencies’ service levels
The International Stock Exchange (TISE) registered 44% growth last year, which has been attributed to an increase in the listing of high-yield bonds that are frustrated by new European legislation.
It is now estimated that 85-90% of all new high-yield bonds issued come to TISE, which has offices in Guernsey, Jersey and the Isle of Man, rather than EU centres. The Association of Financial Markets in Europe found that the quality of service in the Crown Dependencies was comparable to other jurisdictions and the standards equally high.
Annual dinner heralded a success
Over 450 guests attended GIFA’s Annual Dinner, which was held on 3 March. GIFA’s Chairman Paul Smith presented a positive outlook for the Guernsey funds industry while highlighting both local and international challenges, including infrastructure, Brexit and regional transport links.
The annual event offers a welcome boost to local charities; the last three consecutive annual dinners have raised over £12,000 for the Priaulx Premature Baby Foundation, the Eleanor Foundation and Help a Guernsey Child. This year’s dinner, which was once again a sell-out, raised over £4,700 for Help a Guernsey Child, which assists disadvantaged local children, young people and youth organisations.