Saffery Champness launches investment management team

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Saffery Champness is expanding its Guernsey business with the establishment of a specialist investment management division and has secured the lateral hires of two senior investment professionals widely regarded as leading figures in the island’s fixed income investment community.

Paul Garrard is one of the Channel Islands’ most experienced fixed income managers, with over 24 years’ experience at Kleinwort Benson, the majority of which was spent managing funds and portfolios. Mark Despres has been in the industry for 15 years, most recently responsible for the Guernsey investment team at Spearpoint.

They will be supported by an experienced and respected investment committee comprising investment professionals Mark Ostwald, Jim Goodey, Phil Jordan and Nigel Webb.

Saffery Champness’s Investment Management will be one of the few remaining Guernsey-owned investment management and advisory businesses, the consolidation of the investment sector having seen traditional boutique firms absorbed into larger corporate parents, with most fixed income work being referred off island to the City.

The new business will offer a combination of funds and discretionary portfolio management to ultra-high net worth individuals, trusts and companies and also advisory services to other locally-based institutional managers.

“Our advantage is that we are starting afresh, with a great deal of experience within our team, supported by the leading private client expertise and infrastructure within Saffery Champness” Mr Garrard said.

“This allows us to be incredibly flexible while also implementing strict risk control parameters, ensuring we make the most of investment opportunities whilst keeping clients’ capital as safe as possible.”

Mr Despres said: “The recent turmoil in fixed income markets, that has seen yields spike dramatically higher with prices experiencing a correspondingly dramatic fall, has led the majority of investors to question and review their allocations to fixed income. This provides us with a significant opportunity to work with individuals and firms to help them understand their current exposure to managers and markets and, secondly, tailor a solution for the future.”

In his previous role Mr Garrard managed significant assets for collective investment schemes and captive insurance companies as well as high net worth private clients and other institutional clients. He was the group’s in-house expert, advising other fund managers on the fixed income content of their portfolios. He is a Chartered Fellow of the Chartered Institute for Securities and Investment and is also secretary to the Guernsey committee of the institute.

Mr Despres gained a first class degree in mathematics prior to starting his wealth management career in Guernsey and subsequently London. He has managed institutional investment portfolios and listed funds with a specific focus on fixed income and currencies. He is a Member of the Chartered Institute for Securities and Investment.

Kelvin Hudson, Managing Director of Saffery Champness, said: “This development continues the firm’s objective of remaining a pre-eminent financial services business and complements our existing accountancy, fiduciary, fund administration businesses. We are pleased to continue to invest in Guernsey and to continue to attract leading individuals to join us.

“The reputation and experience of Paul and Mark is a tremendous foundation upon which to build this new business. It is rare to find dedicated investment management of this calibre on the islands and as the focus on fixed income performance is growing, in difficult market conditions, we are confident that there will be a strong demand for their expertise.”

Saffery Champness celebrated 35 years in business in Guernsey last year and has marked this milestone by continued to expand its leading fiduciary, taxation and investment management services.