Guernsey: A laboratory of innovation

From: Institutional Asset Manager

By James William

The funds sector has matured and developed into a more sophisticated market than it was 10 years ago. Technology advances and product innovation in new asset classes has deepened the funds industry, creating more complexity as a result. At the same time, over the last decade, demands on jurisdictions have risen in terms of the level of support that needs to be provided, in terms of substance and effective oversight. Guernsey has always been cognisant of this and has evolved in step with those changing times.

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“Our strategy has been to utilise our regulatory autonomy to create the world’s first green fund product; the Guernsey Green Fund (GGF). We intend to build on this and develop more ESG products. It’s necessary to anticipate what fund managers will want, going forward, and be able to provide them with the product capabilities and wrap-around services.”

The consultation process for the GGF closed at the start of June, incorporating feedback from industry players, and the Guernsey Green Fund was launched earlier this month. This is effectively an entirely new asset class for the jurisdiction where the underlying assets will need to conform to green credentials and will need to be verified by a third party or a licensee.

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