Economic development puts money behind initiative supporting emerging fund managers
- Economic Development to provide £25,000 towards operational costs of Fund Foundry programme in first year
- Initiative launched by Foundry Partners LBG aims to support five first-time or emerging fund managers from global pool
- Selected managers receive £25,000 voucher for establishment costs plus twelve months of mentoring and industry support
- Programme started in May with final cohort selection from 20 finalists due at end of September
- Applications open until 1st September for fund managers seeking to establish Guernsey domiciled investment funds
Economic Development has agreed to provide £25,000 towards the operational delivery of the Fund Foundry programme, a Guernsey-based initiative designed to support first-time and emerging fund managers.
The funding forms part of the Committee's continued implementation of the Finance Sector Growth Strategy and will support the programme's operational costs in its first year.
The Fund Foundry 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. Separately to the Committee's operational funding, 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, including 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, 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."
More information on the programme can be found at https://guernseyfoundry.com.
Q&A
Q: How much funding is the Committee for Economic Development providing?
A: The Committee is providing £25,000 towards the operational delivery costs of the Fund Foundry programme in its first year.
Q: What support do selected fund managers receive?
A: Each of the five selected managers receives a £25,000 voucher to cover establishment costs such as legal, fund administration and audit expenses, plus twelve months of mentoring and wider industry support.
Q: When is the application deadline for the programme?
A: Applications are open until Tuesday 1st September, with the final cohort selection from 20 finalists due to take place at an on-island event at the end of September.
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