Greetings from New York!
The two major areas of promotion in the US for Guernsey are funds and private wealth, and appetite remains for captives, marine and international pensions.
The main items for discussion which impact all areas of Guernsey’s financial sectors are:
1) the macroeconomic impact of higher interest rates;
2) elections - both here in the US and UK.
This has meant that uncertainty has increased with a concomitant increase in caution, and growth naturally has slowed. However, the race to quality for private wealth advisers, fund administrators and other sectors of the financial services continues. New ways to support clients through both existing relationships and new markets continue, and we are looking to firm up and forge new ones through the two-way gateways of London and Latin America.
For private wealth, international families touching the US remain ever expanding, and following our trip to STEP New York’s annual event in mid-March, it became clear that several of the leading international private wealth practitioners were aware of Guernsey and would work with Guernsey. However, they noted, visiting them in the US was an important criterion when deciding which firm and sometimes which jurisdiction, given the similarities in jurisdictional offerings.
For funds, the promotion of Guernsey as an established, experienced jurisdiction in hedge funds, private equity, real estate, and infrastructure funds continues following the two years attendance at the SuperReturn here in New York in November.
Guernsey’s Private Investment Fund, the flexibility of our regulatory environment and the speed and excellent execution of fund administrators is gaining traction with local US managers looking to raise capital in Europe. We are planning further discussions in Florida and New York later in the year.
For captives, a number of events – both in New York and Arizona – were attended by Guernsey representatives looking to share that Guernsey is the number one captive jurisdiction in Europe; there are certainly interesting opportunities to be developed.
For marine and international pensions in the US, we continue to raise awareness of Guernsey and the opportunities for both New York and Miami, given we already have an established presence in these cities.
The people and firms we are meeting on these roadshows, as well as the conversations taking place including the contribution from Guernsey practitioners, are increasingly valued by the firms we meet.
My message remains: join us on our roadshows and be curious and committed - head to the US directly yourselves. We are on hand to connect you with contacts and introductions where we can. All leading intermediaries are expecting to see Guernsey’s practitioners before booking new business with them.
Perhaps ask not what we at Guernsey Finance can do for you in the US, but what your aspirations, goals and commitments are to the US marketplace, and how we at Guernsey Finance can help you.
My mobile is always on.
All that remains for me to say is have a great rest of the year and as they say in US, have a nice day and here in Guernsey, a la perchoine!
Jonny
