Guernsey Events
Funds Forum 2011 The Changing Face of the Global Funds Industry Wednesday 11th May Grange St Paul’s Hotel, 10 Godliman Street, London EC4V 5AJ
Association partners: Media partners:
The Association of Investment Companies Exhibition Floor Plan Lower Conference Level 2 16 12 15 Registration
13
14 Coffee / Lunch / Coffee Coffee / Lunch Coffee 10 Lifts 8 Cloakroom 6 7 5 4 Toilets Coffee / Lunch Coffee 3 Main Funds Forum Hall Forum Main Funds 2 1 Primary sponsors Primary Thornton Grant Stand 16: Collas Crill Stand 15: Ozannes Mourant Stand 14: Benson Kleinwort Stand 13: sponsors Secondary Services Fund Praxis Stand 12: Anson Registrars Stand 10: Stand 08: Dextra Stand 07: Ogier Stand 06: KPMG Stand 05: Bedell Group Bank Stand 04: Butterfield Stand 03: BNP Paribas Stand 02: Deloitte HSBC Securities Services Stand 01: station & Lunch Coffee Today’s programme
12:30 Buffet Lunch & Registration – Lower Level 2 13:30 Conference starts Welcome by Peter Niven, Guernsey Finance 13:35 Alastair Stewart, OBE, Moderator
13:45 Session One AIFM - Should I stay or should I go?
Panel Members: • Jarrod Cowley-Grimmond, Commerce & Employment Department (States of Guernsey) • Carl Rosumek, Guernsey Financial Services Commission • Benoit Le Bret, Gide/European Private Equity & Venture Capital Association (EVCA) • Anne Holm Rannaleet, IKARE Ltd/EVCA • Guy Rainbird, Association of Investment Companies (AIC)
Q & A Session
14:50 Session Two Building BRICs - Raising capital for emerging ecomomies
Panel Members: • Tomas Olsson, Prosperity Capital Management • Andy Rothery, Deloitte • Joe Winkley, Oriel Securities • Darko Hajdukovic, London Stock Exchange
Q & A Session
15:50 – 16:20 Exhibition & Coffee Break
16:20 Session Three Better Alternative Asset Classes - Strategy for the next decade
Panel Members: • Jon Moulton, Better Capital • Stephen Foster, Credit Suisse Asset Management • Jon Macintosh, Saltus • Matthew Arkinstall, Greenpark Capital • Charles Murphy, Matrix
Q & A Session Thanks and closing remarks – Peter Niven
17:30 Drinks Reception – Exhibition area
Primary sponsors: Welcome
I am pleased to welcome you to the Guernsey Funds Forum 2011.
Writing the welcome note to last year’s forum I commented on how the so-called ‘offshore’ financial centres had come under increased scrutiny but Guernsey’s status in the premier division had been confirmed by the OECD white listing at the conclusion of the G20 summit in April 2009.
I am extremely delighted to be able to report that our position as a well-regulated, respected and tax transparent jurisdiction has been further reinforced by two more notable sets of reports published at the start of this year:
• IMF evaluation reports commended Guernsey’s high standards of financial regulation, supervision and stability along with its robust criminal justice framework.
• The OECD’s Global Forum endorsed Guernsey’s continued commitment to transparency and exchange of information for tax purposes.
Of course, the financial crisis and its aftermath have also borne more sector-specific initiatives, for instance the EU’s Alternative Investment Fund Managers (AIFM) Directive. It was commented that this could prove the death knell of our funds industry but this has proved unfounded. Indeed, the joint work of government, industry and regulator has informed and educated the community in Brussels about our finance industry and in particular the funds sector.
The resulting agreement for the framework of the Directive not only provides some certainty but also places Guernsey in a good position going forward. There is still much work to do and government, industry and regulator are continuing to ensure that Guernsey is represented in the most appropriate ways during the next stages of the process. We are confident that the outcome will be positive for the future of our funds industry.
There are other challenges. For example, the ‘zero-10’ corporate tax regimes of the Crown Dependencies have come under scrutiny. We are undertaking a review at the moment and will be consulting again in the coming months but Guernsey has been clear from the outset that we will ensure our regime is both compliant and also competitive.
Fundamental to our continued competitiveness is continued tax neutrality of financial services products and as such, the fund industry’s exempt company status is not under threat. In addition, I can also say that we are only reviewing corporate tax and there will remain no capital gains tax in Guernsey.
There is also much more on the agenda where Guernsey needs to make its interests known and we have been enhancing our network in both London, Europe and beyond to ensure we are appropriately represented. For example, I have personally committed a significant amount of time and energy building and developing relations in Westminster and the City, we now also have a joint Channel Islands Brussels Office (CIBO) and there is a growing emphasis on taking the Guernsey name to the ‘emerging’ economies of Brazil, Russia, India and China - the so-called BRICs. As I am sure you will hear more about today, Guernsey will continue to take all steps possible to ensure the success of our funds industry well into the future.
Enjoy the Forum!
Lyndon Trott Chief Minister States of Guernsey Sponsored by Carey Olsen Keynote Speaker & Moderator
ALASTAIR STEWART presents a range of news and current affairs programmes on the ITV network including “The ITV Evening News” , “The ITV Lunchtime News” and “News at Ten”.
