May 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.
Thank You to Patrick Firth
The GIBA council would like to say a heartfelt thank you to Patrick Firth, who stepped down from the GIBA Council in May after a term of nine years.
Patrick has made a significant contribution over the years to both GIBA and the Guernsey finance sector. A qualified Chartered Accountant and member of the Chartered Institute for Securities and Investment, he has worked in the fund industry in Guernsey since 1992.
Patrick, a former Managing Director of Butterfield Fund Services (Guernsey) Limited was GIBA Chairman from March 2015 until April 2017, has continued to play a vital role in its development since and serves on the board of Guernsey Finance.
GIBA Responds to Economic Development Policy Letter
Bolstering the finance industry, developing new markets and improving transport links are just some of 20 actions the Committee for Economic Development has outlined in its proposed strategy in the policy letter published earlier this month.
GIBA has welcomed the publication of the policy letter and is pleased to see that whilst recognising the need to diversify the economy, the plan is not to “throw the baby out with the bathwater”, and there is clear recognition of the importance of the finance sector to the economy.
Guernsey Funds Sector Positive Despite Quarterly Fall in Net Asset Value
The GFSC’s first quarter statistics showed the net asset value of funds business in the island declined by 2.9% (£8 billion) during the quarter, with total assets under management and administration amounting to £262.5 billion.
However, the outlook remains positive with £40 billion growth over the past three years. The GFSC is also seeing an increase in applications for new funds, with a year-on-year rise to more than 110 made over the past six months.
Guernsey’s Stability and Security Highlighted at Funds Forum.
Uncertainty is a significant challenge for fund managers; however the annual Funds Forum, held earlier this month in London, highlighted Guernsey’s long-standing stability and experience in operating as a ‘third country’ outside of the EU. This position was highlighted in a wide-ranging panel discussion which also covered Donald Trump’s policies, quantitative easing and fund delegation rules.
Butterfield Bank CEO Highlights CI expansion Potential
Michael Collins, Chief Executive Officer at Butterfield Bank, has announced ambitious plans to expand the bank into the Channel Islands as he sounded an optimistic note about the future of Guernsey and Jersey as offshore financial centres.
He cited ‘thoughtful’ regulation as one of the reasons why Butterfield was looking to expand further here and noted that Guernsey stands out as having ‘one of the best regulatory regimes’ in the world.
FINANCE IN THE COMMUNITY
Finance Community Supports Record-Breaking Literary Festival
A record number of tickets were sold for this year’s Guernsey Literary Festival, which was hailed as the best event yet. The four-day arts festival was heavily supported through sponsorship from members of the finance community, including Butterfield Bank, Dorey Financial Modelling, Julius Baer, Rothschild, Odey Wealth and Praxis IFM.
Celebrating all things book-related, various St Peter Port venues, including a festival hub based in Market Square and the Guille-Alles Library, hosted a diverse range of speakers, including Terry Waite, Jenni Murray and Annie Barrows.
Support for Grassroots Sport
The Deloitte Corbet Cup took place this month, with Guernsey Rangers claiming the Cup and Sylvans White winning the Shield. The tournament has benefited from Deloitte’s sponsorship for the past 12 years and is seen as an important stepping stone from minis into competitive youth football.
Guernsey FA Chief Executive, Gary Roberts commented: ‘The Deloitte Corbet Cup and Shield competition remains one of the most popular tournaments in local football and the growth in the number of players participating this season has led to the largest number of teams ever competing. This growth has necessitated two distinct divisions for the first time.
‘It is important to recognise and acknowledge the long-term and ongoing support that Deloitte continues to provide to local football and specifically towards these competitions, which are important in the development of Guernsey’s young players as they transition from minis into youth football.’
Guernsey Financial Services Commission – Consultation Deadlines
SoundBox Sprint – 22nd June
As part of its commitment to innovation, the Guernsey Financial Services Commission is hosting a one-day event, Friday 22 June, which will provide an opportunity for Bailiwick businesses or individuals to develop digital solutions to 3 pre-set challenges.
It is said the SoundBox Sprint ‘will provide a unique one stop access to key Bailiwick decision makers and business subject experts’, with the objective of driving forward innovative solutions to existing business issues.