CONTACT - Guernsey Chamber of Commerce

Special report | Guernsey Finance review
Flying the flag
More than 140 senior businessmen and women
gathered together to hear Guernsey Finance’s end of
year report and plans for 2011. Katrina Bray reports.
Michael Foot
presents at the
Guernsey
Fiduciary Forum
in London (25
February)
against a complex
backdrop, Guernsey
Finance has continued
to promote the island,
its attributes and its expertise
to jurisdictions near and far.
‘there has been some not so good
news over the last year. the economic
crisis, the reduction in business flow,
the downturn in markets and all
that comes with that,’ said Guernsey
Finance chief executive peter Niven.
‘in addition we have the burden
of regulation, the uncertainty of
Zero 10, the eU breathing down our
necks. We are continually in the
spotlight and our job is not easier
just because of the white-listing.’
Guernsey has seen mixed fortunes
- bank deposits down by £40bn,
funds under management at record
levels of £224bn and placing first
in europe and fourth in the world
for the captive insurance industry.
‘We need to make sure that we
are marketing Guernsey and our
expertise so that when the upturn
38 | CONTACT | OCTOBER/NOVEMBER 2010 | www.guernseychamber.com
does come, people know that we are
still open for business and the depth
and breadth of expertise that we
have always had,’ said Mr Niven.
Spreading the word
in 2010, Guernsey Finance has
attended more international
conferences than ever before
targeting the fiduciary, fund, captive
insurance and pension industries.
‘We are rubbing shoulders with
our competitors to let them know
we are still here and we are also
meeting existing and new introducers
of business into the island. We are
getting the message across and
getting it across very forcefully.’
Utilising its members, Guernsey
Finance secured coverage in dozens
of publications including the
Guardian, the independent, private
client practitioner, icFa and Step
Journal. For the 12 months from June
2009, the value of Guernsey-supplied
coverage had an advertising value
equivalent of £8.3m. with Guernsey
Finance generating £1.1m. of that.
as well as promoting the island
to the more mainstream financerelated
industries, Guernsey
Finance has also been identifying
new niches in the market place.
‘Niches where we can go in early
and push against and then open doors.’
in September, Guernsey Film,
a local business group that aims
to promote the wide range of film
financing expertise in Guernsey, held
its first event in london which was
attended by 75 professionals from
the film industry and their advisers.
Connecting with the world
it is also promoting the island in
new jurisdictions. at the end of the
summer Mr Niven went to Beijing
and Shanghai to raise the profile of
the island and chief Minister lyndon
trott is due to join them for the
next visit to meet officials and sign
a memorandum of understanding
with the Shanghai Financial Services
commission. a chinese delegation