30th May 2019
Lifecycle has further expanded its geographical reach and specialist advisory services as its provider, Leonard Curtis Business Solutions Group, opens its first offshore office in Guernsey. The island‐based highly experienced team is headed up by offshore corporate advisory and restructuring specialist Matthew Wright. Accountants and their clients who do business in Guernsey and the Channel Islands are already benefiting from positive strategic advice it delivers from within the jurisdiction.
Matthew said: “As a team, we enjoy a proven track record of protecting offshore assets and rescuing distressed businesses and funds. In an era of unprecedented economic uncertainty ‐ and in the wake of a number of high‐profile insolvency cases in Guernsey ‐ our arrival here is well‐timed.
“We’re already working with a number of UK and international accountants, company owners, stakeholders, fund managers, lawyers and other professional advisers who are doing business with, or housing assets in, Guernsey and Jersey. Response to our service offering here has been great.
“Just by opening an office here, we’ve found that we’re prompting many accountants to ask their clients if they have assets in the Channel Islands. If they do, do they know how they’re performing? We often find that their longstanding advisers don’t have the specialist contacts in offshore territories to assist them with what can often be complex matters.
“As locally‐based rescue, restructuring and refinancing specialists ‐ with decades of offshore experience ‐ we’re able to add real value to both accountants’ service capabilities and their clients’ financial performance.
“The number of accountants and clients we could be supporting are huge. Guernsey is one of the largest and most well‐respected offshore financial centres in the world, with a thriving funds industry and modern and innovative legislation. Some 1,000 investment funds and well over 2,000 sub‐funds are currently domiciled in the island.
“The current value of funds under management and administration in Guernsey is just over £280 billion ‐ an increase in net asset value of £1.7 billion on the previous year. We’re looking forward to helping our clients and their advisers to protect and increase this figure.”
Daniel Booth, Director of Leonard Curtis, said: “Guernsey provides us with an excellent and timely opportunity to provide local specialist services to a growing market.
“We’re also delighted to welcome Matthew, who is such a high calibre addition to our team. As a fellow of the Association of Chartered Certified Accountants (ACCA), he brings with him over a decade’s offshore experience gained predominantly in the Cayman Islands where he was a board member of the Cayman Islands chapter of INSOL. He’s acted as court appointed liquidator for several Cayman Islands funds and companies and as Liquidating Agent, Director and Manager of a number of illiquid and distressed funds, outside formal insolvency procedures.
“With such a strong offering, I’m pleased to say that our welcome has been so warm in the island and from those accountants and professional advisers that we work with across the UK, whose clients have assets there.”
Leonard Curtis’ move into Guernsey comes shortly after it was approved as an AGN International member. It’s the only one from the 177‐strong association to have a presence in the Channel Islands.