In April 2010, he moderated the first ever live TV debate between the Party Leaders, ahead of the General Election. His career started in 1976 with ITV’s Southern Television, in Southampton. He was a reporter, industrial correspondent, presenter and documentary maker. He recorded one of the last interviews with Lord Mountbatten, and even spent six weeks in Ford Open prison to make a half hour documentary.
Alastair joined ITN as an industrial Correspondent in 1980 and had his first taste of newscasting one year later. He originally joined New at Ten in May 1989 from ITN’s News at 5.40, which he presented from September 1986. Before that, he spent three years as a presenter and reporter with ITN’s Channel 4 News. He also presented ITN’s “The Parliment Programme” for Channel Four. He is one of the very few people who has, at one time or another, presented all of ITN’s main news programmes.
In 1990 he was appointed ITN’s Washington Correspondent, an assignment abruptly interrupted by the first Gulf War. He was sent to Dhahran, Saudi Arabia, to anchor ITN’s coverage. He presented News at Ten, live from Saudi Arabia, for two months. At the end of February 1991, Alastair was the first British television reporter to broadcast, live, from the liberated Kuwait City. He presented News at Ten from Kuwait for a week before returning to the UK. Alastair subsequently presented Scottish TV’s special coverage of the gulf War Service of Thanksgiving, attended by HM the Queen, for the ITV network.
Away from ITN, in 1994, he presented “Alastair Stewart’s Sunday” for BBC Radio 5 before moving to host Alastair Stewart’s Sunday Programme for GMTV which he presented until July 2001. From 1993 until 2009, he presented ITV London’s “London Tonight”.
He returned to ITV News as an anchor on the ITV News Channel for the 2003 Iraq War, the channel’s Local Government Elections coverage and a special programme on the European Single Currency. He went on to present his own news and interview strand “Live with Alastair” for which he won the Royal Television Society’s Presenter of the Year Award in 2005. ITN’s network coverage of the 1992 Budget saw the ninth year of Alastair’s involvement in the presentation of this special programme for ITV. It was his fifth year anchoring the programme having taken the role from Sir Alastair Burnet. Since his return to ITV News, he has been a regular presenter of Budget programmes.
Alastair anchored the 2010 General Election for ITV having co-anchored the 1987 General Election with Sir Alastair Burnet, the 1992 General Election with Jon Snow; and the 1997 and 2005 General Elections with Jonathon Dimbleby. He has presented many of ITN’s other special programmes on the ITV network including the State Openings of Parliament, numerous by-elections, State Visits and for the Royal Weddings of the Prince and Princess of Wales and Duke and Duchess of York. Alastair provided live coverage of the Space Shuttle Challenger disaster as the details of the tragedy unfolded. A two minute news-flash became an unscripted, one hour special programme. He also anchored, with Sandy Gall, ITN’s award winning coverage on the night of the bombing of the PanAm jet over Lockerbie; he also presented ITV’s network coverage of the Memorial Service for the victims. He anchored the ITV Network coverage of the funeral of Pope John Paul II and of the resignation of Tony Blair.
In July 2006, at the out-break of the Israeli-Lebanon conflict, he presented all three ITV News network bulletins, for five days, from Beirut. He jointly presented “Cities at War” and “Legacy of War” with the late Walter Cronkite for ITV and America’s Public Service Broadcasting network.
Alastair Stewart studied economics, politics and sociology at Bristol University and was Deputy President of the National Union of Students, 1974-76. In the charity world and voluntary sector, Alastair is Vice President of both Action for Children and Homestart. He is also a Patron of the Lord Mayor Treloar College for disabled students; the disability charity Scope; the mental health charity Sane; the medical research charity, Hope; the Crimestoppers Trust; Kids4Kids; the brain tumour Samantha Dickson Research Trust; Just A Drop; the Loomba Trust; and Momo Helps, Mo Mowlam’s charitable trust; he is a vice Patron of The Zito Trust and The Mental Health Foundation and an Ambassador for Investors in People, Crisis – the homeless charity - and Care International.
In 2006, he was awarded the OBE in the Queen’s Birthday Honours List for his work in broadcasting and for charity. In 2008, he was made an Honorary Doctor of Laws (LLD) by the University of Bristol. In 2010, he was made an Honorary Doctor of Laws (LLD) by the University of Plymouth. Panel Biographies
Welcome Peter Niven Guernsey Finance
Peter is the Chief Executive of Guernsey Finance, the promotional agency for the Guernsey’s finance industry internationally.
Previously Chief Executive of the Lloyds TSB Offshore Financial Services Group, he has over 35 years experience in the financial services market in both the UK and offshore. Mr Niven is a non executive director of several Guernsey based fund and captive insurance companies. He is also a Fellow of the Institute of Bankers and a Chartered Director.
Session one AIFM - Should I stay or should I go
Jarrod Cowley-Grimmond Commerce and Employment Department
Jarrod is the Director of Finance Sector Development at the Commerce & Employment Department. Mr Cowley-Grimmond oversees the preparation of commercial legislation and particularly in relation to issues regarding the development of the finance industry. In addition he represents Guernsey in the European Union on a range of financial services related matters including the Alternative Investment Fund Managers Directive. In addition to the AIFMD he has also been involved in representing Guernsey on the Statutory Audit Directive, Solvency II and the Payment Services Directive to name a few.
He joined the Commerce and Employment Department in July 2008. He previously practised as a Barrister-at-Law in Queensland, Australia, where he appeared before the Queensland Supreme Court and the Federal Court of Australia in commercial law matters.
