Guernsey's new Manager Led Product (MLP) was warmly received
by a London funds audience when it was launched at the Guernsey
Funds Forum last week [12 May].
Nearly 500 delegates attended the annual funds conference, which
this year saw Luke Johnson, Chairman of private equity house Risk
Capital Partners and former Chairman of Channel 4 Television,
appear as keynote speaker. The event, entitled 'The new scope -
investor perspectives, innovation and success', was moderated
by ITV News anchor Alastair Stewart OBE, and took place at etc.
venues, 155 Bishopsgate, London.
Guernsey Finance Chief Executive Dominic Wheatley said the
annual showcase was the perfect setting to announce the immediate
launch of the MLP, which aims to ensure a proportionate risk-based
level of product regulation for any Alternative Investment Fund
Manager (AIFM) that establishes itself in Guernsey and seeks to
market into Europe under the National Private Placement Regime
In his introduction, Mr Wheatley told the audience that the MLP
would place the regulations on the AIFM only.
"We see the MLP as offering a very attractive vehicle for
managers needing substance in the Island, an area in which we
expect to grow. Once an AIFMD has been licensed by the Guernsey
Financial Services Commission, they will then be able to launch new
partnership structures and corporate funds by simple
notification," said Mr Wheatley.
"Capital will be concentrated at the AIFM level. This will
facilitate the quick and efficient launch of new funds with a
minimum requirement for red tape but with no diminution of the
quality of regulatory oversight."
In addition to Mr Johnson's keynote speech, the event
included two panel sessions. The first looked at innovation in the
funds arena and the second focussed on investor perspectives
including a focus on environment, social and governance investment
and whether the depositary should be seen as a 'value-add'
or a burden.
Speakers were Kate Simpson from Proskauer, Tim Hughes from PwC,
Robin Klein from Localglobe, Blaise Duault from PAI Partners,
Bernard Vogel from Endeavour Vision, Phillip Hyett from Funding
Circle, Adam Black from Coller Capital, Aaron Stocks from Travers
Smith and Duncan MacPherson from Starwood Capital Europe.
Mr Wheatley said the calibre of the speakers and the content of
the panel sessions, in addition to Mr Johnson's keynote speech,
had all contributed to a successful event.
"As a whole, the event demonstrated an ongoing commitment
to the Guernsey funds sector which in turn reflects the
Island's continued relevance in the international funds
industry. It was very encouraging to hear from a number of
panellists about how Guernsey continues to evolve its offering and
is therefore able to ensure it meets industry needs. It was also
pleasing to hear Luke's detailed explanation on the economic
benefits of private equity, which reaffirms our belief that private
equity is a force for good in the economies into which Guernsey
Among the delegates was Jim James, Chief Executive of Insolvency
Ventures, who said he appreciated the content of the panel
"I found it very interesting because it looked at the
bigger picture issues, such as technology disintermediation and
transparency, rather than the minutiae. I spend a lot of time in
Guernsey because I think there's a lot of potential there and I
came to the Funds Forum to meet more Guernsey people," said Mr
John Munro of Trident Capital Asset Management was similarly
impressed by the event.
"The nature and construction of the offerings to the funds
industry was extremely well represented and very informative. We
are looking at the structuring and origination of a debt fund and
all the players were here," said Mr Munro.
Guernsey Finance Chairman Lyndon Trott added: "I can't
recall seeing such a high number of quality delegates at an event
of this nature. The Guernsey Funds Forum is an exceptional
networking opportunity for all involved in the funds space and
grows in status every year."
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