Originally published on 8 October 2008
Nicola Horlick, Chief Executive Officer, Bramdean Asset Management, has recommended Guernsey as a funds domicile.
She has said that her firm uses the Island because of its regulatory environment, strength in administration and accessibility.
"We have just domiciled an alternatives fund in Guernsey with a full London listing. We decided that Guernsey was most appropriate, from a regulatory point of view, we felt there were some good administrators there and it's easy to get there," she said.
"Our experience in Guernsey has been very positive and I would recommend Guernsey as a domicile. It's going to be a very difficult period over the short term but I do believe, over a longer period, Guernsey will do very well indeed."
Ms Horlick has worked in the fund management industry for 25 years and participated in the growth of some of the UK's premier asset management businesses including Mercury Asset Management (now BlackRock), Morgan Grenfell Asset Management (now Aberdeen Asset Management) and Societe Generale Asset Management (UK).
By April 2005, as a high-flying 44-year-old mother of six, Ms Horlick had already gained a reputation within the City as a 'superwoman' when she received national publicity after fending off an armed robber outside her London home.
In the January of 2005 she formed Bramdean Asset Management. Among its offerings is Bramdiva, a wealth management service which caters specifically for women. In 2007 the Guernsey-based investment company Bramdean Alternatives Limited was established (with Ms Horlick as fund manager), investing in private equity, hedge funds and specialty funds, which may include infrastructure, natural resources and real estate funds.
Ms Horlick was the keynote speaker at the Guernsey Funds Forum 2008, 'Fundamental solutions for a changing world', which took place yesterday at the Queen Elizabeth II Conference and Exhibition Centre, Westminster, London.
Grant Cameron, Chairman of the Guernsey Investment Funds Association (GIFA), told the conference: "We could not have picked a better date for the meeting with all the action in the markets. We are in very uncertain times – there's no liquidity, which prevents the movement of money but in these uncertain times there are prospects.
"The environment is going to change significantly from where it is now. Nicola Horlick talked about appropriate regulation and I believe that is what we will see. The point that we wanted to make today was that Guernsey is very relevant in this environment and I hope the audience got some idea of the calibre of people who are available in Guernsey.
"There's a huge calibre that underpins the Guernsey story. The rules of the game are changing but Guernsey will remain relevant and will react. Our biggest strength is flexibility and the ability to react to changing events. This time will be seen as one of those events that Guernsey will react to."
As well as an exhibition comprising the leading names from Guernsey's funds industry, the half-day event included the sessions 'Guernsey – a growth industry' chaired by Nigel Farr, Partner, Herbert Smith; 'Listing and Liquidity' chaired by Tammy Menteshvili, Chief Executive, Channel Islands Stock Exchange (CISX); and 'Private equity – looking forward' chaired by Veronica Eng, Permira. There were some 200 attendees, 75% of which were non-Guernsey and including 12 specialist trade journalists.
"Both the calibre of the non-Guernsey audience and the number of them was significantly more than the last Guernsey Funds Forum. We made an effort to get the people here who don't know Guernsey, in order to introduce Guernsey and I think we succeeded there. People were genuinely interested in what the speakers and panellists had to say," added Mr Cameron.
Tonight there is a Guernsey Private Equity Masterclass at the Caledonian Hilton in Edinburgh where the keynote speaker is Alastair Maclean, Partner at Maclay Murray and Spens LLP. He will be joined by Guernsey industry experts including Tony Mancini, Tax Director, KPMG CI and Mark Huntley, Managing Director, Heritage International Fund Managers.
The total value of funds under management and administration in Guernsey reached a new record high of £207bn at the end of June 2008 – up 1.7% during the second quarter and 33% year on year.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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