News

While many of us in the Northern hemisphere were winding down in December, WE ARE GUERNSEY’S South Africa Business Development Representative Grant McLeod was as busy as ever. In his latest blog, Grant provides an update on his activities in the run-up to Christmas… Over the last few weeks of 2021 I’ve been focusing on what more I can do to promote Guernsey in the region, as well as the usual numerous business development meetings and introductions with Guernsey and off-island service providers and potential clients in South Africa. In my opinion, the most effective way to do that is face to face, so it was great to be able to host two (socially-distance and masked) networking breakfasts in Cape Town and Johannesburg at the end of November.

Guernsey Finance has strengthened its Strategy & Technical team, appointing Henry Freeman as Strategic Advisor. Henry started his role towards the end of 2021 and will work alongside the promotional agency’s Strategy & Technical team, Executive team, and the Board of Guernsey Finance, assisting with high level strategic matters. He has held several senior and board level roles over a 20-year career in investment banking, fund management and fintech in London and the Channel Islands.

Investment fund statistics for the third quarter of 2021 have been published by the Guernsey Financial Services Commission.

The first special purpose acquisition company (SPAC) to be listed on the London Stock Exchange since new rules came into force has been completed using a Guernsey vehicle. Guernsey-incorporated SPAC Hambro Perks Acquisition Company (HPAC), sponsored by tech-focused venture capital group Hambro Perks, has listed on the LSE Main Market segment and has raised £150 million through its initial public offering, which was oversubscribed, to invest in a business operating in the tech-enabled sector in the UK, EEA or Switzerland. Hambro Perks opted to list HPAC on the LSE after the Financial Conduct Authority reformed the Listing Rules in August, which previously required SPACs raising at least £100 million to suspend trading when an acquisition was announced – a regulation seen as an obstacle to the use of the vehicles in the UK compared to other jurisdictions, such as the US.

Sanne’s Guernsey office is set to expand with the purchase of PraxisIFM’s funds business now completed. The £54 million all-cash deal was originally announced in July but has now received regulatory approval, and sees alternative assets and corporate services provider Sanne Group plc acquire the Fund Administration division of PraxisIFM – which is listed on The International Stock Exchange, headquartered in Guernsey. PraxisIFM will concentrate on growing and developing its core divisions of Private Wealth and Corporate Services, continuing to invest in technology.