GUERNSEY FINANCE: “Diversify judiciously,” urge speakers at the Guernsey Private Wealth Forum 2024

Press Release from Guernsey Finance, Tuesday 22 October, 2024.

Speakers at the Guernsey Private Wealth Forum 2024 discussed how wealth holders are reacting to political and economic changes across the globe, as well as what the new generation of entrepreneurs need from wealth advisors. 

At the London-based conference, Guernsey Finance Chief Executive Rupert Pleasant opened by saying: “With the great generational wealth transfer already taking place, Guernsey’s breadth and depth of products and services are well suited to offer the new generation of high net worth individuals many options for high-level financial planning and asset management.”

Guest introductory speaker Edwin Smith, Editor in Chief of Spear’s Magazine, then unpacked the most important forces shaping the world of wealth, including 76 countries heading to the polls in 2024 and the growing amount of wealth inherited through entrepreneurship.

He said: “The centre of the world’s gravity is shifting. The world of wealth is becoming even more international and diffuse than it already was.”

He highlighted that the number of jurisdictions having a bearing on the lives of high net worth individuals is increasing, with a growing focus on international upbringing and education.

Panellist Clem Hutton-Mills, Managing Director at Goldman Sachs echoed this sentiment, highlighting an increase in international backgrounds within modern families. He said this sparked an increase in alternative assets in the younger wealth holders, including hedge funds, private equity, private credit, and infrastructure.

He also emphasised the importance of ‘judicious’ diversification saying: “We all know the importance of diversifying by jurisdiction, but also by investment class, by manager, by attitude of manager. 

Clem was joined on this panel session by Neil Hoolahan, Director at Grant Thornton, Sehjal Gupta, Director at Menzies LLP, and Hannah Kalveks, Senior Counsel at Macfarlanes.

They outlined the importance of stability against the backdrop of political changes, with jurisdictional choice being paramount in this stability.

Sehjal said advisors in the UK were currently playing the ‘wait and watch game’ ahead of the October budget.

GUERNSEY FINANCE: “Diversify judiciously,” urge speakers at the Guernsey Private Wealth Forum 2024

On jurisdictional choice, Clem said: “Guernsey is incredibly well-placed for this. The key reasons for having a structure; governance, succession, confidentiality they all remain in place in Guernsey.”

The second panel of the conference focused on emerging wealth creation methods and what the holders of this new wealth need from the wealth management industry.

Callum McCutcheon, Director at PWC Channel Islands, said modern entrepreneurs are generally more accustomed to having access to data and connectivity.

“Be bold with technology,” he urged advisors. 

Callum praised Guernsey’s connectivity as a jurisdiction, saying: “Guernsey is known for its internal and external connectivity. Firstly, to other financial hubs, but also internally through collaboration between business, government and the regulator, which means it is able to adapt quickly to market needs.”

Callum shared the stage with Alexa Collis, Partner at Harbottle & Lewis, Catherine Grum, Founder of Catherine Grum Consultancy Ltd and Hannah Wailoo, Partner at Withers LLP.  

The conference ended with a keynote fireside chat with CEO and entrepreneur Steven Bartlett.

5 February 2024

ASIA: Asian Development Bank commits record climate finance of almost US$10 billion in 2023

The Asian Development Bank (ADB) committed a record amount of climate finance in 2023 to help its developing member countries (DMCs) in Asia and the Pacific cut greenhouse gas emissions and adapt to

Read More
18 October 2024

UK: Overseas UK territories are the ‘biggest enablers of corporate tax abuse,’ tax advocacy group says

Advocacy group the Tax Justice Network has ranked the British Virgin Islands, followed by the Cayman Islands and Bermuda as “most complicit” in helping multinational corporations underpay corporate

Read More
25 May 2024

EU: EU Sues Spain Over Failure to Implement Merger Tax Rules

Today, the European Commission decided to refer Spain to the Court of Justice of the European Union for failure to ensure correct implementation of the Merger Directive on the common system of taxation

Read More
12 February 2024

EU: The EU has agreed on new financial rules to be adapted to each country’s situation

The Council and the European Parliament reached an agreement on the reform of the EU tax rules which, after four years of being frozen by the pandemicwill again limit the debt and deficit of the Member

Read More