Insinger de Beaufort Makes Third Acquisition In Channel Islands This Year
The Jersey Financial
Services Commission (FSC) has this week published a consultation
document, entitled Overriding Principles For A Revised Know Your
Customer Framework, which is essentially a joint initiative from
financial regulators in Jersey, Guernsey and the Isle of Man to
bolster their existing anti-money laundering regulations. As in a number of
other offshore financial centres, changes have been deemed necessary
following evaluations by outside bodies. In the case of the Crown
Dependencies, the FSC states quite clearly that the action of
the Crown Dependencies hinges on the Financial Action Task Force-style
evaluation carried out in 1999, under the aegis of the Offshore
Group of Banking Supervisors, and the perhaps better-known FATF
report, published this year, on jurisdictions considered uncooperative
in the international fight against money laundering. Although
the Crown Dependencies did not appear on this infamous blacklist
- the FSC says that they "emerged in a positive light"
- the regulator says that in the light of these evaluations, the
anti-money laundering systems of the dependencies need to take
account of recent international developments. The consultation
paper states: 'Representatives of all three jurisdictions have
entered into detailed discussions and, where possible, have agreed
to minimise any inconsistencies in their approaches to certain
specified overriding principles for a revised know your customer
framework. These are to be known as the Overriding Principles,
which are not an exhaustive list of issues raised by the FATF,
but are major points relevant to the Anti-Money Laundering Guidance
Notes that are common to all Crown Dependencies. It has also been
agreed that the Islands will consult with their respective finance
sectors on their Overriding Principles with a view to adopting
guidance in these areas in each jurisdiction's anti-money laundering
guidance notes.' The areas to be covered
by the Overriding Principles are as follows: Insinger de Beaufort,
the international private banking and trust group,
has signed an agreement to acquire the Guernsey-based
Riverdale Group, which is active in trust and fiduciary
services and investment management. This is the third
acquisition by Insinger de Beaufort in the Channel
Islands this year, and will enhance its investment
management business. Founded in 1986, the
Riverdale Group is an independently owned organisation
with around 50 staff, catering for high net-worth
individuals, international corporations and financial
institutions, principally in South Africa, the USA,
Canada, the UK and Australia. Operating through a
number of subsidiaries and associated companies, Riverdale
Group offers a range of investment and fiduciary products,
with the focus being on the establishment of offshore
structures and investment vehicles for private and
commercial business. Providing the highest level of
service to clients is the key to Riverdale’s
success – with over 15 years of experience it
is able to analyse each client’s individual circumstances
and tailor products to meet their requirements. Commenting on the deal,
Raymond Page, managing director of Insinger de Beaufort’s
Trust & Fiduciary division in Guernsey, said:
'This acquisition further develops Insinger de Beaufort’s
stronghold in the Channel Islands, following the recent
acquisitions of Jardine Matheson Trust Corporation,
Matheson Investment International Limited and Channel
Financial Services. The development of staff is a
key focus for Insinger de Beaufort. We are delighted
to welcome Riverdale Group’s 50 experienced staff
to our Group. The acquisition further entrenches Insinger
de Beaufort as one of the largest employers in the
Channel Islands with over 325 staff – 250 being
employed by the Trust & Fiduciary division.' Len Durham, founder and
chairman of Riverdale Group, said: 'Like Insinger
de Beaufort, Riverdale Group has always been committed
to excellence in service for our clients through the
provision of a full range of financial products and
services. Being part of a larger international group
will provide many benefits to the company and opportunities
for its employees and clients. I look forward to taking
advantage of these with Insinger de Beaufort.' Grahame Lovett, managing
director of Insinger de Beaufort’s investment
management business in the Channel Islands, commented:
'Riverdale Group further enhances our existing portfolio
management and stockbroking business. The agreement
also brings with it a high quality client base, so
we can further integrate the businesses to better
serve our existing well developed international client
base of individuals, international corporations and
financial institutions. The deal is particularly welcome,
as it will allow us to accelerate the expansion of
our Guernsey based investment capability.' Completion of the transaction
is subject to the regulatory and Dutch Central Bank
approval. .
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