With effect from 1 January 2001, Invesco, the international investment group which manages offshore funds, has closed the doors to its Guernsey branch, citing staffing problems as the reason for its closure after 12 years of operating in the jurisdiction.
In a "moving card" published on its offshore website, Invesco GT Offshore, the group states that all enquiries relating to its Offshore Sales Division should henceforth be directed to Invesco Asset Management Ltd in London.
The Guernsey branch did have five sales and marketing staff but according to Richard Thomson, managing director of offshore sales and marketing, the company's inability to recruit suitable employees meant that expansion plans could not proceed.
Mr Thomson is quoted in the Guernsey Press as saying: 'In the Channel Islands we are feeling the impact of a massive process of consolidation across the financial services industry worldwide. We wanted to be close to our clients, and they are everywhere, but as they consolidate they tend to centralise their decision makers in London'.
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