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Panellists at Guernsey’s Funds Forum praised the island's "supportive environment for innovation, flexibility of company law, and excellent reputation as a domicile for institutional investors".
The organisers said discussions at the flagship funds event also "highlighted fundraising methods in a challenging environment, the rise of secondary markets, and the emergence of tokenisation and digital assets".
Miles Celic, Chief Executive Officer of TheCityUK, delivered an opening keynote speech on Guernsey’s symbiotic relationship with the United Kingdom economy.
“Guernsey – one of the most integral parts of the British family of crown dependencies and overseas territories – is an added string in the bow of the UK’s financial services offer," he said.
"While small in geography, Guernsey punches well above its weight in influence and in terms of its contribution to the wider ecosystem, both within the British Family and globally.
“Guernsey’s proficiency in carving out its place as a high-quality and agile service provider – one of those elements that improves the ‘whole’ UK offer – is a model that we would do well to apply to our broader thinking on the UK’s post-Brexit regulatory framework.
“It is clear that Guernsey’s contribution to driving growth across the economy cannot be understated. The island’s investment also helps to bolster UK competitiveness, fostering innovation, particularly in areas like green and sustainable finance and FinTech.”
Panellists agreed that the British Isles must retain that competitiveness in order to continue to thrive as a financial services hub, particularly in light of the current hurdles for capital raising in today’s economic environment.
Discussions then shifted to the approach taken by regulators to these challenges.
Technology and secondary markets prevailed as core themes in panel two, with Matt Ong, CEO and Founder of Ctrl Alt, a B2B infrastructure provider focusing on enabling fractional investments in alternative asset classes.
He described tokenisation, the representation of any kind of asset via blockchain, as an ‘efficiency tool' and said that, as a result, funds could access a larger number of investors, and therefore tap into more capital.
Ctrl Alt is in the process of launching its first tokenised fund in Guernsey, and Mr Ong praised the island’s supportive environment for innovation, flexibility of company law, and reputation as a domicile for institutional investors.
"From a business perspective, the innovative structures like the ICC and PCC, are really supportive for innovation and tech, so we take full advantage of that,” he said.
To close the second panel, Kobus Cronje, Managing Director at JTC Group Guernsey, discussed the need to increase ancillary funds offerings in light of emerging digital assets and sustainability considerations.
Guernsey is weathering these macroeconomic storms, said Mr Cronje who cited three key differentiators that set the island apart.
He praised the "pragmatic and engaging regulator that is forward looking, always willing to engage with the industry and new market needs,” citing the island’s fast-track authorisation scheme as an example of the regulator recognising the value of speed to market.
To close, Mr Cronje said: “This community is driving innovation and will ensure that Guernsey not only survives but thrives in the years to come."
Pictured top: The 2024 Guernsey Funds Forum.
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