This Is Guernsey

AWARD-winning fund administration business Langham Hall is planning for a big future in Guernsey.

The company already has a managed presence in the island through International Administration Guernsey, which looks after its subsidiary Langham Hall Guernsey, but is looking to establish its own office in the near future, possibly in 2010.

‘The agreement we have with IAG is to grow funds under administration using our significant onshore marketing presence,’ said Langham Hall co-founder Robert Short (pictured).

‘The plans are currently that we will base ourselves in IAG’s offices but at some point in the future would spin out in a similar way that certain private equity groups have done such as Apax, Terra Firma and EQT.

‘We are seeing a steady stream of enquiries but are gearing ourselves for 2010 when institutional cash will be more readily available to seed new funds.’

In April, the company was named as winner of the specialist professional services firm of the year category at the BVCA Private Equity Awards 2009, an achievement that Jersey-born Mr Short was delighted with.

‘There is no administrator category and therefore no administrator has ever been nominated for any of the awards before – let alone winning one.’

Langham Hall was set up three years ago by Mr Short, previously executive director at Goldman Sachs and board member of Mourant’s administration business, and Marc Giraudon, former European CFO of Hines.

The business started from scratch providing consulting services, which included writing the European reporting guidelines for Inrev, the real estate equivalent of the BVCA.

It now employs more than 40 people and provides administration and accounting services in London, Hong Kong, Luxembourg, Jersey and Guernsey.

‘We offer a full set of services but where we differentiate ourselves is in offering complex accounting services, financial modelling and back office consultancy.’

Mr Short said the firm’s particular strength was on the accounting side.

‘Investors are paranoid about late reporting and mis-pricing so security over the flow of information is key.

‘All but one person to date in the UK are accountants although obviously the offshore model will be more administration and company secretarial focused.

‘The consultancy and modelling side allows us to move up the value chain and offer a flexible solution that our competitors struggle to match.

‘For example, we wrote the Inrev European reporting guidelines which are now a standard for real estate reporting in unlisted vehicles.

‘We are also seen as being extremely flexible in our approach.

‘The consulting side overlaying the usual administration services was a strength that helped us achieve the award.’

Article posted on 25th June, 2009 - 2.30pm