Guernsey Finance has appointed Grant McLeod as its first dedicated representative in South Africa.

McLeod has spent more than 20 years in financial services in South Africa, particularly in private wealth. This includes time at firm such as Ashburton and Barclays Private Bank.

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His role will look to build on developments made by the jurisdiction in South Africa in the recent past. He will also promote the island of Guernsey more widely in sub-Saharan Africa.

“I am really excited to be joining Guernsey Finance and being involved in Guernsey’s continued development in this region,” said McLeod.

“Guernsey is a jurisdiction well known to most South African investors, and my role is to continue to reinforce Guernsey as the jurisdiction of choice among the South African investment community.

“Having worked in the South African markets, and having assisted South African clients to invest outside their home jurisdiction, helping to connect South Africa with Guernsey across all sectors comes naturally to me and I’m looking forward to explaining the positives that Guernsey has to offer our market.”

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James Crawford, director of international business development at Guernsey Finance, added: “Guernsey’s key strengths of security, stability and substance have resonated really strongly in South Africa on the visits we have made in the past few years, pre-Covid.

Guernsey has announced plans to upgrade its Private Investment Fund (PIF), expanding the regime with two supplemental models.

The revisions remove the need for manager involvement. It will create the most comprehensive and flexible suite of options of any private fund regime.

Typically, the fund manager makes declarations in respect of prospective investors’ ability to sustain losses, the maximum number of investors, and the completeness and accuracy of the application.

“It is clear that Guernsey is now a key jurisdiction for wealth managers in South Africa for funds, trusts, pensions and other corporate structures. Grant will give the South African market a more consistent Guernsey presence and ensure that Guernsey solutions remain front of mind for clients and their advisers.”