Guernsey Finance, the promotional agency for the island’s finance industry has announced that it has stepped up its promotion efforts with a number of different initiatives in order to counter the effects of the global economic downturn.
Peter Niven, Chief Executive of Guernsey Finance, said: “Guernsey has been steadily building up the promotion of its finance industry during the past few years. Global economic conditions have taken a turn for the worse but that does not mean we should now slow our marketing activity. In fact quite the reverse is true. This is precisely the time when we should be showing that Guernsey is not just a ‘fair-weather’ friend, therefore we have stepped up our feed of positive messages to key decision makers in cities like London – the centre which is our principal source of new business – so that we are in pole position to gain business when confidence returns and the markets pick up.”
Niven spent two days in London briefing more than a dozen trade media journalists to increase Guernsey’s prominence in the UK media.
Guernsey Finance also hosted a seminar on the island’s new funds regime on March 5 at the America Square Conference Centre. It featured a panel of Guernsey and UK fund experts chaired by Chris Russell from the Association of Investment Companies (AIC) and comprising: Sean Cheong from Guernsey law firm Collas Day; John Clacy of Deloitte; and William Saunders from London law firm Stephenson Harwood.
“This was very well attended with more than 100 people present and including a strong cross-section of London lawyers. The presentation was very well received, the question and answer session was lively and provided an extremely valuable networking opportunity for UK delegates and practitioners from Guernsey’s funds industry,” said Mr Niven.
Gus Black, Partner, Dechert, said: "I always think of Guernsey for private equity. There's clearly the potential to go into other things as well. They have got a more coherent funds regime that they can now start to promote. So much comes down to what is perceived by investors to be a jurisdiction that they are comfortable with."
Guernsey Finance also exhibited earlier this week at the International Bar Association (IBA) 10th Annual International Conference on Private Investment Funds, its release informed.
Niven said: “This conference came to us very highly recommended and it certainly enabled us to build on our trip to New York earlier this year by providing another opportunity to educate and spread positive messages about Guernsey to leading US lawyers.”
Guernsey Finance has also this week been exhibiting at the property conference MIPIM and is preparing for a further trip to China and a first to India during April.
Niven added: “The trips to China and India during April are very important for the ongoing development of the Guernsey brand in these new markets but it is also important during these economic conditions to focus on maintaining profile within those centres which have traditionally been the main introducers of business so that flows come through when market conditions improve in the future.”
In a seperate statement Guernsey's government commended Guernsey Finance's efforts in promoting the jurisdiction and announced that it would receive GBP245,000 increase funding in 2009 as a result, making the announcement Commerce and Employment Minister, Carla McNulty Bauer said:
“In the current economic climate and with ever increasing scrutiny of financial jurisdictions it is essential that Guernsey continues to promote itself in the international marketplace. Guernsey has an excellent reputation as a well regulated jurisdiction and we must make sure our story and unique competitive advantage is heard. Recently the Department has announced an increase in spend for Tourism and Marketing for that sector of the economy and the Board believes that Guernsey Finance similarly needs additional funding to increasingly promote the Guernsey brand and ensure that the core competencies and values of Guernsey as an international finance centre are recognised by the international community GuernseyFinance has proven to be extremely successful and it has helped Guernsey climb four places in the Global Financial Centres Index so that Guernsey is now 12th and has leapfrogged Jersey who now are 13th and the C&E Board want to make sure we can maintain this success.”
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