Belasko wins WealthBriefing Channel Islands Award

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Leading wealth management industry participant, Belasko has been selected as a winner in the ‘Client Lifecycle Management’ category at The WealthBriefing Channel Islands Awards 2024.

Showcasing ‘best of breed’ in the Channel Islands region, the awards have been designed to recognise outstanding organisations grouped by specialism and geography which the prestigious panel of independent judges deemed to have ‘demonstrated innovation and excellence during the last year’.

Each of these categories is highly contested and is subject to a rigorous process before the ultimate winner is selected by the judges. It is this process that makes WealthBriefing Channel Islands awards so prized amongst winners.

Participants around the world recognise that winning awards is particularly important in these challenging times as it gives clients reassurance in the solidity and sustainability of the winner’s business and operating model.

Commenting on the firm’s triumph, James Michel, Private Wealth Director, said:

“Winning this award validates our commitment to excellence and bolsters our reputation as a leading private wealth provider. It enhances our visibility among prospective clients and our intermediary network, strengthens our position in competitive markets and will hopefully open doors to new opportunities and partnerships. Our team’s expertise and dedication are at the heart of our success and their collaboration and shared commitment to client success have cemented Belasko’s reputation for excellence.”

Stephen Harris, ClearView Financial Media’s CEO, and publisher of Wealthbriefing, was first to extend his congratulations to all the winners “Every category winner and highly commended firm has been subjected to rigorous and independent judging process and be rightly proud of the success they have achieved this year. “We have seen a marked increase in entrants and interest in all our global awards programmes and Wealthbriefing MENA is no exception. These awards are so beneficial as they give organisations and individuals the opportunity to clarify their strategic thinking, have it independently validated, be recognized internally and externally and to celebrate in style with their peers.

I offer my congratulations and best wishes for the future to all winners and highly commended firms – they are all worthy recipients who join the elite list of wealth management professionals who form global elite of Wealthbriefing Channel Islands winners”.

Winners and highly commended companies were announced on 5 December 2024 at The Royal Yacht Hotel.

If you’d like to find out more about our private wealth service offering in the Channel Islands, please get in touch with Ross Youngs ([email protected]).

Jersey Private Fund Regime Updates: Faster, Flexible, and Inclusive

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On 02 July, the JFSC announced new updates to the Jersey Private Fund (JPF) Guide, with Jersey Finance [1] providing a summary of the key changes to the regime that are designed to further enhance it.

Jersey Private Fund Guide: What’s New?

Carry and Co-Investment Vehicles

The new guidance recognises that co-investment can, in some cases, form part of a fund’s carry or incentive arrangements.

Investor Eligibility
  • General: Investor eligibility is now clarified, ensuring that eligibility criteria are satisfied upon admission and remain valid even if there’s a change in status (e.g., a departing employee, director, partner, or expert consultant).
  • Transfers: In involuntary interest transfer cases, such as death or bankruptcy, the transferee must meet the investor eligibility requirements, albeit not necessarily through the same criteria as the transferor.
  • Service Providers: The ‘professional investor’ category has been broadened, replacing ‘senior employee’ with ‘financially sophisticated employee’ and including ‘expert consultant’ for greater inclusivity and flexibility.
Governing Body

The JFSC now expects at least one Jersey resident director to be appointed to a JPF board or its governing body. The 2024 JPF annual compliance return will collect data on board compositions, including how many Jersey or non-Jersey resident directors and how many of those directors are employees of the Jersey-based designated service provider (DSP) on the board.

Non-JPF Arrangements

Guidelines for arrangements not classified as JPFs, including family and incentive arrangements like carry and co-investment vehicles, have also been updated. The definitions for employees and family connections now encompass trusts established for individuals meeting the expanded definition of ‘family connection.’

Additional Key Changes
  • Money Laundering and Outsourcing: References to the Money Laundering (Jersey) Order 2008 and the JFSC’s Outsourcing Policy have been included.
  • DSP Regulation: From July 2024, regulated persons registered solely for investment business under the Financial Services (Jersey) Law 1998 will no longer be able to apply as the DSP for a ‘very private’ JPF (with 15 or fewer offers/investors).

Benefits of Using a Jersey Private Fund

The JPF regime offers fund promoters a cost-effective, fast-track (48-hour) regulatory approval process for private funds, allowing up to 50 eligible investors to participate. This streamlined approach has made Jersey an increasingly attractive domicile for private capital funds and JPFs remain a very popular solution for our fund clients.

