Guernsey's funds industry has been showcased to some of the
leading private equity managers and advisers in the US.
Fiona Le Poidevin, Chief Executive of Guernsey Finance - the
promotional agency for the Island's finance industry
internationally, led a team to the SuperReturn
US conference in Boston last month.
She said: "This is the third year in a row that we have
exhibited at a conference in Boston. It provides an opportunity to
get in front of nearly 400 practitioners, including some of the
leading private equity managers and their advisers in the US.
"This year many of the private equity houses are
concentrating on investing into the US market. This is because
there are strong returns available domestically and the US is
currently outperforming many other markets. However, the extent of
the financial crisis in the Eurozone means that there are potential
investments in Europe offering a lot of upside and US managers will
still pursue those where there is a clear case for strong
"The other feedback from the managers at the conference was
that marketing funds into Europe has been made much more
challenging by AIFMD [the Alternative Investment Fund Managers
Directive] and there was concern that there is simply too much
regulation in Europe. Guernsey's position close to London yet
outside the EU means that we are ideally positioned to provide a
more proportionate regulatory regime; one that allows for the
distribution of funds into both EU and non-EU countries. Rather
than being part of the problem, we are actually part of the
"US managers are very comfortable with domiciling their
funds in jurisdictions such as the Cayman Islands or Delaware but
they also like a high service standard, which comes through having
the management and administration carried out in Guernsey. These
sorts of arrangements are already very common and we expect they
will grow in popularity, especially as issues of substance become
more important from a corporate governance perspective.
"We were also able to highlight the way in which Guernsey
has been quick to adopt measures such as FATCA [the Foreign Account
Tax Compliance Act] and how new data shows that Guernsey already
has many more entities registered as foreign financial institutions
under this legislation than competitor jurisdictions."
SuperReturn US was held at the Renaissance Boston Waterfront
Hotel between Monday 9 and Wednesday 11 June.
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