Belasko 2024: Year in Review

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Belasko 2024: Year in Review

As the year draws to a close, our CEO Ed Green, takes a moment to reflect on Belasko’s performance and achievements in 2024.

I am pleased to report on a period of growth, innovation, and dedication across all areas of Belasko. Despite a challenging global environment, our achievements underscore the strength of our strategy, the commitment of our team, and the trust placed in us by our clients.

Strong financial performance

2024 has been another strong year for the business. We are finishing the year with significant revenue growth, reflecting a consistent double-digit compound annual growth rate (+25% over the past five years), supported by a robust operational presence across our four strategic European locations in the UK, Luxembourg, Jersey, and Guernsey. With growth being a key focus this year, we’re proud to have secured a number of significant new mandates joining the Belasko family.

As a business, we administer over $12 billion in assets reinforcing our position as a trusted partner for a global client base, backed by a dedicated workforce of over 120 talented professionals.

Continuing to build our technology and people platform

Belasko’s commitment to innovation and excellence remains at the forefront as we strengthen both our technological capabilities and our people-first approach.

This year, we launched our Belasko Client Portal, marking a transformative step in how clients access and manage their investments. The portal offers a seamless and secure digital experience, reaffirming our dedication to delivering cutting-edge solutions that simplify and enhance client interactions.

We’ve also made strategic investments in strengthening our team with notable hires in extending our fund accounting, technological innovation and marketing capabilities, bringing fresh perspectives and expertise to support our growth. These additions underline our focus on cultivating talent and ensuring that our workforce remains a driving force behind our success.

Moreover, we are proud to be advancing towards ISAE 3402 accreditation, a testament to our unwavering commitment to operational excellence, governance, and trust.

A people-first approach

At the heart of Belasko’s success is our people. This year, we’ve achieved a high retention rate of 84% highlighting that we continue to be a workplace where employees feel valued and supported.

The launch of our People & Culture Taskforce has further strengthened our internal community and has helped foster engagement, encourage collaboration across offices, and champion work-life balance initiatives. Among these was the STEPtember challenge where our teams logged an impressive 10.7 million steps – the equivalent of walking from London to Hong Kong! Beyond the numbers, it reinforced a spirit of camaraderie and promoted physical and mental well-being.

We’ve strived to continually support our team, enhancing employee benefits and introducing some additional initiatives aimed at improving work-life balance such as Flexi-Fridays and birthday holiday allowance.

Through our Belasko in Society initiative, we also focused on giving back. Partnering with Magic Breakfast, we raised funds equivalent to providing 285 weeks of breakfasts to a child or meals for 65 children for one month, supporting young learners in need.

Together, these efforts underscore Belasko’s dedication to being a people-first organisation.

Reaching new milestones

This year saw the opening of our London office, a significant step forward in our growth journey and a reflection of our ambition to grow alongside our clients.

Commitment to sustainability

Belasko’s commitment to sustainability remains a cornerstone of our operations. Our 2023 Sustainability Report, developed with Terra Instinct, highlighted key achievements, including maintaining low carbon emissions as part of our efforts to reduce our impact on the planet. With a workforce that is 49% female, we continue to champion diversity and inclusion while striving to minimise our environmental footprint.

Enhancing visibility in the market

Belasko’s presence and influence in the industry have grown significantly this year, thanks to strategic partnerships and active participation in key events and associations.

Our partnership with the BVCA has been a cornerstone of this strategy. By sponsoring three of their flagship events, including the Annual Summit and the Tax Policy Conference, we’ve positioned ourselves alongside leading voices in the private equity and venture capital space. This collaboration has provided invaluable opportunities to connect with industry leaders, showcase our expertise, and contribute to shaping discussions on critical topics impacting the sector.

We have actively engaged with local industry associations in Jersey, Guernsey, and Luxembourg, staying ahead of market trends and regulatory changes while strengthening our networks and sharing insights.

