A delegation from Guernsey is heading to the US to showcase Guernsey’s finance industry offering to clients on the other side of the Atlantic.
The team is being led by Fiona Le Poidevin (pictured), chief executive of Guernsey Finance – the promotional agency for the island’s finance industry – and is covering Miami, New York City and Boston during the next two weeks.
Le Poidevin says: “The US is a mature and established market and Guernsey has had good links in the past. For example, a major factor behind Guernsey’s rise as a leading centre for private equity was when one of the largest US private equity houses, Kohlberg Kravis & Roberts (KKR), established a fund in Guernsey which listed on Euronext Amsterdam. At the time it was particularly innovative and as a result won a series of awards, which really put Guernsey on the map in the minds of fund managers in the US.
“The global financial crisis and subsequent economic downturn significantly reduced activity, especially in the US but with conditions improving, confidence is returning and we have already seen increased interest in what Guernsey can offer, especially in terms of investment funds. It is also important to remember that at this time we have a particularly strong message for US fund managers and their advisers.
“On 22 July this year, the European Union (EU) will introduce a new regulatory regime under the terms of the Alternative Investment Fund Managers Directive (AIFMD). Knowledge in the US about AIFMD is variable but it is important for managers to know how it may impact them and what options they have at their disposals. We will be highlighting that Guernsey’s position of being close to Europe but not in the EU and our intention to introduce a dual regime, which will allow us to continue to distribute our funds to both EU and non-EU countries, means that we will be uniquely positioned as an international funds centre.”
Highlighting Guernsey’s position as a leading international funds centre will be the focus of the messaging from the team attending the International Bar Association (IBA) conference in Boston on 10 and 11 June. Le Poidevin will be joined by Guernsey industry practitioners Caroline Chan from Ogier, Gavin Farrell from Mourant Ozannes, Patricia White of Legis Fund Administration Services and PwC’s Evelyn Brady.
The latter three will also be joining Le Poidevin for a series of meetings in New York City during the previous week commencing 3 June. These will be primarily focused on legal advisers to some of the leading US fund managers but Le Poidevin will also be holding meetings with those advising private clients, whether in the US or Latin America.
This will be the focus of the first part of the three-centre trip, when Le Poidevin is in Miami from 28 May through to 31 May. She has a series of meetings in Miami before she is joined by Michael Betley from Trust Corporation and Mark Litten from Collas Crill Trust for the STEP Miami conference on the final day of the week.
