Guernsey Woos Russian Investors
Monday, May 9, 2011
A delegation from Guernsey's finance industry is to visit Moscow during May
to investigate potential opportunities to develop business synergies between
the two financial centres.
Guernsey has been developing its presence in the emerging markets
during the last five years. The island opened a representative office in Shanghai
at the end of 2007 and sent its first official delegation to India towards the
end of last year. The visit to Moscow during the week commencing May 16 will
represent Guernsey’s initial coordinated activity in Russia.
Fiona Le Poidevin, Technical Director and Deputy Chief Executive of Guernsey
Finance, the promotional agency for the island’s finance industry
internationally, said that: “It is important that we sustain our relationships
in centres such as London that have traditionally acted as our principal sources
of new business but we also need to continue raising awareness of Guernsey in
the emerging markets where there are increasing amounts of private and corporate
She added that: “Our work in both China and India is now underway and progressing but
potentially Russia also offers significant possibilities. We know that there
are existing business links between Guernsey and Russia, not least in the investment
sector where several successful vehicles have been established for inward investment
into the country or the surrounding region. Now the team is visiting Moscow
to see if there are further opportunities for us to build on this success.”
The Guernsey delegation to Moscow will comprise Fiona Le Poidevin; Stuart
Phillips, Director at PKF in Guernsey and Chairman of the Guernsey Russian and
Eastern European Financial Forum (GREEFF); Gerald Hough, Managing Director of
Investor Services for State Street in the Channel Islands; and Irina Blin from
Accent Multilingual Services who will help with interpreting during the visit.
The itinerary includes meetings at the British Embassy and the Russo-British
Chamber of Commerce, as well as with senior representatives from investment
banks, investment managers and leading legal and accountancy firms.
“What we have seen over the last couple of years is that increasing
numbers of local practitioners in Guernsey have expressed an interest in the
potential business opportunities in Russia. This was highlighted when the Guernsey
Chamber of Commerce held a ‘Doing Business in Russia’ event about
18 months ago and where one of the key speakers was Stephen Dalziel, Executive
Director of the Russo-British Chamber of Commerce,” La Poidevin continued.
“It was that event which led Stuart Phillips to form GREEFF as a focal
point for financial services firms and practitioners either already doing or
looking to do more business with Russia or the Eastern European region. GREEFF
then asked Guernsey Finance to become involved and we have facilitated a number
of activities, such as joining the Russo-British Chamber of Commerce and exhibiting
at a special Russian-focused conference hosted by the British Private Equity
and Venture Capital Association. This visit is the next step of assessing
more precisely the further opportunities that might be open to us and how we
then take these forward,” Le Poidevin said.