Welcome to our series ‘Meet the Entrepreneur’, where we meet the people behind start-ups in the Channel Islands to find out what they’re doing and what makes them tick.
Jack Goguelin is the Founder of Convici Capital, a specialist finance advisory firm focused on high-value mortgages, luxury asset finance and complex cross-border transactions. He spoke to Channel Eye about building Convici Capital from Jersey to the Middle East and supporting international clients with sophisticated property and financing solutions.
Can you tell us a bit about your personal journey?
I was born and raised in Jersey, and educated at Haute Vallee and then Hautlieu. When I left school I started working in financial services on-island.
I started at a small trust company and was there for almost 10 years. Back then you didn’t have separate departments for things like bookkeeping or company secretarial work. You had to learn every aspect of the job, which provided a good grounding. I moved from a private client focus to corporate and funds and got a taste for large real estate transactions, which invariably involved debt.
In 2019 I moved to a debt advisory firm headquartered in London, and setup their presence in Jersey, which then expanded globally.
In 2022 I moved to Dubai and soon after Convici Capital was born!
What led you to launch Convici Capital in Jersey and now expand into the UAE?
When I moved to Dubai, the world was in a very uncertain place. Interest rates were at record lows. We’d just seen off Covid. Conflict had broken out in the East. Politics were, and still are, polarizing in the West. The UAE was the centre of the universe. People were flocking from around the globe and the property market was, and remains today, red hot.
To be honest, it was more by luck than design that I ended up in Dubai when this was happening, but I knew it was the right time to have a go at setting up on my own.
So we have two companies; one registered in the UAE that deals with UAE transactions, and one registered in Jersey that deals with everything else.
What are the services offered by Convici Capital?
In a nutshell:
- High value mortgages in London, the Channel Islands, prime European locations, Dubai and Abu Dhabi.
- Bridging finance in London, the Channel Islands, and prime European locations.
- Sharia compliant mortgages in London, Dubai and Abu Dhabi.
- Luxury asset finance – yachts, private jets, supercars.
- And some more specialist stuff like securities and crypto finance.
Who are your clients?
Initially we setup with the intention of serving the fiduciary services industry in Jersey. The companies that administer structures for wealthy people in which real estate and other assets are housed.
We also wanted to target the high value residents relocating to Jersey. These people must acquire property on island, so naturally it made sense to assist with their mortgages.
By virtue of having a presence in the Middle East, we went out to become experts in Islamic finance so as to enable us to work with prominent families in the region. Particularly for sharia mortgages on trophy assets in London.
And more recently, with the further influx of people moving to Dubai from the UK, a big percentage of group revenue comes from assisting relocators with first time mortgages on luxury real estate in Dubai.
What sets you apart from your competitors?
A bit of luck in being from Jersey. Friends, colleagues, team mates, social events, everyone knows everyone, and so winning business on island is naturally easier for someone from Jersey.
My experience in fiduciary services allows us to service those businesses and their clients unlike anyone else. We understand the contrasting dynamics between clients, management, and the business owners.
Now living in Dubai, and having relocated and setup in business personally, means when we engage with people who are now doing the same thing, we can share our own experiences.
And the ability to be nimble or pivot when required. Bigger organisations are too clunky. You do not need a huge team nowadays to run a complete business. I can visit a trustee in Jersey or client in London, be back in Dubai, and then on to the wider GCC in a matter of days if needed.
What does the team look like today?
Currently, we are a small but mighty team of three. Myself, my business partner Brad, and Jess.
Brad and Jess focus on mortgages in Dubai. That’s the busiest part of the business in terms of volume and the guys do an amazing job providing exemplary service to our clients.
In terms of growth, we are looking at potentially a couple of new additions next year. I’m cautious of growing too quickly, or bringing on-board someone that might not be the right fit for the business, so we are taking our time.
Why do wealthy people need to borrow money?
The age old question, and it’s actually pretty simple. Most successful people I have encountered are entrepreneurs, business owners, investors. They don’t have one source of income or gains.
They have access to investment opportunities not available to others. Having early or exclusive access to opportunities usually means outsized returns. So, why wouldn’t you borrow against bricks and mortar at say 5% when you can put those funds to work elsewhere and return say 20%? There are also other considerations like taxation allowances on loan interest, and cross-border implications like exchange controls and currency fluctuations, when operating globally.
Can you share a case study that highlights your expertise?
On the more exotic side, last year we completed on €10m of financing over two transactions for the construction and re-finance of a super-yacht being built in Italy. There were a lot of moving parts:
- Asian lender
- Saudi UBO
- UAE family office
- BVI SPV
- Italian shipyard
- Registered in Jersey
And coming back to what I said earlier, this was introduced to us by a trustee in Jersey that administered the BVI SPV.
At Convici Capital, the message is simple; if you’re looking for straight forward advice, from local mortgages to more complex cross-border financing, we are here to help.
Convici Capital has unrivalled expertise and a proven track-record. If anything in this article is of interest, you can reach us direct at [email protected] or via www.convicicapital.com.