Carl Rosumek Guernsey Financial Services Commission
Carl is a Chartered Accountant who trained and worked with the predecessor firms of KPMG in Guernsey and New Zealand. In Guernsey he specialised in audits within the financial services sector, including banks, collective investment schemes and their associated management companies and captive insurance companies. Carl joined the Guernsey Financial Services Commission in 1995. He was appointed Deputy Director of Investment Business in 1998 and promoted to Director of Investment Business in February 2011. His position requires him to supervise and regulate investment business under the superintendence of the Commissioners and in accordance with relevant legislation and to internationally acceptable standards.
Benoit Le Bret Gide/European Private Equity and Venture Capital Association (EVCA)
Benoit joined Gide Loyrette Nouel on 1st October 2008 after having spent almost ten years at the European Commission, during which he was the Head of Cabinet of Jacques Barrot (European Commissioner for Justice, Freedom and Security, previously in charge of transport) and member of the Cabinet of Michel Barnier (during his first mandate as Commissioner (1999-2004).
Advising clients in all sectors of competition, Benoit le Bret has developed a strong EU regulatory practice. Since June 2009, he is representing the US and EU private equity and venture capital industry and the EVCA in the negotiations over the AIFM (Alternative Investment Fund Managers) Directive as well as for the implementation of this text. Anne Holm Rannaleet IKARE Ltd/European Private Equity and Venture Capital Association (EVCA)
Anne is part of the team that built Industri Kapital, today known as IK Investment Partners (“IK”),a leading pan-European Private Equity firm. Anne held the position of CFO for the first ten years since inception in 1989 and since 1999 she held the position of Director of Information, Knowledge Management and Legal Control. She stepped down from her operational responsibilities as Partner of IK in 2008 to serve as a Senior Advisor and Chairman of IK’s Industrial Advisory Board. In addition she manages the activities of IKARE Ltd, the charity through which IK supports the Ugandan Stamp Out Sleeping sickness project. Anne is the mid-market and Nordic representative on the Public Affairs Executive which represents the European VC and PE industry vis a vis policy makers as well as a member of the EVCA Professional Standards Committee.
Guy Rainbird Association of Investment Companies (AIC)
Guy is the Public Affairs Director of the AIC and is responsible for managing its government relations and wider lobbying activity. This has included making representations to the UK and EU authorities on the AIFM Directive, the current review of MiFID, corporate governance, the UK’s Retail Distribution Review, the Listing Rules and company law. He previously worked in consultancy, where he acted as an external adviser to the Association for over five years and specialised in financial services matters.
Session two Building BRICs - Raising capital for emerging economies
Tomas Olsson Prosperty Capital Management
Tomas is responsible for global investor relationships and corporate affairs. He joined Prosperity in 2003 from ABB Equity Ventures, where he was Vice President and worked with direct investments in emerging markets, including Russia. Prior to this, Mr. Olsson was responsible for direct investments and project finance at the Asian Development Bank, and he also has extensive experience in Nordic and Japanese capital markets, gained with SEB and Nippon Credit Bank.
Mr. Olsson holds a Master’s degree in Financial Economics from Stockholm School of Economics and has studied at McGill University, MBA School. He is 45 years old and is Swedish.
Andy Rothery Deloitte
Andy is based in London and heads up Deloitte’s Real Estate Tax Group, specialising in advising on international alternative funds, property, infrastructure and financing transactions. A Chartered Accountant by training, Andy has wide experience of working on structured property investment and finance transactions and has been involved in a number of landmark securitisation and other innovative financing issues. Panel Biographies
Session two - Building BRICs continued...
Joe Winkley Oriel Securities
Joe Winkley joined Oriel in January 2009 from UBS where he was head of the investment funds corporate finance team. At Oriel he is responsible for listed fund transactions and advises both on new issuance and IPOs as well as providing corporate finance support to Oriel’s listed fund brokerships.
Over the last five years Joe has advised on over 20 capital raisings on LSE, AIM, SFM and Euronext, raising over £4bn in new money. In addition he has provided corporate finance advice to listed fund clients on reorganisations and reconstructions totalling over £5bn.
Recent work includes the IPOs of NB Distressed Debt Fund, GCP Infrastructure, Metric Property and Max Property. He advised both HarbourVest Global Private Equity and NB Private Equity on their dual listings on the Specialist Fund Market.
Joe has over 13 years of experience in investment funds. Prior to joining UBS he was a Vice President in the investment companies team at Dresdner Kleinwort Wasserstein. He previously worked as a lawyer at Slaughter and May where he specialised in fund law, corporate finance and equity capital markets
Darko Hajdukovic London Stock Exchange
Darko is responsible for the primary market offering for international companies at the London Stock Exchange. Darko joined the Exchange in 2007 as a Product Manager looking after Exchange’s offering for fixed income securities.
Before joining the Exchange, Darko was an independent consultant specialising in financial regulation and regulatory economics. His previous engagements include working for the European Commission and DLA Piper, where he worked on various projects assessing the effectiveness of the EU regulation and its impact on the economic development of the EU member states. He also acted as a consultant in several privatisations in Central and Eastern Europe. Darko is a member of the Royal Economic Society.
Session three Better alternative asset classes - Strategy for the next decade
Jon Moulton Better Capital
Better Capital Fund focuses on the provision of investment capital for the acquisition and operational turnaround of underperforming businesses.
