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Outsourcing is an increasing fact of life for the financial services industry in the Channel Islands, but local firms differ in their approach. However, industry participants agree that maintaining service quality is vital.
Guernsey’s outsourcing guidelines enables fund promoters to take advantage of the island’s regulatory regime without the island hitting capacity problems as a result of its population constraints, according to Joe Truelove, head of Channel Islands business development for Kleinwort Benson’s corporate fiduciary division.
“Outsourcing effectively provides greater capacity and scalability, in some cases, than would be possible if all functions had to be performed on-island,” he says.
Guernsey has received formal approval for its companies to list on the Hong Kong Stock Exchange (HKEx). HKEx’s Listing Committee has officially confirmed Guernsey as an acceptable overseas jurisdiction for the purpose of companies incorporated in the island seeking to list on the Exchange.
The decision was made at a meeting on Thursday 24th March and was announced through a statement on the exchange’s website earlier this week.
Carey Olsen corporate partner, Tom Carey (pictured), says: ‘This is fantastic news for Guernsey and for Guernsey Companies who want to access capital in the Far East. We hope that our success as
DN Capital has appointed Maria Molland as a Venture Partner. Molland is a veteran executive from the digital media space with fifteen years of experience. Most recently she was the Global Managing Director of Lipper and Digital Ventures for Thomson Reuters. Prior to that she was the SVP and Global Head of Strategy and Business Development for Reuters Media.
Prior to Thomson Reuters, Molland was the General Manager of Marketwatch and Barron’s Online for Dow Jones as well as the Head of Strategy and Business Development at Yahoo Finance.
Steve Schlenker (pictured), Managing Partner at DN Capital, says: "We
RiverRock European Capital Partners LLP has announced the first external close of its European Opportunities Fund at EUR76mn in subscriptions (approx. USD108m). The fund now expects to finalise its legal close by the end of May and make its first investments shortly thereafter.
The final close is expected to occur within 12 months and the target size of the fund is EUR250m. The cornerstone investor in the fund is the European Investment Fund (EIF) alongside other leading institutional investors and private family offices in Europe and the Middle East, as well as RiverRock’s own internal capital.
The European
Ochre House Limited, the recruitment outsourcing and talent management business backed by NBGI Private Equity (NBGIPE), has sold the subsidiary ITN Mark Education Limited (ITN Mark) in a deal valued at over GBP13m.
Under the terms of the deal, ITN Mark, a provider of supply teachers and teaching assistants to the public sector, will be acquired by Core Education & Consulting Solutions (UK) Limited (Core Education), a wholly owned subsidiary of Core Projects & Technologies Limited (Core Projects). Core Projects is a leading global education company based in India, providing education solutions and consulting services to educational institutions in the
MTI, the leading UK technology venture capital investor, has sold Myconostica Limited, the first investment in the UMIP Premier Fund (UPF), to Cambridge UK-based, Lab21 Limited, for an undisclosed sum.
Myconostica develops and markets PCR based in vitro diagnostic test kits for the rapid diagnosis of life-threatening fungal infections and stems from the pioneering work of Professor David Denning of the Faculty of Medicine, the University of Manchester.
The sale of Myconostica to Lab 21 repositions the company within a larger portfolio of specialist diagnostics and services under the Lab 21 umbrella, and brings synergies to both companies, with
Investec Growth & Acquisition Finance (Investec), part of Investec Specialist Private Bank, has expanded its team with the appointment of Stephen White, who joins from Barclays.
White will work with Ed Cottrell (pictured) and the team to originate and execute deals with entrepreneurs, management teams and private equity firms in order to provide finance to mid-market companies looking to borrow between GBP5 million and GBP30 million. The team’s focus on strong management teams and high calibre businesses means that it has continued to lend and grow throughout the economic downturn, including Investec’s recent involvement in the finance of Snow &
Electra Private Equity’s NAV per share is up 6.9% to 2,193p (diluted) as a result of solid trading performance in the portfolio, according to the firm’s latest unaudited half-year results.
NAV per share is up 15.4% over the year, while NAV per share (diluted) plus special dividends is up 57.7% over five years. Annualised return on equity of 9.7% (diluted) for the five years.
The firm’s share price is up 21.6% against 7.0% for the FTSE All-Share Index.
Outperformance over 10 years: NAV up 128.0% (diluted) and share price up 83.3% against 13.1% for FTSE All-Share
Albion Ventures LLP, partnership with UCL Business (UCLB) has made a GBP1 million investment in Abcodia a company engaged in the validation and discovery of molecular biomarkers for disease diagnosis and screening. The investment will help develop Abcodia’s visionary plans which could transform the way that life-threatening diseases are diagnosed.
This investment builds on Albion’s established reputation as an investor in the healthcare sector, including previous investments in diagnostic technologies. Companies already in the portfolio include Mirada Medical, Vivacta, Dexela and Dysis Medical. The Abcodia investment compliments previous asset-backed investments such as Oakland Care Home made last year, to create
PwC’s latest Valuation Index shows that, as at the end of Q1 2011, the index for the overall UK market stands at 87, meaning observed equity multiples for all UK quoted shares are 13% below those implied by economic fundamentals. PwC believes that market multiples will continue to track fundamentals more closely than has been the case over the last 20 years.
The quarterly index focuses on recent valuation trends in the technology sector and asks if we are in the middle of another technology bubble as very high valuation multiples are being reported in the US for social media
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