The benefits of using a JPF include:

  • Reputation: Jersey’s robust legal and regulatory framework and commitment to high standards of compliance add a layer of trust and security for investors. This has been recently recognised in the Jersey MONEYVAL Mutal Evaluation report[1] which confirms that Jersey’s effectiveness in preventing financial crime is among the highest level found around the world.
  • Appropriate regulation: The JPF regime has been designed for professional or other eligible investors and is light touch from a regulatory perspective with checks and balances built in to ensure investor protection.
  • Efficiency: The 48-hour fast-track regulatory approval process significantly reduces time-to-market for funds.
  • Cost-Effectiveness: Lower setup and operational costs make JPFs a financially attractive option.
  • Flexibility: The regime accommodates a variety of investment structures, including carry and co-investment vehicles.
  • Investor inclusivity: Broad and clarified investor eligibility criteria enhance the attractiveness for a wider range of investors.

The enhancements to the JPF regime further solidify Jersey’s position as a leading jurisdiction for private funds, providing an optimal blend of efficiency, flexibility, and regulatory integrity.

Belasko are a next-generation fund administrator and in Jersey, our expert team provide full-scope, tailored fund administration services across all types of Jersey fund vehicles. We offer a stable tech-enabled solution, built on robust processes and procedures, that allows our clients to focus on enhancing performance and long-term growth. Further detail of the comprehensive changes can be found in the consolidated redline version of the updated guide.

Get in touch if you’d like to discuss how we can support you with your fund administration in Jersey:

Scott Nelson, Client Services Director ([email protected])

[1] https://www.jerseyfinance.je/news/updated-jersey-private-fund-guide/

[1] https://www.jerseyfsc.org/industry/international-co-operation/international-assessments/moneyval/2024-moneyval-evaluation/

 

Belasko appoints new Group Head of Marketing

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Belasko is pleased to announce the expansion of its leadership team with the appointment of Alice Heald as Group Head of Marketing.

In her new role, Alice will leverage her extensive 10+years of financial services marketing experience to spearhead strategic marketing initiatives across Belasko’s core markets.

“We’re delighted to welcome Alice to our team,” said Ross Youngs, Chief Commercial Officer at Belasko. “We’re setting our sights on ambitious growth goals in the coming years and now, with Alice on board, she can lead the charge in strengthening our marketing strategy, pushing boundaries and elevating the Belasko brand to new heights”.

Prior to her role at Belasko, Alice has worked at companies including SS&C Technologies and Intertrust Group (now CSC), where she’s gained invaluable insights and experience into executing bespoke marketing campaigns tailored to the private capital funds and financial services sectors.

On her appointment, Alice said: “I’m thrilled to be joining the team at such an exciting time of rapid growth, change and evolution for this business. I’m here to challenge the status quo, redefine the way we do things and be bigger and bolder in our approach to really set ourselves apart from the masses. Most of all, I’m excited to be a driving force of growth and innovation that will help take Belasko to the next level. Let’s get started!”

Striking a work/life balance: Interview with Raiders’ Tom and Dom

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Almost one year into our sponsorship of the Guernsey Raiders, we caught up with Tom Teasdale, Senior Fund Administrator, and Dom Rice, Manager in our funds team, on how they balance work and rugby commitments and the similarities between working in the office and being on the pitch.

How do you balance work and rugby commitments?

Tom said, ‘Belasko has always been supportive of our rugby commitments, and this goes across the board for people’s hobbies and activities outside of work. They understand that people need that flexibility sometimes and are happy to work around you.

‘When we’re training, we have the option to be flexible with our working hours to make sure we meet the commitments inside and outside of the office. The culture at Belasko allows you to make your day your own. ‘

Dom, with the extra challenge of captaining the team, do you have any tips on how best to strike a balance between work commitments and team commitments?

Dom said: ‘Planning is essential. I manage my work diary and also have a combined personal diary to ensure I’m giving my all to both commitments. I find they work quite well together with a lot of transferable skills, so neither one really takes away from the other.

‘As long as you can get a strong handle on managing your time and understanding where one can be flexible with the other, then whilst difficult, it can be handled with ease.’

What are some of the transferable leadership skills you have picked up as captain of the raiders and a Manager in the Funds team at Belasko?