Jon is a Chartered Accountant, a CF and Fellow of the Institute for Turnaround Professionals and he previously worked with Citicorp Venture Capital in New York and London, Permira and Apax. He is a trustee of the UK Stem Cell Foundation and an active angel investor. He is non-executive Chairman of FinnCap, the stockbroker. He has recently been appointed a member of the Advisory Board for the £1.4bn UK Regional Growth Fund. Stephen Foster Credit Suisse Asset Management
Stephen is the COO for the Single Manager Hedge Fund Group within Fund and Alternative Solutions at Credit Suisse Asset Management. Before assuming this role in July 2007 he had several roles within the Prime Brokerage business at Credit Suisse including Global Co-Head of Hedge Fund Services. He has been involved in the Hedge Fund industry since 1995 and has been a director of several hedge funds and hedge fund managers including the CQS Convertible and Quantitative Strategies Fund. He remains on the Board of several hedge funds including the SRH Eclipse Fund which is managed by Sloane Robinson and advised by Credit Suisse Asset Management as well as several Credit Suisse managed funds. Mr Foster has been a member of the London Investment Banking Association (LIBA ) Prime Brokerage Committee and has served on various Alternative Investment Management Association (AIMA) Committees.
Jon Macintosh Saltus
Jon has been a fund manager at Saltus since its inception. Before co-founding Saltus in 2004, Jon spent most of his career as a private equity fund manager. Jon was a Managing Director of Lehman Brothers where he ran an €800m credit fund, and before that a Managing Director of Deutsche Bank, where he was also a Partner of Morgan Grenfell Private Equity Limited, managing a €1.5 billion private equity buy-out fund. Between 1991 and 1995 Jon worked at Schroders, initially as a UK Equities fund manager, and then in the European Equity Capital Markets division, advising clients on raising capital on stock markets across Europe. Jon has an MA in Classics and Modern Languages from Oxford University and an MBA from INSEAD.
Matthew Arkinstall Greenpark Capital
Matthew is an Investment Director at Greenpark Capital. He has spent the last 18 years as a specialist in private equity, originally in infrastructure direct investment. He spent nearly 10 years at MLC in Australia where he took a leading role in the development of a multi-billion dollar portfolio of private equity funds around the world. Matthew is Australian and has a First Class Honours degree in Applied Mathematics from the University of Sydney. Matthew is also an Associate of the Institute of Actuaries of Australia.
Charles Murphy Matrix
Charles joined Investment Banking Division of Matrix Group in November 2008 as part of the Investment Funds Team from Landsbanki Securities (formerly Teather & Greenwood). Previously he was employed at Bear Stearns and Olliff and Partners. Fund specific interests include the need for the fund structure to add value to the investment case and the alignment of interest between the investors, Board and the investment manager. Charles has a degree in Economics and an Executive MBA from CASS Business School. Primary Sponsors
Grant Thornton Limited
STAND 16. Grant Thornton Limited is a leading Channel Island practice with offices in Guernsey and Jersey with combined staffing strength of approximately 60 professional people.
We are the Channel Islands member of Grant Thornton International, one of the world’s leading organisations of independently owned and managed accounting and consulting firms. We have access to member and correspondent firms in over 100 countries, offering client’s specialist local knowledge supported by international expertise and methodologies.
We specialise in the investment management industry offering audit, assurance, tax and corporate recovery and liquidation services and work closely with our clients to understand the specific issues that they face, as is evident in the many long standing client relationships that we have developed.
How we work with you:
Our approach to audit is to provide the most rigorous standards of professional independence and objectivity and our entire approach is designed to make a constructive contribution to the clients business.
We blend our leading technical competences with knowledge of your markets and your business and deliver the service process by:
• A well trained and qualifies team that has experience in your field.
• An audit approach that is tailored to critical risk areas.
• Reporting on time.
• Rapidly responding to issues as and when they arise.
• Proactively bring ideas to you.
• Treating each client individually and providing a service that is tailored to your specific needs.
Our investment in IT communications and people development is impressive and coupled with our focus on technical excellence forms part of our drive to provide you with the highest level of client service that is competitively priced and managed by a Director that you can develop a long lasting business relationship with.
In short we listen, we respond, we have the experience and we are enthusiastic about working with you.
For further information please contact Cyril Swale
01481 753416 Big decisions follow you around.
H alf th e bo ard sa y n ow , h alf th e bo ar d say wa it. W hich is t he r iskie st op tion?
At Grant Thornton we understand that the big decisions you have to make are sometimes difficult, often finely balanced, always with you. Our audit and assurance team in the Channel Islands have the expertise to help you decide appropriately.
For more information contact:
Cyril Swale +44 (0)1481 753416 [email protected]
www.GT-CI.com Audit • Tax • Advisory
Grant Thornton Ltd is a member firm within Grant Thornton International Ltd (Grant Thornton International). Grant Thornton International is one of the world’s leading organisations of independently owned and managed accounting and consulting firms. Grant Thornton International and the member firms are not a worldwide partnership. Each member and correspondent firm within Grant Thornton International is a separate national firm. These firms are not members of one international partnership or otherwise legal partners with each other (with the exception of certain limited instances), nor is any one firm responsible for the services or activities of any other. Each firm governs itself and handles its administrative matters on a local basis. Any and all references to Grant Thornton International are to Grant Thornton International Ltd. Primary Sponsors
Collas Crill
STAND 15. Collas Crill is one of the leading law firms in the Channel Islands.
