Guernsey's intention to operate a dual regime for
the distribution of funds into both EU and non-EU countries in
response to the Alternative Investment Fund Managers Directive
(AIFMD), has been met positively by fund managers in the
A funds delegation from Guernsey has returned from the US after
attending the International Bar Association (IBA) conference
in Boston and holding a series of meetings with fund managers,
lawyers, accountants and brokers in New York City and Boston.
Fiona Le Poidevin, Chief Executive of Guernsey Finance - the
promotional agency for the Island's finance industry, led the
delegation and was joined by Guernsey industry practitioners Gavin
Farrell from Mourant Ozannes, Patricia White of Legis Fund Services and PwC's Evelyn
Brady. Caroline Chan from Ogier joined the team for the IBA
Miss Le Poidevin said attendance at the IBA conference and the
trip as a whole had presented a great opportunity to update US
contacts with the latest details of the Island's dual regime
ahead of the EU introducing a new regulatory regime under the terms
of the AIFMD on 22 July.
"The IBA Conference was very well attended. The event had
some very relevant panel sessions, particularly on the subject of
AIFMD which is a hot topic in the US for anyone with EU investors
or those considering the EU market. AIFMD is one of the reasons why
we have received more enquiries from US fund managers over the past
couple of years and a key part of why we embarked on this US
delegation," said Miss Le Poidevin.
"People were extremely interested to learn about our
forthcoming dual regime and how we are perfectly placed to service
US fund managers under AIFMD. Guernsey's position of being a
European domicile but not part of the EU, couple with our dual
regime which will allow us to continue to distribute our funds to
both EU and non-EU countries, means that we will be uniquely
positioned as an international funds centre and an ideal domicile
for US fund managers.
"The good links that Guernsey and the US have shared in the
past are also important. For example, a major factor behind
Guernsey's rise as a leading centre for private equity was when
one of the largest US private equity houses, Kohlberg Kravis &
Roberts (KKR) & Co. L.P., established a fund in Guernsey which
listed on Euronext Amsterdam. At the time it was particularly
innovative and extremely significant in raising awareness among US
managers of Guernsey's capacity to act as a gateway to listing
vehicles on European stock exchanges.
Miss Le Poidevin said US practitioners were also keen to
understand more about Guernsey's offering in private equity,
real estate funds, debt funds and hedge funds.
"There were varying degrees of knowledge about Guernsey as
a fund domicile. While we have a number of high profile US fund
managers such as Apollo, BC Partners, HarbourVest and Starwood,
there is still a good deal of work to do in raising Guernsey's
profile because those in the Americas will often gravitate towards
the Caribbean jurisdictions for their fund structuring
requirements, but increasingly they are looking at alternatives.
The way we have embraced AIFMD and been clear about our dual regime
demonstrates how the Island adopts the very highest standards -
something I believe managers are after in the current economic
Before visiting New York City and Boston, Miss Le Poidevin also
spent time in Miami holding a series of meetings with legal
advisers, accountants and other professional advisers to the wealth
management sector and was joined by Michael Betley from Trust
Corporation for the STEP Miami conference.
This most recent visit to the US follows on from Guernsey
Finance leading a delegation to attend last year's private
equity funds conference SuperReturn USA in Boston and the agency
spearheading a team representing the Island at the private wealth
STEP LatAm conference in Panama at the end of 2011.
Miss Le Poidevin said: "I am looking forward to building on
the work we have achieved during the last couple of years so that
we can make sure that we are doing our utmost to attract quality
business from across the other side of the Atlantic, whether it is
investment or fiduciary, North or South America."
Many people are baffled by trusts, the purpose of which they don't fully comprehend. Some even regard them with suspicion, as tools of of opaque tax evasion strategies of a type favoured by wealthy individuals.
We were recently instructed by a Bank in relation to a regulatory matter. The Bank had made a suspicious activity report to the Financial Investigation Unit ("FIU") due to their concerns about the potential source of funds in an account.
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