CONTACT - Guernsey Chamber of Commerce

A comprehensive service
in the very centre of all this is
optimus Group limited. optimus
is an independent consultancy
established by investment
professionals to provide tailored
solutions and consultancy services
to fund managers, fund directors
and their service providers. in short
they provide fund practitioners
with peace of mind when it comes
to all matters relating to corporate
governance, regulatory compliance,
risk management and assessment
of third party service providers.
‘We provide assistance and
guidance to boards and senior
managers of companies in
Guernsey to a host of regulatory
and compliance concerns,’ said
optimus director peter Mills.
‘optimus was established to
provide support to those entities that
require assessment of their service
providers, for example collective
investment schemes, and we can
then offer an independent assessment
of those service providers.’
Expertise and experience
Mr Mills will be familiar to many in
Guernsey for his role as a non-States
member of the Board of commerce of
employment, a member of Guernsey
Finance’s china committee, a
member of the Guernsey investment
Funds association where he also sits
on the technical sub-committee and
a member of the Guernsey Society of
chartered and certified accountants.
He also has extensive experience
as a director of over 30 companies
with responsibility for corporate
governance, risk and compliance
which has put him in a good position
to understand the needs of boards and
fund managers. prior to establishing
optimus, he was chief risk officer
of Kleinwort Benson and managing
director for Kleinwort Benson’s
Funds and Fiduciary companies.
So why did a successful
and arguably very busy
finance professional take the
jump with optimus?
‘there is an increasing demand
for expertise in relation to regulatory
and compliance matters and in
order to remain competitive in the
eyes of investors, and credible in
the mind of the regulators, both
fund managers and administrators
require a level of support. this is
where optimus come in. We help
marry the right funder manager with
the right sort of administrator for its
investment structures,’ said Mr Mills.
andrew roberts, another familiar
face who is well known for his work
with Guernsey hockey, is also a
director and a passionate advocate
of the current opportunities for
Guernsey in the fund arena.
‘Following a period of recent
uncertainty, Guernsey is now
witnessing a migration of fund
managers to its shores and with
our regulatory, compliance a
risk management experience are
well placed to ensure a smooth
introduction to the local financial
services arena,’ said Mr roberts who
has worked in the finance industry
for over 17 years in a variety of roles.
He was a senior member of
the Kleinwort Benson fund
administration team and a
relationship manager for several
large property fund managers and
was director of approximately
70 companies of those property
funds. the last two years have
seen him branching out to provide
consultancy to poi licensees.
this included providing advice
and implementing controls for
registration, due diligence and
breach reporting. He has extensive
it knowledge and has developed
systems for fund administrators to
improve processes and manage risks.
A place to do business
the pair make a formidable team
and believe Guernsey’s reputation
as a well regulated jurisdiction will
only go towards the success of the
finance industry for years to come.
However, what of those
who believe the island is
over regulated with too much
bureaucracy and legislation?
‘We see the Guernsey Financial
Services commission’s corporate
governance guidance issued in
December 2004 and the framework
of the code of corporate governance
issued in January 2010 as good
bases for all companies in Guernsey
to operate to,’ said Mr Mills.
‘We can assist businesses to achieve
a good level of corporate governance
without too much additional burden
or cost. this in conjunction with a
good risk management framework
will assist businesses to identify
and focus on the key risks to their
business and satisfy the regulator.’
‘We provide assistance and
guidance to boards and
senior managers of
companies in Guernsey.’
But is there enough flexibility in
the regulatory confines imposed
on business by the Guernsey
Financial Services commission?
Mr roberts believes the world
is a very different place following
the period of banking crisis and
regulation is integral to any
competitive finance jurisdiction.
‘perhaps local regulation could be
more flexible in relation to dealings
with different continents and
markets but overall our white listing
status is something Guernsey must
retain and if this means stringent
regulation then it’s something we
just have to operate under,’ he said.
one financial professional who
has worked with optimus told me
the company is like the cogs ensuring
the mechanics that is Guernsey’s
finance industry keep on working.
However, i’d argue they’re more
like the oil of our finance industry.
Quietly doing an essential job that
keeps both industry and regulator
functioning together to make the
island retain its position with
focus firmly on the front foot.
For further information about the
services optimus Group limited
provides, please call peter or andy on
755690 or visit
www.optimusgrouplimited.com
www.guernseychamber.com | OCTOBER/NOVEMBER 2010 | CONTACT | 53