Collas Crill was formed in April 2011 with the merger of two of the Channel Islands’ most respected and long-established names, Collas Day in Guernsey and Crill Canavan in Jersey, to form the Channel Islands’ newest and most innovative full service law firm.
The firm has 15 partners and over 50 lawyers and legal staff delivering a comprehensive range of legal services to clients in the Channel Islands and a host of global jurisdictions. Collas Crill regularly works with some of the world’s leading legal firms on Channel Island matters. In Jersey and Guernsey, for clients in the UK, Europe and Asia, Collas Crill provide the highest quality legal knowledge and experience.
Collas Crill is increasingly being recognised as one of the foremost funds law firms in the Channel Islands, fast establishing a reputation for blending technical excellence with innovative and commercially minded solutions. The depth of experience in the firm’s funds practice is drawn from specialists with experience in a range of jurisdictions worldwide including the British Virgin Islands, the Cayman Islands and Ireland. This enables the firm to advise in accordance with emerging trends and the latest in market practice.
Collas Crill’s fund specialists offer advice on all aspects relating to the establishment, authorisation and structuring of funds, including:
• All types of closed-ended and open-ended investment funds, including companies (with single or multiple shareclasses, or established as cell type structures such as protected cell or incorporated cell companies), partnerships and unit trusts
• Structuring of carried interest vehicles and arrangements
• Legal, regulatory and compliance issues
• Ongoing management, administration and custodial advice
• Restructurings, migrations and reorganisations
• Contentious and semi-contentious matters
• Corporate governance and risk and regulatory issues.
Collas Crill regularly assists with the listing of investment fund structures on recognised stock exchanges, and has an in- house listing sponsor, Collas Crill Corporate Finance Limited, for listings on the Channel Islands Stock Exchange (CISX).
Collas Crill Group also includes leading Guernsey trust administration and corporate management firm, Guernsey Trust Company Company (GTC) and the unique intellectual property management company, Collas Crill IP Management Limited.
GTC provides trustee, fiduciary and corporate administration services to institutional clients and high net worth individuals. GTC undertakes the formation and administration of trusts, companies and limited partnerships.
Collas Crill IP Management Limited provides local and international IP registration services together with management and protection of existing portfolios and IP assets. Collas Day IP Management Limited offers a one stop service, enabling the registration of IP throughout the world, accompanied by the appropriate legal advice and corporate structuring.
Collas Crill is member of Multi law -The Mulitifunctional Association of Independent Law Firms. The firm also continues to build its own network of independent and trusted partners in the Channel Islands, the UK, Europe, and internationally.
To learn more please visit www.collascrill.com Beautifully precise banking & finance corporate & commercial dispute resolution employment funds insolvency & restructuring ip & e-business personal & family law property - commercial property - residential risk & regulatory trusts & foundations
Best Practice // Offshore Law Guernsey / Jersey / www.collascrill.com
Collas Crill are proud to sponsor the Guernsey Funds Forum 2011. Collas Crill brings together some of the brightest legal minds with a shared vision to deliver seamless solutions across the Channel Islands and the world. Primary Sponsors
Mourant Ozannes
STAND 14. Mourant Ozannes is one of the leading offshore law firms. We advise on the laws of Guernsey, Jersey and the Cayman Islands.
Our clients include many of the world’s leading financial institutions, public companies, corporations and fund promoters as well as high net worth private clients.
We are chosen regularly to work alongside the most respected international law firms with whom we enjoy deep and longstanding relationships.
Our international funds practice Mourant Ozannes has an international reputation in offshore investment funds. We advise on the formation, structuring and regulation of investment funds in the Cayman Islands, Guernsey and Jersey and provide ongoing legal advice to offshore funds and fund managers. Our clients range from leading asset managers and fund promoters to start-up ventures.
Adopting a ‘one firm’ approach means that our lawyers are able to provide objective advice on the comparative advantages and disadvantages of the leading offshore fund jurisdictions. We maintain close contact with the financial regulatory authorities in all of our home jurisdictions.
Our funds practice in Guernsey Mourant Ozannes is one of the leading investment fund practices in Guernsey. We advise on a broad range of legal and regulatory issues affecting investment funds and have unrivalled experience in terms of the formation, regulation, structuring, restructuring and winding up of investment funds in Guernsey.
We provide ongoing legal advice to investment funds, their managers and a host of other related service providers. Our clients range from leading asset managers and fund promoters to start-up ventures and include many of the world’s leading financial institutions, public companies, corporations and fund promoters as well as high net worth private clients. We are also one of the leading sponsors advising investment funds listed on the Channel Islands Stock Exchange.
According to the Legal 500 2010 Directory: “the recent merger that created Mourant Ozannes has attracted particular praise on the investment funds side, as the combined team will field a top-tier offering across the Channel Islands,” and “Mourant Ozannes recent name-making union propels it into a league of its own in investment funds.”
Our experience Mourant Ozannes has advised on a number of funds firsts for Guernsey, including the set up of a new Guernsey investment company, Doric Nimrod Air One Limited, by London-based financial advisers Nimrod Capital and Doric Asset Finance, which is listed on the LSE Specialist Fund Market (SFM) and the Channel Islands Stock Exchange (CISX). Doric Nimrod Air One Limited is the first of its kind to be listed on a regulated stock exchange. We also advised on a unique US$150 million Guernsey-domiciled fund, the IGA Automobile Fund, which will invest in rare and limited production iconic cars including supercars such as Ferrari and Bugatti, will be the first to allow investors to benefit from increases in the value of classic cars.
