Capita Financial Group (CFG) is a subsidiary of The Capita Group Plc, a FTSE 100 company and the UK’s leading provider of outsourcing services.

CFG in Guernsey is headed up by Andrew Howat, who has extensive experience in the international and offshore funds arena.

“Capita’s name is known in the islands through its existing Jersey presence. Now, with Guernsey’s fund administration sector booming, and around GBP180bn under administration at the close of 2007, there’s no better time to bring the group’s expertise directly to the local market,” stated Mr Howat.

While control and management will be fully undertaken in Guernsey, the business will not be limited by local resources, it has announced, explaining thay one of the benefits of being part of the larger group is that it will have an outsourcing arrangement, with a back office in Exeter.

“Having such a big name establishing a presence in Guernsey adds yet further credibility to the Island as a leading funds jurisdiction,” commented Peter Niven, Chief Executive of GuernseyFinance – the promotional agency for the Island’s finance industry.

He added: “The fact that it is part of the larger Capita network means there is potential for the operation to bring in new streams of business from clients within the wider group."

"At the same, the business model means that it will use up just limited amounts of local resources. Therefore Capita establishing this operation is very positive for Guernsey.”

The Capita Group provides a comprehensive range of administration and support services, and interacts with over 70% of the UK population on behalf of clients in both the private and public sectors.

In recent years, the group has extended its expertise to other jurisdictions outside of the UK, tailoring services to the demands of its fund management clients and each area’s unique regulatory environment.