Where Business Belongs – Greg McKenzie & British Chamber of Commerce for Luxembourg

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MEMBER PERSPECTIVE – WHERE BUSINESS BELONGS

Our Luxembourg Country Head, Greg McKenzie, shares his insights on the impact of digital transformation in financial services and how trust, transparency, and collaboration are the foundations of long-term success.

What motivated you to join the British Chamber of Commerce Luxembourg?

Belasko joined the British Chamber of Commerce Luxembourg to engage with a dynamic network of professionals, share insights, and collaborate on opportunities that promote business development in Luxembourg and beyond. The Chamber provides a platform for fostering relationships, staying updated on key developments, and participating in discussions on the future of business in Luxembourg. As Belasko continues to grow and strengthen its presence in the region, we see the Chamber as an ideal way to support our strategic objectives and contribute to the local business community.

What is the hottest topic in your business right now?

One of the hottest topics at Belasko right now is digital transformation in financial services. We’re seeing increasing demand for more efficient, transparent, and scalable solutions that leverage technology to enhance client service. A key driver of this change is the rise of AI and automation, as clients look for smarter, automated solutions that streamline processes, enhance decision-making and provide deeper insights. At Belasko, we’re working to innovate and build on these trends, providing our clients with sophisticated tools and solutions that ultimately create more value and drive success.

What is the best piece of business advice you have received?

The best piece of business advice I’ve received is to always focus on building strong relationships, both with clients and within the team. Trust, transparency, and collaboration are the foundations of long-term success. This advice has guided my approach to leadership at Belasko, where fostering a culture of open communication and teamwork ensures that we not only meet our clients’ needs but exceed their expectations.

Shaping the future: Jersey’s role in global finance amidst market shifts

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Jersey’s finance industry finds itself at the intersection of global economic shifts, geopolitical uncertainty, and a stabilising interest rate environment.

With growth in private capital assets set to reach even greater heights, Preqin predicts growth of $30 trillion in global alternative assets under management (AUM) by 2030 (up from $16.8 trillion expected by 2025)[1]. Following a challenging period, venture capital managers anticipate a rebound in 2025, although private debt remains the darling asset class. Despite a more cautious recent investor sentiment awaiting a more stable and predictable interest rate environment private debt is projected to reach $2.9 trillion by 2029.

Recent discussions at key industry events highlighted the evolving landscape and the opportunities for growth on the horizon for Jersey’s financial services sector.

Navigating Trump 2.0: A changing global investment landscape

Geoff Cook recently shared his views on how the return of Donald Trump to the White House is set to reshape global investment dynamics[2]. Trump administration’s ‘America First’ policies, renewed focus on trade protectionism, and shifts in tax regulations will impact financial centres worldwide. For small-state international finance centres (IFCs) like Jersey, this presents both challenges and opportunities.

  • Global risk and investment flows: A second Trump presidency will reshape global investment dynamics. His policies on trade, diplomacy, and foreign relations could create volatility but also opportunities for IFCs as investors seek stable jurisdictions amid geopolitical uncertainty.
  • Tariffs and supply chain adjustments: We are already seeing Trump take a firm stance on tariffs, driving protectionist measures and reshaping global trade. This could disrupt supply chains, raise inflation, and impact industries like EVs, tech, and agriculture. IFCs could play a pivotal role in facilitating capital flows, supporting companies relocating production and diversifying supply chains to mitigate tariff risks.
  • Tax and corporate structures: Trump’s return to office will almost certainly challenge the OECD’s Pillar two initiative on Base Erosion and Profit Shifting. Although the OECD’s push for a 15% global minimum tax rate has gained traction, Trump is likely to re-evaluate this initiative for the US. His proposed two-tier corporate tax system could see ‘Made in America’ firms benefit from a 15% rate, while foreign companies continue to pay 21%. This approach may drive renewed interest in tax-efficient jurisdictions, making IFCs more attractive for multinational corporations and capital flows.
  • Tech and geopolitical friction: The ongoing US-China tech standoff will shape investment trends, deepening the global technological divide. IFCs are well-positioned to attract fintech and blockchain ventures, reinforcing their roles as key players in the evolving global tech landscape.
  • Trade and digital transformation: Global trade is shifting from multilateral agreements to regional and bilateral deals, potentially sidelining institutions like the World Trade Organisation. IFCs could play a growing role in facilitating regional trade agreements and digital trading hubs. Meanwhile, a more crypto-friendly U.S. administration may accelerate the integration of digital assets into global trade, offering new opportunities for private capital investors.

