GOVERNMENT officials are talking to ‘key players’ in Europe in a bid to secure the future of Guernsey’s fund industry, the chief minister has said.

Experts warned this week that planned EU directives could destroy the island’s funds industry and the 2,500 jobs it provides.

But Deputy Trott (pictured) is confident discussions between the States and Brussels representatives will safeguard the sector’s prosperity.

He said he was fully aware and had been for some time of the serious threats posed by the EU Alternative Investment Fund Managers directive, which seeks to regulate all alternative investment funds including private equity and closed-ended listed funds, where the island is a world leader.

Guernsey’s political and industry response has been led by the Commerce and Employment Department, with the Guernsey Financial Services Commission and the Guernsey Investment Funds Association also attending meetings.

‘This development demonstrates just how vital it is that Guernsey continues to build relationships with Brussels,’ he said.

‘Brussels is increasingly influential in setting global regulatory standards and our continued prosperity will increasingly depend on our relationship with them.’

The States team has held discussions with the European Fund and Asset Management Association, a number of financial institutions in Europe and other key individuals involved in this debate. They expect to be back in Brussels in the coming months.