Equity Trust (Guernsey) Ltd, has been granted a licence to undertake funds business in Guernsey and ...
Equity Trust (Guernsey) Ltd, has been granted a licence to undertake funds business in Guernsey and has appointed Ian Powell to head up the new business area.
The group will launch a brand new funds business, following the firm's receipt of its Investment Funds Licence from the Guernsey Financial Services Commission in September.
Equity Trust is part of the largest independent trust company in the world.
The Category 2 licence enables Equity Trust (Guernsey) to undertake business in controlled investment funds in Guernsey.
The firm will manage the administration of closed-ended vehicles and will specialise in private equity, hedge funds and property funds.
While the funds business will add a new dimension to Equity Trust's Guernsey operation, the company, which has a presence in 26 jurisdictions worldwide, has a vast experience in dealing with complex and sophisticated funds activity.
Ian Powell has become head of Equity Trust (Guernsey) collective and institutional services team, the newly created dedicated unit that will look after the funds business.
Powell previously held a number of senior positions in the Channel Islands and, in particular, specialised in private equity, trusteeships and regulated and unregulated funds.
Having worked at a senior level at a private bank for 27 years, Powell has also headed up a team dedicated to high profile corporate clients across the Channel Islands.
Powell has held various board positions on numerous investment vehicles including fund of hedge funds and management companies. He is also a chartered secretary and fellow of the Securities Institute.
Equity Trust (Guernsey) Ltd expects Powell's appointment will enable the firm to substantially increase its operations.key points
Equity Trust (Guernsey) has been granted a licence to undertake funds business
Ian Powell will head up the new business area
Funds business will add a new dimension to Equity Trust's Guernsey operation
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From 1 March