Who advises the adviser?

Group Commercial Director, Ross Youngs, recently collaborated with Charlie Ring, Corporate Partner at Charles Russell Speechlys, on an article for the FT Adviser.

Ross and Charlie explore the intricacies of financial advisory work.

In a recent survey by the Financial Conduct Authority respondents reported a high level of trust and satisfaction with the financial advice they had received. However, the question remains of; who advises the adviser?

While financial advisers have the capability to manage their own finances, the complex nature of financial planning requires individuals to utilise multidisciplinary teams for effective wealth management.

As stated in the article, objectivity is key. “Is ‘I can’ the same as ‘I should’?”

Celebrating International Women’s Day

To celebrate International Women’s Day, women across Belasko’s offices caught up to discuss their current experiences as women in the finance industry.

Our team give some advice on how to break through in the industry as a woman and share stories on the inspiration they’ve found in their colleagues within Belasko.

Watch the full video below.


Belasko sponsors the Guernsey Funds Forum 2024

Belasko is thrilled to be an exhibition sponsor for the Guernsey Funds Forum, taking place on 15 May 2024.

The annual event, hosted by Guernsey Finance, will cover crucial industry topics such as emerging technologies, sustainability, health assets and the future of funds. The conference will also host keynote speaker Sir Ranulph Fiennes, who was once named by Guinness World Records as the ‘world’s greatest living explorer’, to give the closing speech.

This is a key event in the diary for all those in the financial services industry and we look forward to supporting it for another year.

If you plan to attend the event and would like to meet our team, get in touch with our Group Commercial Director, Ross Youngs, to set up a meeting.

Contact Ross via email: [email protected].

Find out more about the event here: https://www.guernseyfinance.com/events/2024/guernsey-funds-forum-2024/

Striking a work/life balance: Interview with Raiders’ Tom and Dom

Almost one year into our sponsorship of the Guernsey Raiders, we caught up with Tom Teasdale, Senior Fund Administrator, and Dom Rice, Manager in our funds team, on how they balance work and rugby commitments and the similarities between working in the office and being on the pitch.

How do you balance work and rugby commitments?

Tom said, ‘Belasko has always been supportive of our rugby commitments, and this goes across the board for people’s hobbies and activities outside of work. They understand that people need that flexibility sometimes and are happy to work around you.

‘When we’re training, we have the option to be flexible with our working hours to make sure we meet the commitments inside and outside of the office. The culture at Belasko allows you to make your day your own. ‘

Dom, with the extra challenge of captaining the team, do you have any tips on how best to strike a balance between work commitments and team commitments?

Dom said: ‘Planning is essential. I manage my work diary and also have a combined personal diary to ensure I’m giving my all to both commitments. I find they work quite well together with a lot of transferable skills, so neither one really takes away from the other.

‘As long as you can get a strong handle on managing your time and understanding where one can be flexible with the other, then whilst difficult, it can be handled with ease.’

What are some of the transferable leadership skills you have picked up as captain of the raiders and a Manager in the Funds team at Belasko?

Dom said: ‘Rugby is a great sport for anyone. I would recommend it to any young sportspeople. My rugby career has shaped the person I am today and has promoted qualities and a sense of culture that I bring into the workplace.

‘My experience has shaped the way I handle challenges, and skills such as bringing people together and creating a strong team mentality has definitely transferred across. At Belasko, our culture is very important and we work closely as a team to deliver the best for our clients. You have to build a sense of trust and support in any team to ensure you’re working, or playing, at the highest possible level.’

Tom and Dom, are there any other similarities between working in the office and being out on the pitch?

Dom said: ‘Communication skills, teamwork and strong people skills are all vital, both in the office and on the rugby field. In team sports, you’re working with a group of 20-30 people who are all going to have naturally different personalities. It can be challenging to figure out how to work best with everyone and act cohesively as a team. This is also true within an office environment.

Tom said: ‘Of course, not everything carries across – you can’t tackle anyone in the office – but learning how to communicate effectively, manage challenging situations, diffuse tension and achieve positive outcomes is essential.