Our expertise:
• Distressed Funds
• Hedge Funds
• Private Equity Funds
• Real Estate Funds
• Other Asset Classes: Hybrid Funds; Mezzanine Funds; Infrastructure Funds; Multi-strategy Funds
For more information, please visit: www.mourantozannes.com/funds Mourant Ozannes has more top tier legal Local expertise. directory* rankings than any other offshore International reputation. law firm.*CHAMBERS, IFLR, LEGAL 500 To find out more visit mourantozannes.com
CAYMAN GUERNSEY JERSEY Primary Sponsors
Kleinwort Benson
STAND 13. Kleinwort Benson is one of the most historic names in British merchant banking, with roots dating back to the 1700s, and was one of the first major financial institutions to be established in the Channel Islands nearly 50 years ago.
In addition to its wealth management provision, Kleinwort Benson is a leading provider of fund administration and custodian services from its Guernsey and Jersey offices, working with fund managers across a wide range of traditional and alternative asset classes, including funds of hedge funds, hedge funds, private equity, mezzanine finance, infrastructure, life settlements, fine art and property funds.
Kleinwort Benson’s custodian trustee team provides a full custody service to clients, but has an open architecture approach and experience of appointing multiple sub custodians to accommodate the needs of specific clients. The team works independently of the fund administration team, and has developed relationships with multiple third party fund administrators.
Kleinwort Benson’s fund administration team offers a full service to investment funds and fund managers, including the provision of directors, company secretarial services, valuation production, financial reporting and transfer agency to both open and closed ended funds. It has particular expertise in dealing with London listed closed ended funds.
Kleinwort Benson also has a team experienced in the provision of administration and trustee services to a wide range of employee benefit trusts, pension schemes and special purpose vehicles, as well as the more traditional private client discretionary trusts The Kleinwort Benson Channel Islands corporate fiduciary business has more than $21bn assets under administration:
Kleinwort Benson’s shareholder is RHJ International S.A., a financial holding company listed on the Belgian Stock Exchange. With its well known and trusted brand, Kleinwort Benson is the cornerstone of RHJI’s expanding financial services proposition.
On 10 March 2011 Kleinwort Benson announced its acquisition of Close Offshore Group (COG), a deal that comprises COG’s private banking, fund administration, fund management, trust and asset management businesses across Guernsey, Jersey and the Isle of Man. It also includes COG’s wholly-owned shared service centre in Cape Town.
This acquisition is subject to approval by the relevant regulatory bodies, and is expected to be completed by the end of COG’s financial year (i.e. 31 July).
For further information on Kleinwort Benson’s fund administration and custodian services in Guernsey, please contact:
Joe Truelove 01481 752505 [email protected]
Simon Gordon 01481 752595 [email protected] or go to www.kleinwortbenson.com
Keynote Speaker Sponsor
Carey Olsen
Carey Olsen is a leading full-service law firm in the Channel Islands, with offices in Guernsey, Jersey and London. Our team of more than 120 lawyers offers the complete range of legal services in the Channel Islands and internationally. Our clients include governments, financial institutions, corporations, professional service firms and private individuals.
Carey Olsen’s corporate group is the leading legal advisor to the investment funds industry in the Channel Islands. We act for 50% of funds in Guernsey (Thompson Reuters Lipper Fitzrovia 2010) and are the top ranking offshore law firm by the total number of AIM and stock market clients we advise (Hemscott Corporate Rankings Guide February 2011). Our investment funds team in Guernsey is ranked in the top tier by independent legal directory publications. Our lawyers advise fund managers, promoters, administrators and institutional investors on all legal aspects of funds work. We act as lead lawyers on local transactions such as acquisitions, disposals and mergers of Channel Islands banking, trust insurance and other regulated entities. We also frequently work alongside international law firms on large transactions that have a Channel Islands element.
Our investment funds services include:
• The establishment of fund structures • Fund listings on LSE, AIM and CISX • The promotion and distribution of investment funds and limited partnership structures • Unit trusts, PCCs and ICCs • Fund transactional work including M&A, debt restructuring and asset financing • Corporate governance • Investment management arrangements and structures • Compliance and regulatory advice
Leading offshore performance
Carey Olsen advises more London Stock Exchange and AIM clients than any other law firm in the Channel Islands placing the firm in the Hemscott Report's top 10 alongside UK legal advisers. (Hemscott, February 2011 report.) "It is like dealing with a magic circle firm outside London." Source: Chambers Global and UK 2010.
GUERNSEY JERSEY LONDON PO Box 98 Carey House 47 Esplanade 8-10 Throgmorton Avenue Les Banques St Peter Port St Helier London Guernsey GY1 4BZ Jersey JE1 0BD EC2N 2DL
Tel: +44 (0)1481 727272 Tel: +44 (0)1534 888900 Tel: +44 (0)20 7614 5610
Email: [email protected] www.careyolsen.com Merchandise Sponsor
RBC Wealth Management
RBC is Canada’s largest bank and one of the world’s leading diversified financial services companies. It employs approximately 79,000 people, serving more than 18 million personal, business, public sector and institutional clients worldwide. Financially strong and solid, RBC consistently maintains a strong balance sheet and a strong credit rating. Our consolidated operations have been profitable for many years with an Aa1 rating by Moody’s Investor Services, an AA- rating by Standard & Poor’s and an AA rating by Fitch.
