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Special Report www.hedgeweek.com special report A Global Fund Media Publication | April 2019 Guernsey Fund Services 2019 In association with Guernsey Green Overcoming NPPR – a proven Funds Brexit uncertainty distribution solution CONTENTS In this issue… 03 Reinforcing Guernsey’s financial services reputation By James Williams, Managing Editor, Hedgeweek 11 Guernsey – the specialist jurisdiction with the global reach Interview with Dr Andy Sloan, Guernsey Finance 13 Guernsey’s certainty is the solution to Brexit uncertainty Interview with Guernsey Investment Fund Association 17 Expanding the capital pool By Mark Oliphant, The International Stock Exchange Group 19 Private equity fund raising in Guernsey Interview with Mark Hooton, TMF Group 22 Why Guernsey bridges the gap By Craig Cordle, Ogier 24 Guernsey substance and benefits of the mature NPPR By Shaun Robert, PraxisIFM 26 The route to going green By Kevin Smith, Estera 27 Guernsey has reason to be optimistic By Cyril Swale, Grant Thornton Publisher Published by: Global Fund Media Ltd, 8 St James’s Square, London SW1Y 4JU, UK www.globalfundmedia.com ©Copyright 2019 Global Fund Media Ltd. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher. Investment Warning: The information provided in this publication should not form the sole basis of any investment decision. No investment decision should be made in relation to any of the information provided other than on the advice of a professional financial advisor. Past performance is no guarantee of future results. The value and income derived from investments can go down as well as up. 2 | www.hedgeweek.com GUERNSEY FUND SERVICES Hedgeweek Special Report Apr 2019 OVERVIEW Reinforcing Guernsey’s financial services reputation By James Williams Managing Editor, Hedgeweek In light of global initiatives such as the Paris be able to provide them with the product Accord, one area the bailiwick of Guernsey capabilities and wrap-around services.” has focused on, with respect to product The consultation process for the GGF innovation, is green investing in the financial closed at the start of June 2018, incorporating services industry. It has developed policies feedback from industry players, and the in response to expected demand for green Guernsey Green Fund was officially unveiled investment products over the next two or the following month. This is effectively an three decades; i.e. verifiable, certifiable entirely new asset class for the jurisdiction green products. where the underlying assets will need to “Our strategy has been to utilise our conform to green credentials and will need regulatory autonomy to create the world’s to be verified by a third party or a licensee. first green fund product; the Guernsey Green Discussing the drivers of green finance, Fund (‘GGF’),” says Dominic Wheatley, Chief Wheatley points out that when one considers Executive of Guernsey Finance. “We intend the amount of money one needs to attract to build on this and develop more ESG into new investment areas, managers have products. It’s necessary to anticipate what got to find a way to create products that fund managers will want, going forward, and marry up investors with the assets. GUERNSEY FUND SERVICES Hedgeweek Special Report Apr 2019 www.hedgeweek.com | 3 OVERVIEW “It’s necessary to anticipate what fund managers will want, going forward, and be able to provide them with the product capabilities and wrap-around services.” Dominic Wheatley, Guernsey Finance in to our fund product. It is therefore quite a flexible fund product.” Anecdotally, Wheatley says he has heard from a couple of fund managers that their fund raising has been enhanced by having the accreditation; that is, they were already fund raising before, they then received the accreditation, and it triggered a number of “I think the issue around green investing investors to commit to the fund. and other aspects of impact investing is “Clearly there is an awareness and an how you provide a product that people interest among the investor community, can put their money in, knowing that the which we are encouraged by. I think people impact income they are expecting from can also expect to see an impact fund, with the investment is part of the regulatory its own taxonomy, introduced at some point, oversight,” says Wheatley. again with the GFSC overseeing a process “Then you might start to see pension funds of verification against a taxonomy with an investing more heavily, as they know the fund international standard. is regulated and includes the assurance that it “Some managers believe they have good meets green investing criteria. At the moment, enough green credentials and don’t feel they a lot of green and impact investments are ‘we need a verification process, which some do no bad’, but that doesn’t mean to say they investors might find acceptable where that are doing any good.” manager has the right reputation. But as we The