Channel Islands Tout Wealth Management Offerings In Asia
Thursday, November 17, 2011

Delegations from the Channel Islands recently attended the STEP Asia conference in Singapore to promote the jurisdictions' wealth management offerings to the industry in Singapore and practitioners in the wider region.

Both territories in recent years have established representatives in Asia and have developed innovative new products like foundations to tap potential business among the region's growing population of wealthy individuals.

Reporting on the success of the visit, which for Guernsey included meetings with the Singapore Stock Exchange (SGX) and the Monetary Authority of Singapore (MAS), Peter Niven, the head of Guernsey Finance Peter Niven said that he was "very pleased" with the visit to Singapore.

"During the last few years we have been very successful in raising the profile of Guernsey in the region generally but this was a very good chance to specifically target the financial services industry in Singapore. It is becoming an increasingly important centre of private and corporate wealth and as such, there are significant opportunities for Guernsey to provide complementary products and services,” he commented.

"It was excellent that we were able to combine attendance at the STEP Asia conference with a series of meetings with key individuals from the Singapore infrastructure. In particular, we want to build on the fact that earlier this year we received approval for Guernsey companies to list on the Hong Kong Stock Exchange by seeing if something similar can be achieved in Singapore,” Niven continued.

“The conference provided the platform for us to meet with a large number of the region’s intermediaries, such as lawyers and accountants, who are likely to be influential [in the generation of new] business to particular jurisdictions,” he added.

Heather Bestwick, Jersey Finance's Technical Director, in an address to attendees, highlighted that throughout the territory's 50-year finance industry history its specialist trust and wealth management knowledge has been a key driver of the territory's success.

Zhaoan Li, Head of Greater China Business Development for Jersey Finance, who led the Jersey delegation commented following the trip, that: "The aim of our presence was to target China and India-based business introducers and other intermediaries in the Asian marketplace and to outline our capabilities as a provider of wealth management structures.”

Li concluded: “It was evident that there is considerable interest in foundations and their flexibility as an alternative to other structures and this is reflected in the close attention shown by delegates. It is encouraging too that there was recognition that Jersey was a jurisdiction of substance and we believe this will be a key differentiator for us in the years ahead in the region."

Foundations have a long history in continental Europe. They are now commonly used for wealth management, and residents of jurisdictions like the Middle and Far East are more familiar with foundations than with trusts, which do not exist in their legal systems.

Jersey has permitted the formation of Foundations since July 17, 2009, when the territory's legislation entered into force, while foundations are to be permitted in Guernsey from 2012.