A significant industry development recently took place with the establishment of a new Association specifically created to represent Channel Island’s Investment Management firms. The Channel Islands Wealth Management Association’s (CIWMA) main purpose is to create a unified voice for CI Investment Management firms enabling its members to collaborate whilst continuing to uphold the highest standards of professional development and integrity.

Co-founders Simon O’Donoghue, Chair and Mo Baluchi, Vice Chair (photo attached) and the CIWMA Committee – Euan Dangerfield, Richard Hughes, Mehul Kotedia and Aimee Maskell recently hosted the inaugural meeting at 10 Hill Street with socially distant, celebratory drinks hosted afterwards at Mimosa. After the Chair’s introductory comments, the Director General of the JFSC, Martin Moloney, provided the attendees with an excellent and well-received presentation which covered a number of pertinent topics – Environment, Social and Governance (ESG), Professional Indemnity Insurance (PII), Fiduciary Duty, the National Risk Assessment and the JFSC strategy, in particular, were highlighted.

The CIWMA intends on liaising closely with other local and international industry associations, building and strengthening alliances with leading bodies such as the Personal Finance Society, the Chartered Institute of Security and Investment, the Institute of Directors and others. Of equal importance will be collaboration and engagement with Government bodies, primary examples being the JFSC and GFSC, Jersey Finance and We are Guernsey. At this stage of CIWMA’s development, firms holding Jersey regulated Investment Business (A, B, C) licences and Guernsey regulated (Protection of Investors) Investment Licensees were and are invited to be members.

The future evolution of the CIWMA looks extremely positive with further initiatives being planned and created including the formation of sub-Committees encompassing Technology, Diversity and Education. New members are already becoming involved and contributing to these initiatives.