Guernsey’s position as a leading fund domicile has been further endorsed by a series of new administrators and managers establishing a presence in the island.
J.P. Morgan and BNY Mellon have both added their names to the roster of fund administrators in Guernsey.
BlueCrest Capital Management – one of Europe’s largest hedge fund managers – and stockbroker Shore Capital relocated their headquarters from London to the island during the first half of the year.
Peter Niven, chief executive of Guernsey Finance, the promotional agency for the island’s finance industry, says: “We have seen several new entrants to the Guernsey market in recent months, including some major global players. This really is a significant endorsement and shows confidence in the Island’s continued position as a leading fund domicile and in particular our experience and expertise in the alternative and more niche asset classes like private equity. I am also extremely hopeful that we will see more heavyweight names establishing in Guernsey during the coming months.”
J.P. Morgan announced that custody and fund services provider J.P. Morgan Worldwide Securities Services has signed an agreement to acquire the private equity administration business of Schroders, subject to regulatory approval, including its Guernsey operation.
Alternative and hedge fund administrator BNY Mellon has established BNY Mellon Fund Services in Guernsey to develop its private equity servicing capability. The office will be run in partnership with IAG, a locally-based specialist fund administrator for private equity, real estate and alternative asset funds.
J.P. Morgan and BNY Mellon follow a list of brands that have developed a presence in Guernsey during recent years, including Alter Domus, BNP Paribas, Capita, Citco, Custom House, PPF Partners and State Street.
BlueCrest Capital Management sent letters to investors at the start of April informing them that the company was to undergo a reorganisation, including relocating its head office from London to Guernsey.
Private equity giant Terra Firma has also expanded its Guernsey office in parallel with chairman Guy Hands taking up residence in the island. Other private equity managers like Permira, EQT, Alchemy and Jon Moulton’s Better Capital also have their funds administered in Guernsey.
The last few months have also seen legal, fiduciary and administration services provider Appleby open an office in Guernsey and the merger of Mourant du Feu & Jeune with Ozannes to create Mourant Ozannes, the largest law firm in the Channel Islands.
