Discussions at Guernsey Finance’s annual Industry Update highlighted business development opportunities for Guernsey’s financial services sector in 2025 across the UK, US, Middle East and South Africa.
Representing 40% of the island’s Gross Value Added, the financial services industry is worth an impressive £1.3 billion to the economy. Speakers highlighted opportunities for Guernsey across all pillars of the industry, including succession planning, private equity, and captive insurance.
Opening the event, which this year had the core theme of: ‘Our success begins with you,’ Guernsey Finance Chief Executive Rupert Pleasant offered insights into Guernsey Finance’s progress over the last year and urged industry members to get involved with Guernsey Finance’s promotional efforts.
He said: “As more jurisdictions enter the financial services market, it becomes more and more saturated, and competition naturally becomes fiercer. We must ensure that Guernsey’s voice is heard over the noise of the crowd.”
Rupert referenced a healthy level of economic activity across the sector, with 50 new funds, 43 new investment licenses and more than 50 new insurance entities launched in 2024. Turning to 2025, Rupert outlined a ‘significant pipeline’ of new business to be put into action over the next year.
He said: “The conversion of new business to Guernsey is always a joint effort between our agency and industry – the lead wouldn’t happen without Guernsey Finance and the conversion wouldn’t happen without industry - so it is a symbiotic relationship with both playing a pivotal part in securing the potential new business.”
Guernsey Finance’s global business development team then took to the stage to explore on the ground trends and business opportunities for Guernsey.
On London, Jo Kitcat, UK Representative, said: “There is now an increasingly global movement of wealth, and HNWs still require an IFC to manage their affairs.
“Many London advisors, bankers, lawyers and accountants have target markets around the world, so by joining the dots with global regions, we increase our potential opportunities.”
2024 was a busy year for Guernsey’s insurance sector, as it was again crowned European Captive domicile of the year.
On the opportunities in the insurance sector, William Lewis, UK Insurance Representative, said: “Captives are definitely becoming more mainstream, and owners are now looking to utilise their captives with more sophisticated strategies.
“Guernsey is still at the forefront of some very exciting and niche developments, and captives and PCCs can offer innovative solutions.”
Jonny Gamble, United States Representative, identified asset protection and succession planning as attractive topics of discussion with US private wealth practitioners.
He said: “The message that grabs US intermediaries is that the firms here in Guernsey have access to capital markets, deliver bespoke vehicles quickly and more cost-effectively than other jurisdictions.”
On opportunities in the Middle East, Aaron Russell-Davison, Middle East Representative said: “The UAE and KSA continue to see inward bound investment, as do the other members of the GCC.
“With a strong emphasis on ‘neutral capital flows,’ the immediate opportunity for Guernsey firms is to make contacts and prepare for an on-ground presence. There are substantial inward investment opportunities across the region.”
The audience then heard from the Chair and Deputy Chair of the Guernsey International Business Association (GIBA), Paul Sykes and Joanne Peacegood on the relationship between Guernsey Finance and GIBA. The panel also offered a macro view of the island’s finance industry.
Jo commented: “We have so many positives, and we should all ensure we understand them and are singing from the same hymn sheet.”
On what industry can do to bolster Guernsey’s growth, Paul said: “Get your leaders out of the village. Guernsey Finance will open the door for industry, but we have to go through the door.”
To close, Deputy Lyndon Trott OBE wrapped up his final conference as Chairman of Guernsey Finance with a simple message – Guernsey is open for business.
He said: “We can be optimistic about sustained growth across our industry; we have a strong business pipeline for 2025 across a multitude of sectors, reaffirming confidence in Guernsey as a stable, secure and competitive jurisdiction.”