UK economy: A mixed outlook

The UK’s economic outlook remains uncertain, yet it continues to attract significant international investment. According to PwC’s Annual Global CEO Survey[3], the UK has risen to become the second-most attractive global destination for international investment, ranking behind only the US. With a new Labour government prioritising economic growth, investment opportunities may continue to expand. Although a softer tone is being taken by Trump towards the UK for now, potential disruptions from his trade policies risks softening UK exports, contributing further to global inflationary pressures.

While UK growth in 2025 is expected to be sluggish, it remains more positive than the EU average. As a close financial partner to the UK, Jersey is well positioned to support investment structures that navigate these shifting dynamics.

Jersey’s competitive edge: seizing the moment

Jersey’s finance industry is well-positioned to capitalise on global shifts, supported by a stable regulatory and tax environment. Key opportunities include expanding Jersey’s role in UK real estate, private equity, and venture capital—particularly in tech. The Island’s appeal as a hub for VC investment continues to grow, with Monterey data reporting that 246 VC funds were launched in Jersey in 2024. At the same time, Jersey should continue strengthening ties with promoters in the US, Middle East, and Asia, who are looking to leverage the opportunities presented by AIFMD II.

To attract business to the Island, Jersey needs to continue enhancing product offerings and regulatory frameworks. Jersey Finance noted at their Global Horizons event, the key developments in 2024 that will continue to be a focus in 2025. These included the expansion of Limited Liability Companies (LLCs) for broader use cases, updates to the Jersey Private Fund (JPF) Guide to align with professional investor needs, legislative amendments for limited partnerships to incorporate digitalisation and tokenisation frameworks, and potential new regimes for carried interest vehicles and European Long-Term Asset Funds (ELTAF).

In terms of market focus and expanding the island’s global reach, the US is set to offer great opportunities for Jersey, particularly for private wealth in hubs like Miami, New York and even LA. With continued growth taking place in the Middle East, the region is still a key focus for Jersey for both the private wealth and funds industries. Saudi Arabia is showing growing potential as well as Dubai which continues to be one of the biggest market opportunities for Jersey globally. In Kenya and South Africa, opportunities for private wealth, private equity and infrastructure are emerging and Jersey is well-positioned to support HNWIs, family offices, and businesses seeking international finance solutions as interest in global diversification is on the rise.

Key themes set to shape the future of Jersey

Tokenisation: Tokenisation is seen as a critical area for Jersey’s future in the funds industry. As the financial world increasingly embraces digital transformation, tokenisation is gaining traction. Jersey, with its well-established legal and regulatory framework, is positioned to be a leading jurisdiction for the tokenisation of assets.

Islamic finance: Islamic finance continues to offer substantial growth opportunities and Jersey is solidifying its position as a stable and credible jurisdiction of choice for Islamic finance products. The island’s flexibility in structuring Sharia-compliant investment vehicles make it an attractive destination for the structuring of Islamic finance deals, including Private Funds (JPFs) and structured finance transactions.

Women in wealth: The increasing leadership of women in wealth management is a powerful trend, with more HNW families being led by women. Over the past decade, female participation in wealth management and leadership roles has doubled, reflecting broader societal shifts toward gender equality. In particular, as more Middle Eastern women seek stable, confidential, and Shariah-compliant solutions, Jersey offers a robust financial ecosystem with secure wealth structuring, governance, and succession planning options.