GGF is applicable to all types of get more start-up managers in this space, fund, can be compliant with AIFMD, and investors will probably look for a bit more it is a fully regulated fund product, subject certainty than simply a manager saying, ‘Don’t to the rules and regulations of the island’s worry, we are a green fund’,” adds Wheatley. regulator, the Guernsey Financial Services There is no other fund like this yet in Commission. the marketplace. Paul Smith is Chairman of A rules overlay has been put in place to the Guernsey Investment Fund Association ensure that the fund’s “green” credentials are (‘GIFA’). He welcomes the introduction of verified and accredited. Industry specialists the Guernsey Green Fund and views it as worked with UK policy makers, including a good news story, in terms of the ethical discussions with the London Green Finance principals behind the product. Initiative as well as the United Nations and “It shows the innovation of the island the OECD, when developing the framework. and puts us in a good light,” says Smith. Wheatley confirms that the criteria used “We don’t want this to be a Guernsey niche are those laid out in the United Nations product, we want to make sure it is widely green taxonomy “so we’ve adopted an acceptable and something that can fit in international framework”. to global portfolios and can be understood “We’ve designed a third party verification by everyone. It’s been one of our more process with a regulatory wrapper,” explains important product innovations recently. Wheatley. “That framework can respond to “We are looking at other innovative ideas other taxonomies as they are introduced. For and we will continue to introduce new example, the EU is developing its own green products, at the right time, going forward, to taxonomy so if somebody wants a GGF maintain our reputation as a good place to based on that, in the future, we can build it come and do business.” 4 | www.hedgeweek.com GUERNSEY FUND SERVICES Hedgeweek Special Report Apr 2019 OVERVIEW Moving forward on the front foot Along with other offshore jurisdictions, there was somewhat of a ‘punch drunk’ feeling that Guernsey experienced with regards to the political discourse on offshore jurisdictions being tax havens and so on – indeed we’ve just seen Bermuda added to the EU’s blacklist. Smith is very clear when he states that “we’ve gone past that feeling now and things are very much on the front foot. “We need to continue to be a lot prouder and confident in Guernsey and what it can offer. It’s very easy when people are knocking you to retreat into the background. The fact is, this is a very tax transparent jurisdiction. We do excellent reporting. “The Guernsey Green Fund shows the Service providers here are feeling that positivity and confidence and hopefully that innovation of the island and puts us will feed in to more business coming to the in a good light.” island,” remarks Smith. Paul Smith, Guernsey Investment Fund Association ECOFIN decision to benefit PE managers jurisdiction with robust regulation,” To illustrate how well trusted a jurisdiction says Wheatley. Guernsey is in the eyes of the European Indeed, Guernsey has been given a clear Union, in terms of tax transparency, it was bill of health in relation to its tax regime, recently announced that its funds had been substance and so on as part of Base reopened to future investment from the Erosion and Profit Sharing (BEPS) regulation. European Investment Fund. This followed a That gives the island a stable, reliable decision by the European Council of Finance platform for fund management groups and Ministers (ECOFIN) that it was satisfied with their end investors. the island’s legal substance requirements. “The EU hasn’t gone through two years The European Investment Fund is a of assessment to simply change its mind. It specialist provider of risk finance for small is trying to provide people with certainty and and medium-sized enterprises across clarity in relation to what it regards as an Europe, backed by the European Investment acceptable partner, and has come out and Bank, European Union, and a range of public very clearly stated that Guernsey is a reliable and private banks and finance institutions. partner,” continues Wheatley. It has just published new policy on its “We will do everything necessary to operations following the ECOFIN ruling. maintain that relationship with the EU as The new policy from the EIB confirms things evolve because inevitably, criteria will that there should now be no impediment evolve over time. For now, people can come to private equity firms in the islands here and know that the relationship we have conducting “business as usual” with the EIF, with the EU is on a stable footing and that which has invested into Guernsey funds we are in many regards in step with what previously as part of EUR147 billion invested the EU looks for in a third country.” across Europe.
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