‘Playing rugby pre-employment can help you become more confident. Sometimes being younger and coming into the world of work at a junior level can be intimidating, but the communication skills you pick up playing a team sport like rugby can really help at work to make you feel comfortable speaking in a group or delivering a presentation.’

What support have you both received from Belasko towards you rugby commitment?

Dom said: ‘The sponsorship has been incredibly beneficial, and it’s been really nice for the office to feel more involved. It’s a great environment because everyone knows we play and people from work often come to watch matches. The care and interest in our hobbies feels very supportive and shows how close we are as an office.’

Tom said: ‘Andy Bailey, Group Head of Private Wealth at Belasko, used to play rugby and knows a lot of the other members of the Raiders. One great thing about being part of a local team in Guernsey is that there’s a real community feel, and our colleagues get involved in that as well. Playing for the Raiders is about representing something bigger than yourself, and I think that ethos goes hand in hand with the values at Belasko.’

Belasko appoints new Associate Director in Guernsey

Belasko continues the growth of its senior leadership team with the appointment of Alex Le Prevost as Associate Director.

In his new role, Alex will utilise his 18 years of experience in the private wealth sector and oversee the Guernsey fiduciary team and drive growth initiatives within the business. 

Andy Bailey, Group Head of Private Wealth at Belasko, said: ‘We are pleased to welcome Alex to the team. We look forward to supporting him drive new initiatives and continue the business’ chapter of growth across all jurisdictions of operation. His experience and knowledge of off-island markets complements our existing team.’ 

Alex has a strong background in the South African market and is eager to share his knowledge of client relationships with the team.  

On his appointment, Alex said: ‘I’m very excited for the opportunity to be a part of Belasko’s exciting future and join what is already an energised senior management team. I look forward to working across our jurisdictions to continue delivering excellent client services.’

Considering Guernsey for your next private capital fund?

There are a number of considerations before deciding where to domicile your private closed-ended fund. Regulations, reputation, experience, geopolitical environment and tax status to name a few.

Nick McHardy, Group Head of Funds for Belasko has written a reference guide that details the key features and regulatory options when considering whether Guernsey is the right domicile for you. You can also contact Nick here: [email protected]

How is ESG impacting everything, everywhere and everyone

I would imagine that by now, ESG is close to being a better-known acronym than KYC in financial services. This is ultimately because ESG dominates news headlines on a daily basis and as a consequence, buyers of goods and services now differentiating where they allocate capital – seeking out businesses pushing to make a difference.  

This means ESG or sustainable finance is becoming more than just ‘buzzwords’. Capital inflow into ESG-related funds more than doubled in 2021 compared to the previous year and analysts expect ESG AUM to reach c20% of Global AUM or $33.9trn by 2026 ($18.4trn 2021) according to PwC.   

Ross Youngs, Chief Commercial Officer at Belasko, identifies how to navigate the rising waters, the impact on our clients and the business’ proactive approach to lead the way.  

How are our clients impacted? 

Our fund clients are impacted to varying degrees depending on their size and marketing plans. Many share our proactive approach and have, generally speaking, adopted two different routes depending on the level of regulation required. This includes:  

  1. The Sustainable Finance Disclosure Regulation (SFDR).   
  2. The Principles for Responsible Investing (PRI) : – Where SFDR has not been relevant, our clients have chosen voluntary compliance with the PRI. (The PRI is a set of ESG principles developed by investors to have a positive sustainable impact in the global financial system.) 

Unpacking the SFDR 

There are three levels of regulation applicable to funds marketed in Europe under the SFDR:    

Article 9 covers funds that have a sustainable objective /outcome. They have strict requirements on how they achieve their goals. There has been a great deal of focus on this category of fund and as such, the burden of evidential reporting is very high. This has led to c40% or $175bn of article 9 funds reclassifying to article 8.   

Article 8 is for funds that promote positive environment, social and governance characteristics but do not have those as their overarching objectives.   

Meanwhile, article 6 is for funds that do not integrate any kind of sustainability into their investment.  

These three levels of regulation can be considered stepping stones depending on where the business or fund is on its ESG journey.  