Positioning Jersey for the future

As global markets evolve, Jersey’s finance industry must remain agile, proactive, and outward-looking. By leveraging its regulatory strengths, digital infrastructure, and global partnerships, Jersey is well-positioned to thrive in 2025 and beyond. With a focus on alternative assets, private wealth, and innovation, the island will continue to cement its status as a premier international finance centre in a rapidly changing world.

At Belasko, we provide innovative fund administration, corporate services, and private wealth solutions in Guernsey, Jersey, the UK and Luxembourg. With a commitment to delivering bespoke, high-quality services, Belasko partners with fund managers, high-net-worth individuals, families, and entrepreneurs. Powered by leading technology, Belasko’s helps clients navigate complex financial landscapes, unlocking new opportunities and achieving success.

We look forward to another year of growth and collaboration with our partners across the world. If you’re interested in discussing our Jersey offering in more detail, get in touch with Paul Lawrence ([email protected]).

[1] https://www.preqin.com/insights/research/blogs/preqin-forecasts-global-alternatives-aum-to-rise-to-usd29-22tn-by-2029

[2] https://international-adviser.com/geoff-cook-on-global-trends-amid-trump-inauguration/

[3] https://www.pwc.co.uk/press-room/press-releases/research-commentary/2024/global-ceos-rank-uk-most-important-market-after-us—pwc-s-28th-.html

Belasko Appoints Paul Nayar as Chief Financial & Operations Officer

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[Jersey, Channel Islands – 20 January, 2025] – Belasko is pleased to announce the appointment of Paul Nayar as Chief Financial & Operations Officer (CFOO), effective 2 January, 2025. Based in the Jersey office, Paul will play a pivotal role in driving Belasko’s strategic objectives and operational excellence.

Paul brings over 30 years’ experience in the international finance industry, with an extensive track record in senior leadership roles. Most recently, he served as Group Chief Financial Officer at Crestbridge Group, where he led the financial strategy that underpinned significant organic growth. His career also includes leadership positions at Zedra, Santander, and RBS International.

With a deep understanding of multi-jurisdictional businesses operating in dynamic global markets, Paul excels in shaping strategic agendas and delivering impactful results through a collaborative, client-focused approach.

Belasko’s CEO, Edward Green, expressed his enthusiasm for Paul’s appointment:
“We are thrilled to welcome Paul to Belasko. His wealth of experience, strategic insight, and leadership capabilities make him an invaluable addition to our team. As we pursue ambitious financial, commercial, and operational goals for 2025 and beyond, Paul’s expertise will be instrumental in elevating our platform and delivering exceptional client service through our talented people.”

Paul Nayar also shared his excitement about joining Belasko:
“I am delighted to join Belasko at such an exciting time in its journey. I look forward to collaborating with the team to build on the firm’s strong foundation and help drive its strategic vision.”

Paul’s appointment marks an exciting chapter for Belasko as the company continues to expand its footprint and innovate across its service offerings.

About Belasko

Belasko is a leading fund and fiduciary firm specialising in fund administration, corporate services, and private wealth solutions. Operating across multiple jurisdictions, Belasko delivers tailored, tech driven, high-quality services to global fund managers, high-net-worth individuals, families, and entrepreneurs.

For media inquiries, please contact:
Alice Heald
Group Head of Marketing, Belasko
[email protected]

Belasko 2024: Year in Review

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Belasko 2024: Year in Review

As the year draws to a close, our CEO Ed Green, takes a moment to reflect on Belasko’s performance and achievements in 2024.

I am pleased to report on a period of growth, innovation, and dedication across all areas of Belasko. Despite a challenging global environment, our achievements underscore the strength of our strategy, the commitment of our team, and the trust placed in us by our clients.

Strong financial performance

2024 has been another strong year for the business. We are finishing the year with significant revenue growth, reflecting a consistent double-digit compound annual growth rate (+25% over the past five years), supported by a robust operational presence across our four strategic European locations in the UK, Luxembourg, Jersey, and Guernsey. With growth being a key focus this year, we’re proud to have secured a number of significant new mandates joining the Belasko family.

