As part of its continued implementation of the Finance Sector Growth Strategy, the Committee for Economic Development has agreed to provide £25,000 towards the operational delivery of the Fund Foundry programme.
The Fund Foundry, a Guernsey-based initiative designed to support first-time and emerging fund managers, was launched earlier this year by not-for-profit Foundry Partners LBG. It aims to identify five first-time or emerging fund managers, from a global applicant pool, and support them through a structured twelve-month programme as they establish Guernsey domiciled investment funds and grow their fund management businesses.
The programme represents a collaboration between the private sector and government. The Committee’s funding will provide support for the operational costs of delivering the programme, in its first year.
Separately, the Fund Foundry provides a voucher of £25,000 to each of the five selected fund managers which can be used towards the cost of establishing a fund in Guernsey such as legal, fund administration and audit costs, together with twelve months of mentoring and wider industry support.
Participant selection is undertaken independently by the Fund Foundry’s manager selection panel, with any funds supported through the programme subject to established regulatory processes.
The Fund Foundry programme started in May this year, with the shortlisted cohort due for selection from a pool of 20 finalist managers at an on-island event held at the end of September. Applications are now open for prospective fund managers until Tuesday 1st September.
Deputy Rhona Humphreys (pictured), Chair of the Strategy’s Financial Growth Forum, and Finance Lead for the Committee for Economic Development, said: “Growing Guernsey’s fund management capability is an important part of delivering the Finance Sector Growth Strategy. Supporting first-time and emerging fund managers was identified as one of the Strategy’s key recommendations, and the Fund Foundry is an excellent example of industry developing an innovative solution, with government providing targeted support to help bring that initiative to life.
“By encouraging first-time and emerging managers to choose Guernsey as the domicile for their investment funds, we can strengthen higher value economic activity and build on our long established position as an international funds
centre.”
Dirk Bischof, Programme Director for the Fund Foundry, said: “The Fund Foundry is the first programme of its kind from any international finance centre. Five places, twelve months, every asset class. The infrastructure has been here for decades. What was missing was a structured route in for first-time and emerging managers.”
Darren Stephens, Director of Finance Sector Development, said: “The Fund Foundry fills an important gap in Guernsey’s funds offering by providing a structured route for first-time and emerging fund managers to launch Guernsey-domiciled funds. It reflects the strength of collaboration across the island’s finance sector, with government, industry bodies and private sector firms each playing their part in supporting the next generation of fund management activity.”
