Guernsey boosts marketing to cash in on 'recovery'

Guernsey is ramping up the promotion of its finance industry in a bid to capitalise on the slowly emerging global economic recovery.

Guernsey Finance is hosting a series of events across the globe to promote the various areas of its finance industry, including: banking, funds, trusts, reinsurance and pensions.

The economic downturn has hot business flows coming through Guernsey's usual pipelines, but it has communicated closely with introducers of business to demonstrate its resilience, says Peter Niven, chief executive of Guernsey Finance.

"We are now stepping up our activity levels once again to ensure that we are in pole position to capitalise on the slowly emerging global economic recovery," he says.

Guernsey Finance is holding a debate in the City on the future of the funds industry at the start of October.

Niven says London remains Guernsey's principal source of new business so it is vital it maintains its profile in the City as well as enhancing its position in UK regions and further afield in emerging markets.

The state will also be represented in the Middle East though participation at October's Funds Forum Middle East and December's Private Banking World Middle East, both in Bahrain.

Guernsey will be the lead sponsor at STEP Asia, the annual fiduciary conference in Singapore in October, to boost its presence in the Middle East.

A delegation from the island, including chief minister Lyndon Trott, Niven, CISX chairman, Jonathan Hooley and Guernsey registrar of companies, Mark Whiteley, plus a number of industry practitioners will visit Hong Kong and China soon afterwards.

As well as meeting senior politicians and regulators, half day seminars will explain Guernsey's position for accessing Europe's capital markets and the island's companies, trusts and wealth management offerings.

"It is crucial for the future of our finance industry that we get the Guernsey brand fully established in the Middle East and the Far East," says Niven.

Having a representative on the ground has sped up progress in the region, he says.

"The programme we have put together for last few months of this year means that we will be entering 2010 with not only the Guernsey name better known but also a greater appreciation of the financial products and services we can offer both companies and individuals."