GAT Newsletter – December 2016

Industry News

Guernsey Finance Map

GAT Members Lunch

Members are invited to the first lunch of 2017 to be held on 11th January.

Eammon Finnerty from Fiduciary Division of the GFSC will be talking about the 2017 Thematic and also the 2017 online annual return.

Click here for more details and to book.


GAT Members Subscription

Members will be invited to renew their membership subscription for 2017 before the end of January 2017. This will done by hard copy and sent with a cover letter and invoice to your registered office address.

There is no change this year to the Subscription rates and we request that you pay promptly and preferably by using BACS direct payment rather than cheque. This year you will also be able to use Paypal for the first time.

All relevant details will be in the invite renewal which will be circulated in January.


Public Trustee

Please see the attached link to the January States Billet in which the 2015 accounts of the public trustee which both explains the role and the activity in 2015.

Guernsey Finance Map


GIBA Summary Minutes from November are now available to view. Please click here to access:


Guernsey Finance Map

Impact Guernsey

The grouping has been formed to better enable Guernsey to proactively engage in the development of the emerging impact investment asset class and seek to build new businesses opportunities as a result.

Impact investing is a growing field of investment that seeks to intentionally create positive social or environmental impacts as well as generating financial returns.

Impact investments cover four broad categories; social, cultural, economic and environmental. Examples include investments in sustainable agriculture, healthcare, affordable education, social housing, renewable energy and financial inclusion.

Given these focus areas, impact investments are increasingly being recognised as having tremendous potential to address some of the world’s chronic challenges such as poverty and environmental degradation.

Intergovernmental bodies such as the United Nations, the World Bank and the G8 are increasingly backing public-private sector investment structures that seek to generate clear social and environmental impacts alongside financial returns.

According to industry figures, the impact investment industry is growing at around 20 percent year-on-year. This makes it one of the world’s fastest growing asset classes. Estimates suggest impact investments could total $2 trillion by 2025.

Impact investment not only plays a role in addressing pressing problems which face emerging and transition economies. It can also serve to fill the growing gap between the increasing demand for social services in OECD countries and the ability of their governments to afford them.

Impact Guernsey comprises a grouping of key business leaders within Guernsey’s business, financial and professional services communities, together with representatives from Government and the GFSC.

The group is chaired by Justin Sykes, a leader in this field, who recently authored a report how impact investment could support effective delivery of public services on the island.

Justin Sykes commented, “The launch of Impact Guernsey is an important step towards raising awareness of the global trend towards corporate and individual social responsibility, and the business opportunities this offers for Guernsey. We are delighted to be developing a platform to promote and develop this emerging asset class and we hope to assist the States in formulating its policy in this area as well as creating pathways for a range of products and services to diversify and grow Guernsey’s economy.”

Impact Guernsey will work closely with the financial and professional services sector, the regulator and Government to identify opportunities for Guernsey to proactively engage in the development of the impact investment industry and promote Guernsey’s capacity to facilitate impact finance business at scale.

Opportunities span the funds sector, the fiduciary services industry, professional services as well as the insurance industry.

Impact Guernsey are keen to hear from the financial sector and the wider community about their views on impact investment opportunities. To this end a survey to measure the existing levels of activity, as well as demand, related to impact investment, both off-island and on, has also been launched by the group. Targeting the business community it is hoped that as many responses as possible will be gathered so that a solid evidence base may be built upon to take this initiative forward.

For further information, please contact Justin Sykes at


Forthcoming Events

Remember to check our Events Calendar for Industry presentations and other events that may be of interest.

STEP logo

Step Guernsey January Events 2016/17 Series

STEP Guernsey Lecture Series 2016/17 sponsored by Mourant Ozannes

STEP Members and Non-members welcome.

To book contact or access booking forms here.

Alternative Solutions and Financial Investigations Unit

Lunchtime Lecture No. 5

Date: Wednesday 11th January 2017
Time: 11.45am registration for 12pm start
Venue: The Dorey Room, St James
Topic: UK Tax Update
Speaker: Mark Savage, BDO Guernsey

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Evening Lecture No. 5

Date: Thursday 12th January 2017
Time: 5.15pm registration for 5.30pm start
Venue: The Dorey Room, St James
Topic: “Trusts in the spotlight: when things go wrong”.
Guest Speakers: Ben Rhodes and Jamie Toynton, Grant Thornton Limited

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Guernsey Finance

Private Wealth Breakfast Briefing: Leading New York fiduciary litigator, Steven Holinstat, will be guest speaker at an on-island Breakfast Briefing on Wednesday 15 February. Senior counsel for Proskauer, Steven has been the lead litigator in some of the US’s highest-profile fraudulent conveyance and HNW trust cases, including the successful overturn of a probate order on a $70 million estate left to charity.

To register for Mitigating the Risks of Fiduciary Litigation: Guidelines for Institutional Trustees click here.

IBA Wealth Transfer Practices Conference: GF has subsidised passes available for IBA Wealth Transfer Practices on 6-7 March. If interested please email Declan Maginnis.

Other upcoming GF dates:

  • 16-17 Jan Asian Financial Forum, Hong Kong
  • 08 Feb Guernsey Funds Masterclass, London
    – Keynote speaker: Louise Harvey OBE
  • Early Mar Legal Week private client roundtable, London

The most recent list of events is available here.

To get involved please go to or call on 01481 720071

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Guernsey Training Agency

The GTA we have been busy scheduling courses in all areas for the first quarter of 2017.
Courses scheduled at the GTA for Quarter 1 2017 can be found here:

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Sponsor Articles

Items of relevance and interest to Members brought to you by GAT Sponsors.

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KPMG – Inheritance tax on UK residential property

KPMG have published their latest update for GAT Members.

Click here to download and review.

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