As a business, we administer over $12 billion in assets reinforcing our position as a trusted partner for a global client base, backed by a dedicated workforce of over 120 talented professionals.

Continuing to build our technology and people platform

Belasko’s commitment to innovation and excellence remains at the forefront as we strengthen both our technological capabilities and our people-first approach.

This year, we launched our Belasko Client Portal, marking a transformative step in how clients access and manage their investments. The portal offers a seamless and secure digital experience, reaffirming our dedication to delivering cutting-edge solutions that simplify and enhance client interactions.

We’ve also made strategic investments in strengthening our team with notable hires in extending our fund accounting, technological innovation and marketing capabilities, bringing fresh perspectives and expertise to support our growth. These additions underline our focus on cultivating talent and ensuring that our workforce remains a driving force behind our success.

Moreover, we are proud to be advancing towards ISAE 3402 accreditation, a testament to our unwavering commitment to operational excellence, governance, and trust.

A people-first approach

At the heart of Belasko’s success is our people. This year, we’ve achieved a high retention rate of 84% highlighting that we continue to be a workplace where employees feel valued and supported.

The launch of our People & Culture Taskforce has further strengthened our internal community and has helped foster engagement, encourage collaboration across offices, and champion work-life balance initiatives. Among these was the STEPtember challenge where our teams logged an impressive 10.7 million steps – the equivalent of walking from London to Hong Kong! Beyond the numbers, it reinforced a spirit of camaraderie and promoted physical and mental well-being.

We’ve strived to continually support our team, enhancing employee benefits and introducing some additional initiatives aimed at improving work-life balance such as Flexi-Fridays and birthday holiday allowance.

Through our Belasko in Society initiative, we also focused on giving back. Partnering with Magic Breakfast, we raised funds equivalent to providing 285 weeks of breakfasts to a child or meals for 65 children for one month, supporting young learners in need.

Together, these efforts underscore Belasko’s dedication to being a people-first organisation.

Reaching new milestones

This year saw the opening of our London office, a significant step forward in our growth journey and a reflection of our ambition to grow alongside our clients.

Commitment to sustainability

Belasko’s commitment to sustainability remains a cornerstone of our operations. Our 2023 Sustainability Report, developed with Terra Instinct, highlighted key achievements, including maintaining low carbon emissions as part of our efforts to reduce our impact on the planet. With a workforce that is 49% female, we continue to champion diversity and inclusion while striving to minimise our environmental footprint.

Enhancing visibility in the market

Belasko’s presence and influence in the industry have grown significantly this year, thanks to strategic partnerships and active participation in key events and associations.

Our partnership with the BVCA has been a cornerstone of this strategy. By sponsoring three of their flagship events, including the Annual Summit and the Tax Policy Conference, we’ve positioned ourselves alongside leading voices in the private equity and venture capital space. This collaboration has provided invaluable opportunities to connect with industry leaders, showcase our expertise, and contribute to shaping discussions on critical topics impacting the sector.

We have actively engaged with local industry associations in Jersey, Guernsey, and Luxembourg, staying ahead of market trends and regulatory changes while strengthening our networks and sharing insights.

Belasko are also proud to have recently been awarded the Channel Islands Wealth Briefing Award for Client Lifecycle Management. This recognition reflects the success of our innovative approach to supporting clients through every stage of wealth creation, preservation, and transition.

Looking ahead to 2025

As we look to the future, I am excited about the opportunities that lie ahead. Our growth trajectory is hugely promising, and we are eager to expand our reach and capabilities while maintaining the high standards of service that define Belasko. Together, we will continue to build on our success, delivering exceptional value to our clients and stakeholders in 2025 and beyond.

Belasko appoints new Group Head of Marketing

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Belasko is pleased to announce the expansion of its leadership team with the appointment of Alice Heald as Group Head of Marketing.

In her new role, Alice will leverage her extensive 10+years of financial services marketing experience to spearhead strategic marketing initiatives across Belasko’s core markets.

