Guernsey and Augentius – both winners!

By: GIFA, Tuesday, October 17, 2017

Guernsey won the award for the “Best Centre for Fund Administration” and Augentius as the “Best Fund Administration Team” at the recent Investment Week, Fund Service awards. This is a real accolade for both Guernsey and Augentius. The awards are highly competitive and it takes an awful lot to win.

Guernsey managed to beat Jersey (Highly Commended), Dublin and Luxembourg to the accolade. No mean feat given all the news about fund managers apparently moving to Dublin and Luxembourg (with all the costs and surrounding issues). But what is happening in reality? In the latest Augentius industry survey we asked fund managers where they were likely to domicile their next Private Equity or Real Estate Fund. – with over 66% selecting either the UK or the Channel Islands as their domicile of choice, pouring some cold water on the notion that Brexit will have everyone moving across to continental Europe.

Competition was similarly high for the “Best Fund Administration Team” award won by Augentius with six potential winners shortlisted. No longer is Fund Administration just about getting the numbers right. Our clients are operating in a landscape that would have been unrecognisable just five years ago. The immediate post-crisis climate triggered a deluge of new regulation that continues to roll around the globe. From FATCA to Dodd-Frank to AIFMD and beyond, the volume and complexity of data that fund managers are expected to capture and report to regulators and investors alike has ballooned. Regulation aside, funds are also facing a more complex landscape as ongoing globalisation opens up a variety of new markets, all with their own idiosyncrasies.

And as the industry has changed so the role of the fund administrator has expanded.  Specialist knowledge of the private equity and real estate industries is critical to service the industry to the standards that it expects. And it was for this reason allied to the use of extensive technology and close team working across multiple teams that won Augentius its award.

It is fantastic to see both Guernsey and Augentius winning awards together at the same event. Guernsey has been at the heart of the Augentius Group since its inception. The understanding of the Private Equity and Real Estate sector in Guernsey, and the ability to create fund structures that meet the needs of the industry, in a timely manner, is second to none. Similarly the high level of regulation and oversight is both reassuring to managers and investors alike, whilst ensuring that managers and administrators adhere to the rules in a pragmatic and sensible manner

Substantial change is on hand for our industry – and is coming from many different “angles”. Not only has the UK and Europe to address the Brexit issues, but the European regulators need to address the passporting of funds from “third” countries which of course includes Guernsey. None of us can guess  the outcome of those changes – but suffice to say we have every confidence that Guernsey will address all change in a pragmatic and straightforward manner and will be an even stronger domicile going forward.

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