Belasko are also proud to have recently been awarded the Channel Islands Wealth Briefing Award for Client Lifecycle Management. This recognition reflects the success of our innovative approach to supporting clients through every stage of wealth creation, preservation, and transition.

Looking ahead to 2025

As we look to the future, I am excited about the opportunities that lie ahead. Our growth trajectory is hugely promising, and we are eager to expand our reach and capabilities while maintaining the high standards of service that define Belasko. Together, we will continue to build on our success, delivering exceptional value to our clients and stakeholders in 2025 and beyond.

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!”

Belasko sponsors BVCA Accelerate conference

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Belasko is proud to sponsor the BVCA Accelerate conference, taking place across 21-22 May 2024.

The two-day conference will cover key industry topics, including angel investors, venture and growth equity.

With the opportunity to connect with a wide range of other industry professionals, the conference promises two days of sessions covering the latest thinking on geopolitical economy and politics, cutting-edge technology, diversity, ESG, and more.

If you plan to attend the event and would like to meet our team, get in touch with our Group Commercial Director, Ross Youngs, to set up a meeting.

Contact Ross via email: [email protected].

Find out more about the conference here: https://www.bvca.co.uk/Calendar/Event-Details/DateId/2649

Ross Youngs

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Ross joined Belasko in 2021 to lead the Groups commercial growth strategy in Private Capital Fund Administration, Corporate Administration and Fiduciary services.

He has over 20 years’ experience in the Offshore Fund and Fiduciary markets holding leadership roles in Alternative Assets, Sales, Relationship Management and Client Service for a global provider.

Working with managers across the UK, US, Europe and Middle East, Ross has helped clients launch fund and investment structures in the Private and Public markets focusing on Private Capital and Real Assets.  His experience covers multi location, complex fund servicing and has a strong understanding of Fund Administration, Banking, Financing, Custody and Depositary Services.

Ross seeks to create proactive partnerships with clients based upon trust, a long-term strategic commitment and great service.

Ross is an Associate of the Chartered Institute of Banking and holds a BSC (Hons) degree in Financial Services.

Hannah Dunnell

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Hannah joined Belasko in 2023 overseeing leadership, performance and culture.

With 17 years of experience in Guernsey’s finance industry, Hannah has worked across fund administration, corporate services and company secretarial services. 

Hannah is an Associate of the Chartered Governance Institute and has a keen interest in how governance interplays with all areas of business from processes to people and culture. She is passionate about the development of people and the role of women in business. 

Greg McKenzie

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Greg joined Belasko in 2020 and is responsible for service delivery from Luxembourg.

Greg has accumulated 18+ years’ experience within the financial services industry covering the investment, fiduciary and banking sectors, specializing in alternative asset classes (PE, VC, Real Estate and Credit). Through this period Greg has led and participated in several strategic initiatives which include business development, product establishment, regulatory change, operating model refinement and on boarding complex new business across entrepreneurial and global servicing businesses with particular focus on Channel Island, Luxembourg, Ireland and the UK markets.

Greg has a wealth of directorship experience that cover global banks, fiduciary and administration businesses, in addition to investment management companies and regulated investment vehicles in Guernsey, Luxembourg, Ireland and the UK. Greg is a member of the Institute of Directors and has served industry associations throughout his career.

Andy Bailey

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Andy joined Belasko in 2020 to lead the Fiduciary offering across the Group.

Andy has over 20 years’ financial services experience having spent the last 12 years at leading independent trust companies, where he has held senior management, Director and Board level positions. Andy has extensive experience in complex Private Client and Corporate structures for UHNW international families, and has been appointed to various regulated and private entity Boards. These Board appointments have required the management of various regulated financial services obligations, together with the active management of a range of asset classes including residential and commercial property, peer to peer and private leverage arrangements, listed investment strategies, private equity, art and other esoteric asset classes. Andy holds a BSC (Hons) degree in Management with Trust and Estates through the Manchester Business School, as well as the Society of Trust and Estate Practitioners Diploma. (TEP).