How has ESG impacted Belasko?  

The team and I at Belasko recognise that ESG has several positive impacts when successfully incorporated into business strategy. We are not required by regulation to report on sustainability however, we have chosen to partner with Terra Instinct to create a Responsible Business Policy.   

We have dedicated resources to steward the implementation of our policy which requires a group-wide committee, the definition of sustainable metrics relevant to Belasko, measurement and target setting. This resource also includes an annual report for clients and investors on our sustainable journey.    

I envisage that businesses like ours will soon have mandatory reporting on ESG areas in years to come. We deem it essential to be a leader in this area and will continue taking proactive efforts to stay ahead of the curve.  

How can we help you?  

No matter the complexity of compliance with the PRI or SFDR, there are common challenges with which we can assist.   

  1. The first challenge is defining a policy of responsible investment. The policy must consider the fund’s impact on ESG factors and then set appropriate data points with which to measure and track positive impact according to the goals set.   
  2. Data collection sounds easy, but it is not standardised across markets and countries so the sophistication and resource availability of portfolio companies to stream up the data sets can vary considerably. This is a major hurdle for our clients.  
  3. Regulation and investor demand are evolving at pace. Our clients do not usually have internal resources to dedicate to ESG and therefore rely on Belasko to keep them advised as to what’s next and how to remain compliant.  

Belasko has developed an end-to-end solution in partnership with Terra Instinct to power auditable data collection. It is helpful to have a specialist like Terra Instinct to define policy and collect, validate and where data is not available provide reasonable industry estimates. The benefit of having an advisory expert is of critical importance to ensure data quality, meaning it is auditable and reporting to investors (on which decisions are made) is accurate and reliable.   


It should be clear by now that ESG is not going anywhere and there is a market expectation to consider sustainability in our personal and business lives. We must adopt positive impacting principles going forward.  

If you would like to get ahead of the curve and prepare yourself for the ESG future, get in touch with Ross at [email protected]. 

An alternative route for funds

Today’s investment landscape is a myriad of potholes and craters, persistent inflation, blunt fiscal policy, digitalisation and market volatility all contributing to the bumpy ride. Navigating this landscape is a challenge therefore, timing is critical to a successful capital raising.  

In this article, Greg McKenzie, Managing Director at Belasko in Guernsey, considers fund domiciles and deep dive into Guernsey’s fund establishment offering as a well-trodden path for US Managers seeking an immediate solution in a narrow window of availability to launch their structure.   

What makes Guernsey an attractive domicile for many US managers accessing European capital? 

With more than 50 years of experience servicing a variety of fund structures and strategies, Guernsey has a long-standing reputation as a leading international finance centre and is no stranger to US Managers. As of June 2022, Guernsey’s funds under management equated to $517bn, of which over $60bn was managed by US promoters. But what makes the island different to competitors some may ask? 

  • Guernsey’s regulation is known for being flexible and pragmatic, where a proportionate approach is taken to regulation.  
  • The island is tax-neutral, meaning investors are not impacted by double taxation and benefit from an extensive network of double taxation treaties with other countries, providing additional certainty to investors. 
  • Guernsey has a strong commitment to environmental, social, and governance factors. The island has been a leader in sustainable finance, with a range of initiatives aimed at promoting responsible investment. This includes the Guernsey Green Fund, which was the world’s first regulated green investment fund product. 
  • The island’s funds can leverage the National Private Placement Regime (NPPR), allowing a faster and easier way to access European capital in comparison to a full AIFMD passport. 
  • Guernsey offers a range of both legal structures and investment regulations that can accommodate complex investor requirements.  

PIF – the solution for US managers  

A somewhat recent development is the Guernsey Private Investment Fund (PIF), which offers a lighter-touch regulatory framework suitable for sophisticated investors. 

The PIF was introduced in 2016 and saw some revisions in 2021 – these include increasing the maximum number of investors to 50; and creating 3 routes, which better align with the usage of the vehicle. 

