US managers have been looking at using Guernsey and Jersey structures.
Guernsey Finance, the promotional agency for the island’s financial services industry, has appointed a dedicated representative for the US – Jonathan Gamble, formerly of Asset Risk Consultants, where he worked for two decades. The hire is an example of how such jurisdictions are tapping the US market, promoting themselves as a conduit to Europe.
“The US market represents many great opportunities for Guernsey, which is well known for being a conduit for global capital flows,” Gamble said in a statement.
Gamble holds the Fellow and Chartered Wealth manager designations from the Chartered Institute for Securities & Investment and is a qualified member of the Society of Trust and Estate Practitioners (STEP). Amongst other roles, he is a STEP Guernsey committee member, a trustee of the Elizabeth College Foundation and has held a number of listed and non-listed non-executive positions.
“Jonathan has significant experience in investment banking from his time on the trading floors of Morgan Stanley International, and Société Générale Sydney and Singapore, where he was chief dealer and regional chief dealer in Singapore respectively,” James Crawford, director of international business development said. “It is clear that Guernsey is gaining more visibility as a key jurisdiction for investment funds, insurance and private wealth in the United States. Jonathan will give the American market a more consistent Guernsey presence and ensure that Guernsey solutions remain front of mind for clients and their advisors.”
Rival Channel Island hub Jersey has already had a presence in the US, and explained its rationale for the move here.
After Brexit, US investors seeking an entry to the UK and continental European market, have a route via the Channel Islands jurisdictions through private placement. for example. Last July, offshore law firm Walkers said in a note: "Over the last few months, we have started to see new trends in inquiries and instructions regarding the use of Jersey and Guernsey structures by US managers targeting either European assets, or European capital."