£274 billion! That's the net asset value of funds under management in Guernsey according to data released recently by Guernsey's Financial Services Commission (December 2012). Whilst this only reflects a quarter on quarter increase of 1.3%, it adds to the £10 billion growth earlier in 2012. This stability reinforces the rating by 'The Banker' in October which cited Guernsey as the leading specialist finance centre in Europe.
These positive indicators reflect Guernsey's continuing ability to weather the difficult global economic conditions. The vast experience of local service providers and the variation of products and services on offer inspire confidence in investors and fund managers alike that their interests are being attended to in a professional and robustly regulated jurisdiction. Guernsey's white-listing with the OECD and proposed dual approach to AIFMD are reflective of a jurisdiction which is actively seeking to manage increasing global regulation.
Guernsey Finance's initiatives in China and India show that the island is continually developing relations and harnessing opportunities in growth areas around the world. The challenge of increased worldwide regulation of financial services has brought opportunities for well run and experienced jurisdictions like Guernsey. A range of service providers with proven capability alongside robust regulation is endearing to institutional clients.
Bespoke Service and Innovation
These broader changes bode well for Carey Group who is growing its presence in Guernsey's Fund administration industry. Carey Group has seen a rise in demand for high quality service provision and specialist arrangements where its bespoke approach to building a service relationship with clients is increasingly welcomed.
Chris Trudgeon, Director, comments: "Every institution is looking for new competitive angles to their business model. We have found this bespoke service a natural extension of our general approach, ensuring we shape our services around client needs rather than selling a fixed service."
Alongside its strong and bespoke service ethos, Carey Group is well aware of the need for highly developed and robust systems to cope with the demands of modern fund structures which is why Carey Group has invested in the PFS Paxus fund administration and accounting system, where functionality supports master/feeder structures, multi-series structures, partnerships and private equity arrangements. This innovative software integrates all of the processes that are often performed across multiple applications. This includes functionality that allows the management of security pricing, general ledger, fee calculation, share registration and corporate actions in one place. Data and price feeds can be uploaded directly from various sources including major vendors; performance fees, including high water mark considerations, side pockets, equalisation and FX hedging are also covered in the capabilities of the software. Clients enjoy a set of tailored reports or access via a web portal to have real-time access to their information.
Chris Trudgeon comments: "After completing an extensive system selection process Carey Group selected PFS Paxus as it provides advanced capability at a competitive price and fits with our robust IT infrastructure where we employ best practice including regular external audits to international standards, imaging of documentation, dual site replication/ back up and tight security measures using the latest techniques."
The Firm
Carey Group is an international financial services company that provides independent administration, management and corporate trustee services for all types of cross-border corporate vehicles, structured finance vehicles, corporate holding structures, institutional clients and private investors.
It works in tandem with Carey Olsen to provide a full range of legal and administration services to the Alderney e-Gaming industry as well as having a broad experience in providing support for the acquisition and development of property through offshore structures. It has been involved in a number of high profile and significant property developments over recent years providing a full suite of support, administration and project management services. Tracing its foundations back to 1968, consistent growth has seen Carey Group establish offices in nine European locations; this allows it to service clients from multiple jurisdictions and offer access to expertise in various regulatory environments with multiple language capabilities
Carey Commercial Limited is the Guernsey based entity which specialises in supporting corporate and fund clients. Carey Commercial Limited's experienced team deliver an intimate support service from beginning to end; all clients enjoy a professional, bespoke service, a proactive approach and assistance in finding optimum solutions to meet their strategic needs.
In addition Carey Commercial Limited is a founder member of the Channel Island Stock Exchange, authorised to act as sponsor for both fund and debt listings as well as an authorised listing agent for trading companies.
Carey Group is looking forward to the challenges which are inevitable in an ever-changing global economy. They are excited about the new growth opportunities that seem to be emerging as a result of innovative new structures that are being presented to Guernsey administrators.
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