“We’re delighted to welcome Alice to our team,” said Ross Youngs, Chief Commercial Officer at Belasko. “We’re setting our sights on ambitious growth goals in the coming years and now, with Alice on board, she can lead the charge in strengthening our marketing strategy, pushing boundaries and elevating the Belasko brand to new heights”.

Prior to her role at Belasko, Alice has worked at companies including SS&C Technologies and Intertrust Group (now CSC), where she’s gained invaluable insights and experience into executing bespoke marketing campaigns tailored to the private capital funds and financial services sectors.

On her appointment, Alice said: “I’m thrilled to be joining the team at such an exciting time of rapid growth, change and evolution for this business. I’m here to challenge the status quo, redefine the way we do things and be bigger and bolder in our approach to really set ourselves apart from the masses. Most of all, I’m excited to be a driving force of growth and innovation that will help take Belasko to the next level. Let’s get started!”

Belasko sponsors BVCA Accelerate conference

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Belasko is proud to sponsor the BVCA Accelerate conference, taking place across 21-22 May 2024.

The two-day conference will cover key industry topics, including angel investors, venture and growth equity.

With the opportunity to connect with a wide range of other industry professionals, the conference promises two days of sessions covering the latest thinking on geopolitical economy and politics, cutting-edge technology, diversity, ESG, and more.

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 conference here: https://www.bvca.co.uk/Calendar/Event-Details/DateId/2649

Paul Nayar

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Paul Nayar joined Belasko as Chief Financial & Operations Officer in January 2025, bringing over 30 years’ experience in the international finance industry. Paul has held senior leadership roles, including Group CFO at Crestbridge Group, where he led financial strategies driving significant growth and institutional investment. His career spans roles at PwC, RBSI International, Santander and Zedra showcasing his expertise in multi-jurisdictional operations for regulated funds, private client, corporate services and private banking businesses.

Based in Jersey, Paul is passionate about fostering innovation and operational excellence to support Belasko’s growth and client service goals. Outside work, he enjoys family time, sea swimming, racketball and hiking.

Ross Youngs

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Ross joined Belasko in 2021 to lead the Groups commercial growth strategy in Private Capital Fund Administration, Corporate Administration and Fiduciary services.

He has over 20 years’ experience in the Offshore Fund and Fiduciary markets holding leadership roles in Alternative Assets, Sales, Relationship Management and Client Service for a global provider.

Working with managers across the UK, US, Europe and Middle East, Ross has helped clients launch fund and investment structures in the Private and Public markets focusing on Private Capital and Real Assets.  His experience covers multi location, complex fund servicing and has a strong understanding of Fund Administration, Banking, Financing, Custody and Depositary Services.

Ross seeks to create proactive partnerships with clients based upon trust, a long-term strategic commitment and great service.

Ross is an Associate of the Chartered Institute of Banking and holds a BSC (Hons) degree in Financial Services.

Greg McKenzie

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Greg joined Belasko in 2020 and is responsible for service delivery from Luxembourg.

Greg has accumulated 18+ years’ experience within the financial services industry covering the investment, fiduciary and banking sectors, specializing in alternative asset classes (PE, VC, Real Estate and Credit). Through this period Greg has led and participated in several strategic initiatives which include business development, product establishment, regulatory change, operating model refinement and on boarding complex new business across entrepreneurial and global servicing businesses with particular focus on Channel Island, Luxembourg, Ireland and the UK markets.

Greg has a wealth of directorship experience that cover global banks, fiduciary and administration businesses, in addition to investment management companies and regulated investment vehicles in Guernsey, Luxembourg, Ireland and the UK. Greg is a member of the Institute of Directors and has served industry associations throughout his career.

Hannah Dunnell

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Hannah joined Belasko in 2023 overseeing leadership, performance and culture.

With 17 years of experience in Guernsey’s finance industry, Hannah has worked across fund administration, corporate services and company secretarial services. 

Hannah is an Associate of the Chartered Governance Institute and has a keen interest in how governance interplays with all areas of business from processes to people and culture. She is passionate about the development of people and the role of women in business.