RBC Wealth Management a business division of RBC, serves high net worth individuals and institutional clients in select markets around the world. Client solutions include international trust and estate planning, discretionary investment management, investment advisory solutions, alternative investments, private banking and credit services, global custody and fund administration, and employee and executive services. Our offices are located in regions recognised for the flexibility and security they provide our clients and for the integrity of their financial and regulatory systems.
RBC Wealth Management is one of the world’s top 10 largest wealth managers and directly serves affluent, high net worth and ultra high net worth clients in Canada, the United States, Latin America, Europe, the Middle East, Africa and Asia with a full suite of banking, investment, trust and other wealth management solutions. RBC Wealth Management has more than C$540 billion of assets under administration, of which more than C$32 billion is held under administration and custody by RBC Wealth Management’s Corporate & Institutional (C&I) team. It is one of the largest fund administration and custodian service providers in the Channel Islands.
RBC Wealth Management’s Corporate & Institutional team provides global tailored fund administration, custody and banking solutions. Operating from Cayman, Guernsey, Hong Kong and Jersey, its international client base includes traditional and alternative fund promoters, investment managers, private institutional clients, companies and institutions.
Having worked with investment managers, fund promoters and their high net worth clients for more than 30 years, and alternative asset managers for over 20, the C&I team have extensive experience of serving their international financial needs and dealing with every kind of fund and investment structure. We are especially strong in the alternative investment field. With a global network, we are well positioned to implement strategies anywhere in the world. And with practical knowledge of legislation and regulation in all major offshore jurisdictions, we can provide professional advice and support on the most complex investment matters.
Consistency. It’s all in our approach. Your dedicated relationship manager, supported by our global teams, will work with you to implement integrated wealth management solutions that consistently reinforce your strategic objectives. This partnership approach allows you to focus on growing your business, helping you move forward with confidence.
Strength. Stability. RBC.
To find out how our approach can help meet your business needs, please contact : Stuart Mauger Head of Business Development, Corporate & Institutional Services +44 (0) 1481 744 779 [email protected] www.rbcwminternational.com
Global custody | Fund services | Custodian trustee | Banking | Credit
Issued by Royal Bank of Canada (Channel Islands) Limited ("the Bank ”) on behalf of RBC ® companies that comprise RBC Wealth Management in the British Isles (“the BI Subsidiaries). Certain financial services mentioned are provided by the BI Subsidiaries, other than the Bank. The Bank is regulated by the Guernsey Financial Services Commission in the conduct of deposit taking and investment business and to act as a custodian/trustee of collective investment schemes in Guernsey and is also regulated by the Jersey Financial Services Commission in the conduct of deposit taking, fund services and investment business in Jersey. The Bank's general terms and conditions are updated from time to time and can be found at www. rbcwminternational.com/terms-and-conditions-British-Isles.html. Registered Office: Canada Court, St Peter Port, Guernsey, Channel Islands, GY1 3BQ, registered company number 3295. Deposits made with the offices of the Bank in Guernsey and Jersey are not covered by the UK Financial Services Compensation Scheme; however, the Bank is a participant in the respective Deposit Compensation Schemes in Jersey and Guernsey (“the CI Schemes ”) Copies of the official leaflets for the re- spective CI Schemes can be found on the Jersey and Guernsey pages of our website. Copies of the latest audited accounts are available upon request from either the registered office or the Jersey Branch: 19 - 21 Broad St, St.Helier, Jersey JE1 8PB.
® Registered trademark of Royal Bank of Canada.™Trademark of Royal Bank of Canada. Used under licence. ADV/11/351 Secondary Sponsors
STAND 12. “Praxis Fund Services Limited provides STAND 10. Anson Registrars is a CREST compliant assistance on fund structuring and fund administration registrar providing a full range of registration services services to a wide range of international clients. to listed and non-listed companies including proxy Established in Guernsey in April 2005 we now administer voting, multi currency dividend and interest processing over 50 investment funds, having also acquired two fund and Receiving House services for new issues. Anson administration businesses and opened offices in both Registrars can operate in the United Kingdom, the Channel Malta and Luxembourg. Collectively our offices specialize Islands, the Cayman Islands and the British Virgin Islands. in administering a wide range of funds, both open and Anson Registrars is a member of the Anson Group closed-ended covering a number of asset classes including which, from its offices in Guernsey and the United hedge, property, private equity and alternative assets. Kingdom, provide high quality bespoke fund administration, accounting and valuation, company secretarial and Praxis Fund Services Limited is a Category 2 Listing registration services to all types of investment entities Member of the Channel Islands Stock Exchange and including listed, non-listed, publicly and privately sponsors applications for the listing of investment funds”. subscribed fund structures incorporated and domiciled in many jurisdictions.
