The Jersey Trust Company group (JTC) has opened an office in Guernsey that will complement the services provided from its Jersey, Luxembourg, United Kingdom and British Virgin Islands offices.

Already established as one of Jersey’s leading independent trust companies, the establishment of JTC Guernsey further strengthens the group’s strategic commitment to expand into new jurisdictions.

The Guernsey office will provide fund administration and trust and company services to new and existing clients. The new business will serve a global network of clients, offering the excellent customer service standards and high levels of expertise that are at the heart of JTC’s growing reputation.

In his capacity as Director, Paul Smith will be heading up the Guernsey office. He was previously Managing Director of RMB Investment Services and, prior to that, BNP Paribas Fund Services, both in Guernsey. Paul has extensive experience within the Guernsey financial services industry, particularly in the funds sector.

“Guernsey has come through the financial crisis in a very strong position, particularly in relation to funds,” said Paul Smith. "The Island continues to be held in high regard internationally due to the stance that it takes on both taxation and regulation and is seen as one of the world’s top international financial centres. Guernsey’s fast-track application process for establishing new funds also gives it a distinct advantage over other jurisdictions and it leads the way in having more companies listed on the London Stock Exchange than any of its close competitors.”

“JTC sees Guernsey as key to its growth strategy, especially in the funds arena. The Island has an entrepreneurial approach that makes it ideal for the establishment and administration of bespoke and specialist funds. Guernsey is often the chosen jurisdiction for real estate, private equity, venture capital and infrastructure funds. We are also seeing particular interest in green technology issues such as renewable energy and environmental funds.”

Paul has recently been joined by Jo Nicolle who will be working for the Guernsey funds practice as a Director. Jo has extensive knowledge of the fund administration sector, having acquired over 25 years experience within Guernsey’s fund industry. Prior to joining JTC, she successfully held senior management positions with Credit Suisse, HSBC and Bank of Bermuda in all of the key service areas.

Nigel Le Quesne, JTC’s Group Managing Director, is excited about the expansion in Guernsey.

“Jersey and Guernsey are similar jurisdictions, particularly in terms of the quality of regulation and the levels of service they provide. There are however, a number of differences that make them attractive for particular clients or structures.

“We often receive requests from clients who would like to establish funds and structures in V7.0 Guernsey and now that our Guernsey office is open for business, we are able to provide the full breadth of services that they require.

“Paul and Jo have done a great job setting up JTC Guernsey and I’m looking forward to working with them to make the new venture into a great success.”