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Guernsey Signs Investment Sector MoU With China

by Jason Gorringe, Lowtax.net, London
21 March, 2016

The Guernsey Investment Fund Association (GIFA) has signed a Memorandum of Understanding with the China Association of Private Equity (CAPE).

The British Private Equity & Venture Capital Association's Channel Islands Working Group (BVCA CIWG) was also a signatory to the agreement.

It was signed at CAPE's Beijing offices earlier in March by CAPE's Secretary-General, Li Weiqun, and Guernsey Finance's Director of International Business Development, Kate Clouston, on behalf of GIFA and the BVCA CIWG. It sets out a statement of intent to facilitate collaboration in the areas of training, corporate governance, events, research, and public affairs.

About 15 representatives of the CAPE membership attended the signing at which Clouston discussed the island's funds industry offering and summarized the territory's efforts to deepen its relationship with China.

Following the signing of the MoU, Wendy Weng, Guernsey Finance's Asia Representative, gave a presentation on fund structuring options in Guernsey, noting the recent China Cinda Finance (2014) II listing on the Channel Islands Securities Exchange (CISE). This was the first ever Chinese issuer listing on the CISE.

Vivien Zou of the Augentius Hong Kong office then highlighted the many ways fund administration can add value to clients and presented examples of ways this could be done using Guernsey structures.

GIFA and BVCA CIWG Chairman Andrew Whittaker said: "GIFA and the BVCA Channel Islands Working Group welcome the establishment of a framework for mutual assistance with CAPE. Our funds industry, particularly the private equity and venture capital space, has considerable expertise and substance to call upon which we are more than happy to share with our counterparts in China."

"We know there is significant interest in China and Asia generally in doing business with Guernsey and we hope that this MoU will help to facilitate those business flows, while also bringing long-term benefits to all three sets of our members as we work closer together."

Clouston added: "The information on Guernsey was very well-received by those in attendance and we have no doubt this will greatly assist all parties involved in developing our respective industries and international presence. The MoU also provides a signal to the rest of the Asian market that Guernsey is a respected domicile for investment fund business and one that is happy to cooperate."

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