STAND 08. Dextra, a trading division of Dexion Capital STAND 07. Ogier in Guernsey provides advice on all (Guernsey) Limited, is an experienced and independent aspects of fund structures, fund formation and regulation. provider of corporate secretarial services to companies In addition administration services (including registrar and and their boards. Our team’s knowledge and technical transfer agent, registered office and directorships) can be expertise is invaluable in an environment in which today’s provided through Ogier Fund Administration (Guernsey) company secretary plays a central role in the governance Limited. The firm has advised on numerous investment and administration of a company’s affairs, acting as a key funds listings on the Channel Islands Stock Exchange as adviser to the Chairman and Board of Directors. Dextra well as other leading exchanges such as The London Stock offers corporate secretarial support to both closed-end Exchange, AIM, NYSE, Euronext, and The Toronto and investment and private companies, delivering services as Swiss Stock Exchanges. an outsourcing solution. Ogier was voted “Guernsey Law Firm of the Year”, “Private Equity Law Firm of the Year, Guernsey” and “M&A Law Firm of the Year, Guernsey” at the ACQ Magazines Country Awards 2010.
STAND 06. KPMG in the Channel Islands is a leading STAND 05. Bedell Cristin is a leading Channel Islands provider of audit, tax and advisory services. We currently law firm and Bedell Fund Services is a leading fund audit approximately half of all fund assets in Guernsey. We administrator in the Channel Islands. Together they are are a locally owned member firm of KPMG International part of Bedell Group, a growing force in international and form an integral part of KPMG’S Global Funds Practice. legal and administration services, with a network of We work closely with the industry and its representatives offices in key financial centres. Working with world-class and play an active role within the Guernsey Investment institutions, corporate clients, intermediaries and high net Fund Association; we are also a listing member of the worth individuals, the Bedell Group offers a broad range of CISX. With our extensive industry knowledge, and specialist Channel Islands legal advice, offshore and onshore understanding of the Guernsey marketplace along with our corporate and fund administration services with a client- ability to utilise the global KPMG network, we are ideally focused approach and access to a global blue chip client placed to service fund activity in the Island. kpmg.com/ base. The Investment Funds and Private Equity Group is channelislands rated by the UK Legal 500, Chambers and Fitzrovia Funds Encyclopaedia as a market leader. STAND 04. At Butterfield we have more than 150 years’ STAND 03. BNP Paribas Securities Services is a wholly- experience in helping clients realise their financial goals. owned subsidiary of the BNP Paribas Group, delivering Our Institutional custody services provides both the flexibility and commitment, backed by the strength of operational dealing and settlement capabilities across all a leading universal bank. The Bank has a local presence major markets and many of the smaller, more opportune across 32 countries and global coverage of over 100 markets. Our Custodian Trustee role is focused on markets. With USD 5,453 billion assets under custody, supporting the Boards of our Guernsey fund clients in USD 920 billion assets under administration and over providing regulatory oversight and ensuring that the 6,000 funds administered, BNP Paribas Securities stakeholders within the fund receive an independent and Services is Europe’s leading securities services provider supportive service to meet the funds aims whilst working and is the 5th largest custodian worldwide. BNP Paribas within the local regulatory requirements. Our experienced Securities Services has been the largest custodian across team of relationship managers will provide you with a the Channel Islands since 2007, providing excellent local flexible and tailored service that will meet your unique capabilities and an in-depth knowledge of the Islands’ needs. regulations.
STAND 02. Deloitte’s offshore practice (consisting of our STAND 01. HSBC Securities Services (Guernsey) Limited Guernsey, Jersey and Isle of Man offices) is an integral specialises in the administration of alternative hedge part of the UK partnership of Deloitte, and has identical funds, particularly emerging market, distressed debt and technical support and training. The offshore practice fund of hedge funds, including private equity, and hybrids comprises over 150 staff and 12 signing principles and is of these themes. Through its sister company, HSBC responsible for the audit of over 500 investment funds Custody Services (Guernsey) Limited, a full range of and fund managers, covering investments companies, custody services is available, where assets are segregated unit trusts, limited partnerships and listed Collective and held in the name of the custodian. HSBC also offer Investment Schemes. Our offshore teams deliver a range Credit, FX and derivative products, thus providing a full of services to our clients in the investment management solution for its hedge fund clients. industry including audit and advisory, all areas of taxation and re-organisational services. The HSBC Group has major commercial and investment banking businesses with 8,000 offices world-wide and assets of over US$2,455 billion as at 31 December 2010. Funds in Guernsey
Value of funds under management and 300 Value (£Bn) administration 250 Total
The net asset value of funds under management and 200 All Guernsey administration in Guernsey grew by 6% during the final 150 Non Guernsey quarter of 2010. This is a rise of 40% year on year, taking the value to £257.4bn at the end of December 2010. 100
50 Date Non-Guernsey All Guernsey Total 0 31-Dec-06 25.0 105.0 130.2 31-Dec-07 32.6 145.6 178.2 31-Dec-08 45.3 151.6 200.2 31-Dec-09 48.1 136.1 184.2 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-10 90 167.4 257.4
Guernsey open ended funds 80 Value (£Bn) 70 The global economic downturn has adversely impacted on 60 the value of Guernsey open-ended funds, although there 50 40 have been signs of a tentative recovery in recent months. 30 20 Date Value (£Bn) 10 0 31-Dec-06 56.6 31-Dec-07 69.3 31-Dec-08 63.5 31-Dec-09 53.5 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-10 57.9
Guernsey closed ended funds 120 Value (£Bn) 100 The closed-ended sector has also been adversely impacted 80 by the global economic crisis, although a recovery during the second half of 2009 and through 2010 has taken the value to 60 a new high of £109.5bn at the end of December 2010. 40 20 Date Value (£Bn) 0
31-Dec-06 48.5 31-Dec-07 76.4 31-Dec-08 91.4 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-09 85.3 31-Dec-10 109.5 Notes where?