Dom said: ‘Rugby is a great sport for anyone. I would recommend it to any young sportspeople. My rugby career has shaped the person I am today and has promoted qualities and a sense of culture that I bring into the workplace.

‘My experience has shaped the way I handle challenges, and skills such as bringing people together and creating a strong team mentality has definitely transferred across. At Belasko, our culture is very important and we work closely as a team to deliver the best for our clients. You have to build a sense of trust and support in any team to ensure you’re working, or playing, at the highest possible level.’

Tom and Dom, are there any other similarities between working in the office and being out on the pitch?

Dom said: ‘Communication skills, teamwork and strong people skills are all vital, both in the office and on the rugby field. In team sports, you’re working with a group of 20-30 people who are all going to have naturally different personalities. It can be challenging to figure out how to work best with everyone and act cohesively as a team. This is also true within an office environment.

Tom said: ‘Of course, not everything carries across – you can’t tackle anyone in the office – but learning how to communicate effectively, manage challenging situations, diffuse tension and achieve positive outcomes is essential.

‘Playing rugby pre-employment can help you become more confident. Sometimes being younger and coming into the world of work at a junior level can be intimidating, but the communication skills you pick up playing a team sport like rugby can really help at work to make you feel comfortable speaking in a group or delivering a presentation.’

What support have you both received from Belasko towards you rugby commitment?

Dom said: ‘The sponsorship has been incredibly beneficial, and it’s been really nice for the office to feel more involved. It’s a great environment because everyone knows we play and people from work often come to watch matches. The care and interest in our hobbies feels very supportive and shows how close we are as an office.’

Tom said: ‘Andy Bailey, Group Head of Private Wealth at Belasko, used to play rugby and knows a lot of the other members of the Raiders. One great thing about being part of a local team in Guernsey is that there’s a real community feel, and our colleagues get involved in that as well. Playing for the Raiders is about representing something bigger than yourself, and I think that ethos goes hand in hand with the values at Belasko.’

Belasko grow Guernsey headcount with seven appointments

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Belasko has made seven appointments in Guernsey continuing its talent acquisition drive, including the appointment of Hannah Dunnell as Managing Director in Guernsey.  

The seven new appointments bring more than 90 cumulative years of experience to Belasko, and the addition of an experienced and talented leader with Hannah Dunnell as Guernsey’s new Managing Director. 

Hannah is an Associate of the Chartered Governance Institute and in her new role she will focus on how governance interplays with processes, people and culture across the business. She said: ‘I’m passionate about culture and promoting the development of the next generation, particularly the continued development of women in business. This latest round of appointments, including my own new role, is exciting for the future of Belasko and our continued upwards trajectory. 

‘In my view, people are the biggest asset of a business and therefore, must be considered in every aspect of evolution for an organisation. I feel a natural synergy and cohesion with the team here at Belasko; something that will be integral in driving the growth of a dynamic business.’ 

The group of new hires will support the growth of the business and the implementation of its unique client services model.  

The appointments include the creation of three new management positions across our services; with Daniella Hatton and Ceisha Martin in Fund Administration and Kirstie Trudgeon in Operations.  

Jane Ravenwood has also been appointed as a Senior Fund Administrator, Steffie Flynn has joined Belasko as a Fund Administrator and Georgia Parrish has started in the position of Compliance Officer. 

Paul Lawrence, Group Managing Director, said: ‘We are thrilled to be expanding the business with a strong and experienced group of new joiners. They will work with Belasko to implement a robust structure and service, bolstering the team and strengthening our services.’ 

This round of appointments also sees existing Guernsey team member Gregory McKenzie move to Luxembourg and taking on the role of Managing Director, continuing the growth of our Luxembourg office alongside Graham Parry-Dew. With three years’ experiences managing the Guernsey office, Greg’s move promotes collaboration and cohesive structure across the Belasko jurisdictions. 

Belasko launch People and Culture Task Force

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Belasko has launched its People and Culture Task Force; a team working across all four jurisdictions which will focus on building collaboration across the group, develop and maintain a cultural identity and design a cohesive strategy for engagement.  

The active team, made up of 11 ambassadors, has outlined its core values, which will be the guiding force for their activity and used to enhance the business’ vision.  

We’re pleased to welcome a wide range of backgrounds to the team as we look to meet the needs and develop an inclusive and supportive culture for all members of the group, across all jurisdictions.  

