FEARS over how future EU directives might affect Guernsey’s finance industry are not putting State Street off from investing in the island.

The world-leading alternative asset servicing provider completed a deal to purchase Mourant International Finance Administration earlier this year, which resulted in State Street boosting its staff numbers in Guernsey from eight to more than 50, and on a global level add another $170bn. to the total of alternative assets it looks after, as well as 650 staff globally.

Gerald Hough (pictured), managing director of investor services for State Street in the Channel Islands, said the integration of the two sets of staff locally would take some time and would follow completion of a similar process in Jersey where State Street is about to move into new office space in St Helier.

When that is complete, Mr Hough said the focus would shift to Guernsey, and see the business leave its present office at Tudor House, Le Bordage, for Admiral Park where Mifa is based.

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