Speaking following the recent announcement by Investec Asset Management that it will be cutting 25 jobs on the Island in six months, chairman of the Guernsey International Business Association (GIBA), Robin Fuller issued assurances that the jurisdiction's finance sector is still "doing well".
The Investec redundancies follow several similar announcements from other financial services firms. In September, Coutts Offshore announced that it was relocating its Guernsey-based functions to Jersey, the Cayman Islands, and the Isle of Man, whilst in October, Bank Sarasin revealed that it would be moving its private banking operation away from the Island.
However, according to a BBC News report, Mr Fuller said that although the redundancies were unfortunate news for those affected, they did not indicate a wider trend.
Other Guernsey professionals agreed with the GIBA chairman's reading of the situation, notably head of corporate banking for Barclays in Guernsey, Mark Leaman, who suggested that the finance sector was actually increasing in size.
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