A Guernsey investment funds expert who spent five years working
in the Far East has welcomed the opening of Guernsey's
representative office in Hong Kong.
Julian Carey, Head of Client Services at Orangefield Legis, said that Guernsey is highly
regarded by the Asian financial services market. It will be
particularly attractive to fund managers who want to access the UK
and European markets via Guernsey fund structures.
"Institutional investors and family offices in the region
like the image of Guernsey. It's well regulated, well
organised, well supported," he said.
"Both Hong Kong and Singapore offer a great market for
Guernsey financial services businesses. Both are targeted by funds
investing from the UK and Europe into the Far East and also have
Far Eastern managers who want to access the UK and European markets
via Guernsey fund structures."
Mr Carey said that the UK is also one of the most accessible
markets in the world for private equity and real estate managers.
Guernsey has a reputation for good quality private equity and real
estate fund administration and most of the international legal
advisers will recommend a Guernsey structure.
The use of tax neutral jurisdictions by Asian investors is tried
and tested, added Mr Carey. While Guernsey as a domicile is not as
established as Cayman, which has been a dominant jurisdiction in
Asia for many years, Guernsey benefits by having far more substance
in the financial services business conducted here which appeals to
both tax authorities and regulators.
"Guernsey also has law firms and fund administration firms
like ourselves at Orangefield who can offer multi-jurisdictional
servicing with points of client contact in Hong Kong and Singapore
as well as back home here in Guernsey."
Mr Carey urged Guernsey's financial services industry to get
behind the activity in Asia to ensure its success.
"Competitors such as Luxembourg, the Bahamas and Jersey are
putting together very impressive roadshows and presentations in the
region involving both regulators and practitioners so we need to
make Guernsey's presence felt. It will be really important that
fund administrators, law firms and international tax practitioners
here are supportive of Guernsey Finance so that the initiative will
work. It's vital that the Far East fund managers and other
intermediaries actually see practitioners visiting Hong Kong and
Observing a recent discussion between the children of a successful entrepreneur, I was reminded once again of the potential impact of family members being provided with differing information about the family enterprise.
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