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<strong>BL</strong> Guernsey island signs MoU with shanghai family office union Guernsey Finance, on behalf of Guernsey’s financial services sector, has signed a Memorandum of Understanding (MoU) with the Shanghai Family Office Union (SFOU). The agreement was signed by Kate Clouston, Director of International Business Development at Guernsey Finance, and Antoine Kuo, Chairman of the SFOU, at a co-hosted wealth management event in Shanghai in November last year. The MoU sets out a statement of intent to support business development initiatives between Guernsey and the SFOU, provision of office and meeting room space in Shanghai, organisation of events, employee exchange programmes and registration services. “Guernsey industry experts now have the opportunity to help Chinese firms understand international regulatory and compliance standards and procedures. The Union will in turn act as a conduit to a vast and growing network in mainland China,” said Clouston. “The MoU also shows a broadening of the relationship between Guernsey and China, which has continued to build since we first established our Shanghai office in 2007.” n funds masterclass to shed light on AIFMD Options for fund managers marketing into Europe under the Alternative Investment Fund Managers Directive (AIFMD) will be the focus of a Guernsey funds ‘masterclass’ in London on 3 February. The event, at the British Museum, will feature a panel debate with leaders from the funds industry and a keynote speech from Lord Flight. Discussion will centre on the benefits and suitability of national private placement (NPP) regimes and third-country passporting under AIFMD. Dominic Wheatley, Chief Executive of Guernsey Finance, said: “Given that both NPP and third-country passporting look set to be available in relation to Guernsey alternative investment funds and alternative investment fund managers for at least three years after the activation of passporting, our masterclass will examine which regime will be the preferred option for fund managers operating in the EU.” The panel session will be moderated by Robin Fuller of Guernsey Funds Consultancy. Panellists include Cathy Pitt, Corporate Partner of CMS Cameron McKenna; Shane Le Prevost, Chairman and Founder of Liberum; Storm Boswick, Managing Director of Brightwood Capital; and Emma Bailey, Director of the Investment Supervision and Policy Division at the Guernsey Financial Services Commission. The event – entitled NPP or third-country passport? – starts at 4pm and ends with a networking drinks reception at 6pm. For further information or to book a free delegate place, email Vicky Richardson at v.richardson@guernseyfinance.com or telephone +44 (0)1481 720071. n Funds grow but banking dips The total value of funds business in Guernsey grew by £4.9bn (2.2 per cent) during the third quarter of 2015. Latest figures from the Guernsey Financial Services Commission (GFSC) show that at the end of September 2015, the net asset value of all funds under management and administration in the island stood at £224.8bn. Guernsey closed-ended funds increased by £2.9bn (2.1 per cent) to £138.4bn, while Guernsey open-ended funds increased in value by £0.3bn (0.8 per cent) to £39.4bn. Non-Guernsey schemes – open-ended funds that aren’t domiciled in Guernsey but have some aspect of their management, administration or custody carried out on the island – also increased in value by £1.7bn (1.3 per cent) during the third quarter to reach £47bn. In total, the GFSC approved 19 new investment funds during the third quarter, comprising 14 closed-ended funds, two open-ended funds and three non-Guernsey open-ended schemes. This brought the total number of approvals for domiciling or servicing in Guernsey to 1,045. Figures for the banking sector, however, showed a decline. Total deposits fell to £81.6bn (1.7 per cent down on the previous quarter), with the number of banks on the island down one to 29. n island retains AA+ rating International credit rating agency Standard & Poor’s (S&P) has confirmed that Guernsey’s credit rating remains at its highest possible level. The ‘AA+ with a stable outlook’ rating is the highest a jurisdiction such as Guernsey, which does not have its own currency, can achieve. In its latest announcement, S&P said Guernsey had ‘a wealthy and open economy, generally strong institutional environment, and robust fiscal position based on a prudent fiscal framework and sizeable government assets.’ n www.blglobal.co.uk january/february 2016 69
<strong>BL</strong>jersey Stable Q3 for finance sector Funds and corporate activity in Jersey’s finance industry remained buoyant and banking business was stable in the third quarter of 2015, according to the latest figures for Jersey’s finance industry. Collated by the Jersey Financial Services Commission (JFSC) for the quarter to September 2015, the statistics show the net asset value of regulated funds under administration in Jersey increased to £218.8bn, the third highest level since December 2008 and 6.5 per cent up on the September 2014 figure. Within the funds sector, alternative asset classes continued to perform well, with total alternatives business, including hedge, private equity, real estate and infrastructure funds, growing by 11.5 per cent year-onyear, and real estate and private equity values both increasing by four per cent on the quarter. The total number of regulated collective investment funds increased by 13 from 1,298 to 1,311 – there were also 126 active unregulated funds The banking sector displayed relative resilience despite ongoing global pressures in the quarter, with the total value of deposits in Jersey banking institutions falling by about one per cent to £131.8bn. Meanwhile, the corporate market was very active, with 717 company incorporations during the quarter – the second highest quarterly rate of incorporation in seven years. There are now 33,739 live companies on the register, the highest total figure since June 2009. n Monterey Insight issues funds review Findings from independent fund research company Monterey Insight, released at the end of November 2015, reveal the market shares of all service providers in Jersey’s fund industry to the end of June 2015. For fund administration services across domiciled and non-domiciled funds, State Street remained at the top of the table with $50.2bn in assets, followed by Aztec Group with $44.3bn and Saltgate with $33.4bn. Again, for domiciled and non-domiciled funds, BNP Paribas maintained its top position as the largest custodian, with $30.3bn in assets. JP Morgan, with $13.7bn, climbed to second (up from fourth last year), and SG Hambros Trust ranked third with $10bn. Among legal advisers, Mourant Ozannes remained in top spot, advising on 817 funds, followed by Carey Olsen with 479 and Ogier with 328. PwC is the largest auditor, with 472 funds, ahead of KPMG (259) and EY (172). Among fund managers, BlackRock Financial Management took the lead of Jersey domiciled schemes with $16.1bn of assets, followed by CVC Capital Partners ($15.6bn) and ETF Securities ($13.6bn). “Jersey had a rather stable year in terms of total growth of assets, and actually showed a slight increase in the number of newly launched funds and new business coming to the island,” said Karine Pacary, Managing Director of Monterey Insight. “Additionally, in excess of 30 new promoters have chosen Jersey to establish their funds. Jersey continues to attract new investment and is regarded as a specialist in private equity funds, and is also competitive in alternative funds and real estate funds.” n jersey Aircraft Registry takes off Following the enactment of the Aircraft Registration (Jersey) Law 2014, Jersey’s first aircraft registry became operational in November. The Jersey Aircraft Registry (JAR), which will focus on registering new or nearly new high-value private and corporate aircraft, registered its first aircraft, a private jet. JAR will offer: ● Registration of private and corporate aircraft ● Registration of commercial aircraft engine mortgages ● An online registration system, available 24 hours a day (to be launched in Q3 2016) ● A safe and comprehensive regulatory framework ● Neutral nationality registration prefix ZJ- followed by three characters of choice ● A competitive Scheme of Charges. Minister for Economic Development, Senator Lyndon Farnham, said: “The Jersey Aircraft Registry… will enable local businesses to broaden their offerings, which already includes the registration of companies, ships and other security interests. Revenue will be created through the fees charged by the Registry, and we hope to see new jobs created in financial, fiduciary and legal services. “There is also a longer-term goal of creating roles in technical positions, as we see maintenance and management organisations relocating to Jersey.” n 70 January/february 2016 www.blglobal.co.uk
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