Guernsey attracts Russian HNWIs
Guernsey Finance is seeing growing interest in Guernsey as a centre for wealth management from Russian high net worth individuals and their advisers.
Its Chief executive Fiona Le Poidevin (pictured) said: “Many Guernsey fiduciaries already have Russian clients, but the island is becoming better known among Russian high net worth individuals and their advisers. It is helped by the fact that VTB, Renaissance and other well known Russian brands have a presence here, which gives us significant credibility.”
This week, Guernsey Finance attended the Private Client Russia & CIS conference in London. It was one of the leading sponsors of the event, which attracted over 130 delegates.
The topics presented covered key factors for asset structuring and asset protection and Guernsey’s expertise in assisting Russian clients with wealth planning, including through the use of structures such as trusts, private trust companies (PTCs) and foundations.
Alasdair McLaren director at Saffery Champness in Guernsey, who spoke on behalf of the island’s delegation, said: “The subject matters [covered at the conference] were broad, with a focus on private client needs and asset protection. The delegates came away with a much greater understanding of Guernsey and the services it can provide.”
Le Poidevin added that a high proportion of delegates came from London, since the City remains highly valued for its expertise in private wealth planning and is currently the primary source of this type of new business from Russia.
She said: “What we were able to emphasise is that Guernsey has a strong heritage in providing the types of services which are demanded by Russian high net worth individuals – asset protection, succession planning and wealth planning for globally mobile families. The motivation for using Guernsey is not tax driven, but due to the choice of structures we have available.”
Guernsey Finance plans to continue its campaign to attract Russian clients to the island. Having initiated targeted visits to Moscow last May, it plans to continue with the annual trips next year.