The Channel Islands have a long association with the Investment Management industry. In the 1980s the industry revolved around traditional long equity and bond funds. In more recent years, challenged by the growing appeal of European Union (EU)-based territories as locations for fund assets, Jersey and Guernsey have built highly competitive offerings to meet the emerging needs of a rapidly evolving alternative investment industry.
The industry as a whole has grown to an estimated £144.3 billion and £115.5 billion of funds under management at 30 June 2008 in Guernsey and Jersey respectively. To achieve this level of growth, the Channel Islands have built a reputation for high quality knowledge and expertise in the alternative investment market and the islands have become alternative investment centres of excellence. The Jersey and Guernsey investment management industry bodies and regulators work closely together to create legislative frameworks that enable the promoters of offshore structures to meet the evolving needs and demands of investors in a timely manner.
The PwC Channel Islands firm has a team of over 200 staff providing assurance, tax, and advisory services. We act as auditors for 51% of all funds serviced in Jersey which amount to over 740 funds domiciled or administered in the Island. In Guernsey we act as auditors for more than 30% which amounts to over 525 funds. This impressive statistic places us as the leading auditor to funds in both islands.
We deliver an unrivalled level of expertise in tax planning, regulatory and structuring issues associated with the formation, administration and operation of alternative funds. Combining local industry knowledge, strength of long established relationships with the major participants in the marketplace, with the expertise of professionals across our global network of firms enables us to deliver the exact combination of experience and expertise our clients require.