This Is Guernsey

By Tom Edwards

FUND administrator Capita Financial Group has established a Guernsey office.

A subsidiary of the London-listed Capita Group, the control and management of operations will be carried out here, with an outsourcing arrangement in Exeter.

The business is headed by local man Andrew Howat (pictured). ‘With Guernsey’s fund administration sector booming, there’s no better time to bring Capita’s expertise directly to the local market,’ he said.

‘Many of our competitors are limited by headcount and demand outstripping the availability of  qualified administrators, but our outsourcing arrangement immediately overcomes these limitations.’

In recent years, Capita has extended its operations from the UK to other jurisdictions by tailoring services to clients’ demands and each centre’s regulatory environment.

It administers more than £30bn in assets in 360 funds on behalf of more than 100 investment management groups.

Capita offers financial, human resources, software, strategic support and property services to public sector and private organisations.

The group acquired Jersey administrator Channel House Financial Services Group in September 2005 and has been administering local funds since the acquisition of Sinclair Henderson (Guernsey) in June 2006.

Capita employs 29,000 people in more than 300 offices in the UK, Ireland and India.

Mr Howat said there would be three people in the Guernsey office to start with, but he anticipated more in line with growth.

GuernseyFinance chief executive Peter Niven said such a big name choosing Guernsey would bolster the island’s reputation in the funds sector.

‘Sometimes we are concerned about staffing when big players come here.

‘Staff resources are very thin here, but Capita’s business model is perfect for the island.’

Mr Niven said Mr Howat was a welcome returner. ‘We’ve attracted a good person in Andrew. He’s a local person with extensive international experience and it’s encouraging that we are able to entice such high-calibre people back.’