Meet the People and Culture Ambassadors below: 

UK team: 

Katie Bodman – Group Head of Learning and Development 

Natalie Iacona – Business Operations Analyst 

Naomi King – Accountant 

Georgie White – Accountant 

Jordan Mills – Accountant 

 

Jersey team:  

Amanda Moffat – Group Head of HR 

Niamh Fountaine – Director 

Lucy Casado-Martines – Senior Accountant 

Emily A’Court – Manager 

 

Guernsey: 

Emma Swieton – Group HR Officer 

Hannah Dunnell – Managing Director

 

Luxembourg:  

Charles Bettingen – Corporate Manager 

 

The People and Culture ambassadors will work to build a cohesive culture strategy across Belasko and we can’t wait to see the excellent and supportive work they do for the group.  

Belasko appoints new Associate Director in Guernsey

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Belasko continues the growth of its senior leadership team with the appointment of Alex Le Prevost as Associate Director.

In his new role, Alex will utilise his 18 years of experience in the private wealth sector and oversee the Guernsey fiduciary team and drive growth initiatives within the business. 

Andy Bailey, Group Head of Private Wealth at Belasko, said: ‘We are pleased to welcome Alex to the team. We look forward to supporting him drive new initiatives and continue the business’ chapter of growth across all jurisdictions of operation. His experience and knowledge of off-island markets complements our existing team.’ 

Alex has a strong background in the South African market and is eager to share his knowledge of client relationships with the team.  

On his appointment, Alex said: ‘I’m very excited for the opportunity to be a part of Belasko’s exciting future and join what is already an energised senior management team. I look forward to working across our jurisdictions to continue delivering excellent client services.’

Belasko acquires Jersey-based family office

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Belasko has acquired Jersey-based family office business, BKS Family Office Limited, to complement and expand Belasko’s existing family office and private wealth offering.

The deal increases the experience and capacity across the group in Jersey, Guernsey, Luxembourg and the UK.

Paul Lawrence, Group Managing Director at Belasko, said: ‘We’re delighted to have come to this agreement with BKS which will build the scale of our operating model in Jersey whilst continuing to deliver outstanding client service. The acquisition of BKS delivers critical scale to our Jersey business but also enhances our private wealth and family office services across all of our operating jurisdictions. This acquisition cements our commitment to Jersey and our continued innovation in the family office sector.’

Chris Bevan, Managing Director at BKS, added, ‘We were looking for the right partner to help BKS in the next chapter of its growth whilst supporting succession goals for our leadership team. The personal relationships with Paul and the entire Belasko team gave us the confidence that we could do this whilst continuing to look after our clients and all members of the team.’

The combined Jersey business will relocate to the existing BKS offices on New Street with 35 highly experienced private wealth practitioners, another milestone for the Belasko Group.

Belasko promoted 14 members of the group

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The Belasko team can now announce 14 promotions across the Group, including new Associate Director in Luxembourg, Angelique Pecheur.

Angelique is heading up the corporate secretarial team. She joined Belasko in 2021 with more than 15 years of experience in management and fund services.

This round of promotions includes three new managers, two new assistant managers and three senior positions across the group.

Paul Lawrence, Group Managing Director, said: ‘We are thrilled to share this host of well-deserved promotions across the Group. At Belasko, we support the personal and professional growth of our people and it is excellent to see all of our locations levelling up their offering and continuing to deliver first-class financial services.’

Belasko expands operation in Luxembourg

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Belasko has relocated its Luxembourg office following the business’s expectation-breaking growth.    

Belasko has now moved to a new office space at 43-45 Allée Scheffer which will enable and encourage further development and expansion for the business.  

Ross Youngs, Commercial Director at Belasko, said; ‘The team and I are delighted with the growth we have experienced. It affirms our view that putting clients front and centre, proactively training our teams, investing in great technology and focusing on stability are the key building blocks of our success.’ 

The new premises will reinforce Belasko as an employer of choice and cement Luxembourg as a key jurisdiction for the business.  

Ross continued, ‘We received CSSF approval for our funds business in May 2022 and have quickly outgrown our previous office. We are very excited about working with our customers in Luxembourg and are proud to have secured such great premises for our staff and clients alike.’ 

‘We’re proud that Luxembourg is one of our four chosen jurisdictions. Since opening in Luxembourg in April 2022, the team have achieved fantastic organic growth and we look forward to many more years to come.’