The PIF has seen take-up across numerous asset strategies from institutional to family office-based managers with interest for both first time and established managers looking to establish a fast and effective investment vehicle. There are a number of reasons why a PIF could be a viable solution:  

There are no legal restrictions on structure, so you can use companies (including cell companies), limited partnerships, or unit trusts. 

It is recognised within the EU, and can benefit from the NPPR regime, more broadly there is the ability to evolve in time, potentially to expand the investor base, or to a publicly offered investment product.   

Where all the criteria are met, a PIF can obtain regulatory approval in 24 hours enabling an instant solution for US Managers. 

In summary, Guernsey offers US Managers a range of benefits over other, commonly referenced, domiciles as a jurisdiction for their next investment fund. Its well-established financial services industry, tax-neutral status, flexible regulation, range of fund structures, and commitment to ESG factors make it an attractive option. You can find out more by contacting Greg at: [email protected].  

100 Women Who Care raised more than £7,000 for local charities

Local community crowdfunding charity, 100 Women Who Care Guernsey, raised £5,530 for three local charities at its fifth fundraising event. As the event sponsor, Belasko donated an additional £1,500 to the charities, to bring the total amount raised to £7,030.  

The event took place on Thursday 15th June and was attended by more than 50 local women in business and the third sector. The organising committee choose charities who have a smaller profile in the island. This event hosted Business Beats Cancer who received £500, Guernsey Community Savings who received £1,530, and Le Vois PTFA who received £3,500. 

At the event, each participant is asked to donate £100 into a pool, and following the charity’s presentations, individuals choose where their contribution is made. Belasko’s sponsorship allows the total amount of the participants’ donations to be shared between the charities, without deduction for expenses, in proportion to their selected charities on the evening. Belasko also donated an additional £500 to each charity.  

Patricia White, Director of 100 Women Who Care Guernsey, said: ‘We are so pleased to have hosted another successful event in support of three fantastic local charities. Being able to bring together a group of women to raise money for valuable local initiatives makes it all worthwhile, and we can’t wait to see how everyone’s generosity will be used in the local community.’ 

Greg McKenzie, Managing Director of Belasko in Guernsey, said: ‘We are thrilled to have sponsored this event and helped to support the three local charities who benefited from the donations. The opportunity for a supportive space for women in Guernsey to network can’t be understated and we’re proud to have played a small part in helping the initiative.’  

Belasko sponsors 100 Women Who Care’s fifth local event

Community crowdfunding organisation ‘100 Women Who Care’ is returning with its fifth event in Guernsey, thanks to sponsorship from Belasko, on Thursday 15 June at Les Cotils.

The 100 Women Who Care organisation was founded in the US in 2006 and was launched in Guernsey in 2021, modelled from this international framework. The event welcomes 100 women to a unique networking evening and to hear presentations from three local charities.

Each participant is asked to donate £100 into a pool, and following the charity’s presentations, participants choose where their contribution is made. Belasko’s sponsorship allows the total amount of the participants’ donations to be shared between the charities, without deduction for expenses, in proportion to their selected charities on the evening.

Presenting charities are chosen by the organising committee with the specification that they must be Guernsey registered charities, but local charities with a smaller profile are favoured.

Patricia White, Director of 100 Women Who Care Guernsey, said: ‘We are so pleased to return with our fifth local event and provide another opportunity to support local charities. Our aim is to encourage the kindness and giving spirit of women in our community, as well as provide a unique networking space to share professional knowledge and provide support.

‘We hope to welcome another sell-out event allowing a full pot of £10,000 to be donated to three local charities. We want to thank Belasko for supporting our next event, helping our group to give back and ensuring the full donation amount is available to charities.’

Each charity will receive a minimum donation of £500 by participating in the event.

Greg McKenzie, Managing Director of Belasko in Guernsey, said: ‘Belasko is thrilled to support such a valuable event. 100 Women Who Care provides an inclusive networking space and an opportunity to make a massive impact on local charities. We are proud to get involved in this fantastic initiative.’

To register, contact the charity at [email protected]. Further information can be found on the 100 Women Who Care Facebook page here: https://www.facebook.com/100wwcguernsey/.