(Update Issue Number 8 Autumn/Winter 1996)

The Guernsey Fund Managers Association ("GFMA") was formed in 1989, in part to provide a communications channel between the Guernsey authorities and the fund management sector. Its other main objective is to create a forum for the exchange of ideas between its members to promote the Island's fund management services. Both objectives are targeted towards increasing the ability of fund managers to expand their business.

The Association's membership is now 17 and covers all the fund managers authorised by the Commission. Chairman, Nick McCathie, who is the Managing Director of Guinness Flight Fund Managers (Guernsey) Ltd., believes the fund management industry is in a strong competitive position having developed and matured over the past 35 years. "There is a wealth of knowledge and breadth of experience available in Guernsey and a wide range of specialist service providers which few offshore financial centres can match."

The GFMA has 7 committee members drawn from the prominent fund managers on the Island. The membership meets on a regular basis with a view to generating a mutual understanding across all those engaged in the fund sector. Often, guest speakers are invited to address the membership, for example, in October the Commission's Deputy Superintendent of Investment Business gave a talk on recent developments affecting the industry, planned initiatives and regulatory issues. Guest visitors from Associations in other jurisdictions are encouraged in order to discuss matters of mutual and topical interest.


Carl Rosumek ACA, Senior Analyst

A chartered accountant, Carl worked for 12 years for KPMG in both Guernsey and New Zealand. He specialised in the audit of offshore finance entities, including collective investment schemes, banks and captive insurance companies.

Carl joined the Commission in June 1995 and his main responsibilities are for the day to day administration of the Protection of Investors (Bailiwick of Guernsey) Law 1987 and the Rules and Regulations made thereunder together with the day to day work carried out under the Control of Borrowing (Bailiwick of Guernsey) Ordinance 1959, as amended.

Richard Walker BA(Hons), Senior Analyst

Richard joined the Investment Business Division of the Guernsey Financial Services Commission in March 1990 and is responsible for the day to day administration of the Division. During his time with the Division he has participated in or led 45 compliance visits. Richard was previously employed by Allied Provincial Stockbrokers (C.I.) Limited.

For further information contact Peter Crook on Tel: +44 (0) 1481 712 706 or fax: +44 (0) 1481 712 010 or e-mail: info@gfsc.guernseyci.com

Visit the Guernsey Financial Services Commission Web Site at Click Contact Link

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