Whilst it is too early to predict how the relationship between the UK and the EU will be redefined, Guernsey’s own relationship with the UK remains unchanged. Guernsey is and will continue to be outside the EU and third country provisions in relation to financial services will remain unchanged. Inevitably there will continue to be a period of uncertainty until Article 50 is triggered and the negotiations conclude.
Mark Huntley, CEO of Heritage Financial Services Group commented: "Whilst it is still early days, we have to wait and see how the UK’s exit from the EU plays itself out. Heritage continues to have a strong foothold in the EU with our office in Malta, which before the referendum was already benefitting from a rapidly growing funds industry and a robust but pragmatic regulatory environment.
"We have carried out a careful evaluation of our business since the Brexit vote was announced. We believe alternative funds in the sectors where we operate could benefit in the current environment as the demand for yield, the effects of a weaker sterling and market corrections can present interesting investment opportunities for our client groups and for private clients investing from outside the UK. We continue to see particular interest in launches and secondary raisings in private equity, credit, infrastructure and renewable funds. Heritage will continue to work closely with clients to provide guidance and assistance as required to maximise opportunities during this period of change."