Saffery Champness is expanding its Guernsey
business with the establishment of a specialist investment
management division and has secured the lateral hires of two senior
investment professionals widely regarded as leading figures in the
island's fixed income investment community.
Paul Garrard is one of the Channel Islands' most experienced
fixed income managers, with over 24 years' experience at
Kleinwort Benson, the majority of which was spent managing funds
and portfolios. Mark Despres has been in the industry for 15 years,
most recently responsible for the Guernsey investment team at
They will be supported by an experienced and respected
investment committee comprising investment professionals Mark
Ostwald, Jim Goodey, Phil Jordan and Nigel Webb.
The specialist investment management division will be one of the
few remaining Guernsey-owned investment management and advisory
businesses, the consolidation of the investment sector having seen
traditional boutique firms absorbed into larger corporate parents,
with most fixed income work being referred off island to the
The new business will offer a combination of funds and
discretionary portfolio management to ultra-high net worth
individuals, trusts and companies and also advisory services to
other locally-based institutional managers.
"Our advantage is that we are starting afresh, with a great
deal of experience within our team, supported by the leading
private client expertise and infrastructure within Saffery
Champness," said Mr Garrard.
"This allows us to be incredibly flexible while also
implementing strict risk control parameters, ensuring we make the
most of investment opportunities whilst keeping clients'
capital as safe as possible."
Mr Despres said: "The recent turmoil in fixed income
markets, that has seen yields spike dramatically higher with prices
experiencing a correspondingly dramatic fall, has led the majority
of investors to question and review their allocations to fixed
income. This provides us with a significant opportunity to work
with individuals and firms to help them understand their current
exposure to managers and markets and, secondly, tailor a solution
for the future."
In his previous role Mr Garrard managed significant assets for
collective investment schemes and captive insurance companies as
well as high net worth private clients and other institutional
clients. He was the group's in-house expert, advising other
fund managers on the fixed income content of their portfolios. He
is a Chartered Fellow of the Chartered Institute for Securities and
Investment (CISI) and is also secretary to the Guernsey
committee of the institute.
Mr Despres gained a first class degree in mathematics prior to
starting his wealth management career in Guernsey and subsequently
London. He has managed institutional investment portfolios and
listed funds with a specific focus on fixed income and currencies.
He is also a Member of the CISI.
Kelvin Hudson, Managing Director of Saffery Champness, said:
"This development continues the firm's objective of
remaining a pre-eminent financial services business and complements
our existing accountancy, fiduciary, fund administration
businesses. We are pleased to continue to invest in Guernsey and to
continue to attract leading individuals to join us.
Saffery Champness celebrated 35 years in business in Guernsey
last year and has marked this milestone by continued to expand its
leading fiduciary, taxation and investment management services.
Probably the most significant change from previous practice in Guernsey law under the Companies (Guernsey) Law 2008, which came into effect on the 1 July 2008, was the consignment to history of the concept of capital maintenance, which was discarded in favour of a solvency model as the basis of a company’s ability to pay distributions and dividends.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).