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.

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.