With financial services being cited as the engine of its economy - and EU Finance Ministers recently naming it as a cooperative jurisdiction in terms of Tax Good Governance - Leonard Curtis Business Solutions Group has just expanded to Guernsey.
It’s the professional services group’s 18th location and first offshore office. The opening comes shortly after Leonard Curtis was approved as an AGN International member - the first and only from the 177-strong association to have a presence in the Channel Islands.
Headed by offshore corporate advisory and restructuring specialist Matthew Wright, Leonard Curtis is now operating from Ann’s Place, in St Peter’s Port.
Its expansion to the Channel Islands will support company owners, stakeholders, fund managers, lawyers and other professional advisers who are doing business with - or housing assets in - Guernsey and Jersey with a local service undertaken from within the jurisdiction.
The locally-based, highly experienced team is already delivering positive strategic advice to clients. It enjoys a proven track record of protecting assets and rescuing distressed businesses and funds in an era of unprecedented economic uncertainty and in the wake of a number of high-profile insolvency cases in the island.
Matthew Wright, director of Leonard Curtis Guernsey, said: “The island is one of the largest and most well-respected offshore financial centres in the world, with a thriving funds industry and modern and innovative legislation. Some 1,000 investment funds and well over 2,000 sub-funds are currently domiciled in the island.
“The current value of funds under management and administration in Guernsey is just over £280bn - an increase in net asset value of £1.7bn on the previous year. So, it goes without saying that there’s great opportunity for us here as locally-managed rescue, restructuring and refinancing specialists with the support of an 18-strong office network of experts and contacts behind us.
“We hope that by opening an office in Guernsey, we’ll provide accountants, lawyers and other financial advisers with a prompt to ask their clients if they have assets here or in the Channel Islands and how they’re performing. It is often the case that professionals don’t have specialist contacts in offshore territories who can assist them and their clients with what can often be complex matters. This is an area where we can now add value.”
Daniel Booth, director of Leonard Curtis, said: “Guernsey provides us with an excellent and timely opportunity to provide local specialist services to a growing market.
“We’re also delighted to welcome Matthew, who is such a high calibre addition to our team. As a fellow of the Association of Chartered Certified Accountants (ACCA), he brings with him over a decade’s offshore experience gained predominantly in the Cayman Islands where he was a board member of the Cayman Islands chapter of INSOL. He’s acted as court appointed liquidator for several Cayman Islands funds and companies and as Liquidating Agent, Director and Manager of a number of illiquid and distressed funds, outside formal insolvency procedures.
“With such a strong offering, I’m pleased to say that our welcome has been so warm that we’re already busy and looking to grow the local team here in the island.”