This Is Guernsey

By Gemma Hockey

GUERNSEY’S ability to continue to attract private equity and the business of other asset classes will ensure its sustained strength in the investment funds industry, according to the founder of Alchemy Partners

Jon Moulton (pictured) said immediate prospects look gloomy for the private equity industry as a whole, but Guernsey is a great place to do business.  He was the keynote speaker at the Guernsey Private Equity Funds Masterclass in London. More than 100 industry practitioners attended the event, which was held in The Gallery, Old Billingsgate.

‘I recommend any of you to use Guernsey for private equity – it works,’ said Mr Moulton who lives in the island. Guernsey had a solid infrastructure including not just fund administrators but accounting, tax and legal advisers who offered a personal service.

‘A major attraction is that Guernsey is not flaky but has sensible laws and regulations which are always updated quickly so the island is at the forefront of developments such as the introduction of new products and services.’

He praised the speed of doing business in Guernsey.

‘Things happen at a pace which is inconceivable in the UK.’

He believes Guernsey’s taxation structure is straightforward, easy to understand and is noticeably more stable than the regime in the UK.

L4atest figures from the Guernsey Financial Services Commission show that overall funds business in Guernsey grew by another £13.7bn, or 8.3%, in the final three months of 2007.

That takes the total value of funds under management and administration in the island to another record high of £178.2bn at the end of December – up £48bn, or 37%, during the year.

Values in the private equity asset class increased by £5.5bn, or 19%, during the quarter and £13.6bn, or 66%, year on year to reach £34bn at the end of 2007.

Article posted on 26th May, 2008 - 9.30am