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Finance the old? www.blglobal.co.uk january/february 2016 25
Finance Many of the larger families do have long-standing relationships with various institutions and it can be challenging to make in-roads based CEO of Enhance Group, outlines: “Businesses and families are becoming more international, driven by opportunity and helped by technology and transport. Wealth may be protected outside their own jurisdiction due to a broader range of opportunities, stability, diversification, growth rates, intellectual capital, incentives, legal and regulatory frameworks.” He adds: “Managing international affairs is potentially more challenging than domestic activities and so the trend for financial service companies is to be able to effectively service clients across jurisdictions and time zones.” Zimmerman also sees the benefit of using foreign jurisdictions. “Taking Africa as an example, we still see a large flight of capital to offshore jurisdictions as wealthy individuals, fearful of political or social instability in their home countries, seek to place their wealth elsewhere in order to protect it.” He points to the Channel Islands being regarded as a safe haven for wealth, with assets such as prime London real estate (held through offshore structures) still highly regarded by HNW individuals from Africa. “If correctly advised structures are put in place, the asset protection offered is extremely high, due to the quality of our legislation and regulation,” he says. There are undoubtedly business opportunities for financial centres such as Jersey and Guernsey, but there are also challenges too. Sayers insists that Jersey and Guernsey must identify the trends and position themselves accordingly. “There can be no doubt that other financial centres will be snapping at their heels and it’s crucial to be a ‘good place to do business’, otherwise it may go elsewhere.” Spybey thinks the depth of expertise in Jersey and Guernsey currently sets the jurisdictions apart from some international competitors, but he concedes that the gap is reducing quickly: “In order to remain competitive, I think it’s critical that the Channel Islands focus on core strengths. The proximity of and good financial connections with London remains particularly attractive to clients that are seeking access to the available expertise and routes to markets such as AIM.” TRIED AND TESTED As with older wealth, does new wealth prefer to put its money in established jurisdictions? Sayers believes ‘new wealth’ is more open-minded in nature. “New wealth is presented with many more opportunities and a range of possible jurisdictions. Even if the jurisdiction is considered younger, it may be that new wealth can take comfort that ‘tried and tested’ financial service providers are located in the new jurisdiction,” he says. In such a competitive market for HNW business in Asia and Africa, how does the Channel Islands go about building relationships with these countries? Spybey insists there is a need to continually build international awareness with regard to the benefits that Jersey and Guernsey can offer. “There can be an extended payback period as clients and intermediaries can take time to establish the required levels of trust with advisers and service providers. Individual business and the Channel Islands as a whole need to therefore view time spent with individuals and businesses as a medium- to long-term investment.” Zimmerman views relationships as key. “The challenge lies in building a relationship with the clients themselves and showing that values are clearly aligned with their own, with a respectful, expert understanding of their needs,” he says. With a number of Channel Island firms (as well as Jersey Finance and Guernsey Finance) already in emerging regions – and with plenty in the process of setting up – it’s clear they have identified the considerable opportunities, whether old or new wealth. Now it comes down to translating those into real business. n DAVID BURROWS is a freelance financial writer 26 January/february 2016 www.blglobal.co.uk
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