Guernsey Financial Services Commission director Talmai Morgan is to succeed John Bridle as Chief Executive of the Guernsey Promotional Agency.
Morgan will leave the Guernsey Financial Services Commission (GFSC) where he is currently Director of Fiduciary Services and Enforcement, to take up the new post by the middle of this year.
Peter Neville, Director General of the Guernsey Financial Services Commission said: "I will be very sorry to see Talmai leave the Commission. He has done a tremendous job introducing the fiduciary regulatory regime and making sure it has bedded in properly. He is also a very valuable part of the Commission's senior management. At the same time, I am pleased that he is going to the Guernsey Promotional Agency. I am sure he will be an effective Chief Executive and we look forward to working with him. From the point of view of the Commission's Fiduciary Division, we have an excellent team which will be carrying on the good work, and we have already begun discussing with Talmai the transitional arrangements."
Robin Fuller, Chairman of the Agency and Head of Bank of Bermuda's GFS operation in Guernsey, said: "Over almost three years the infrastructure of the Guernsey Promotional Agency has been put firmly in place under the direction of John Bridle. There has been considerable interest from candidates wanting to take the initiative forward, in tandem with the finance industry, and we are very pleased that Talmai Morgan has agreed to take up this important post."
John Bridle, who will continue as chief executive until Morgan is in office, said: "Talmai Morgan is very well qualified to take the Agency into the next phase of its activities, which will focus on expanding the strategic direction we have established and reinforcing the involvement of all sectors of the industry."
Morgan moved to Guernsey in 1988 to join Barings where he was a private client manager, group secretary and senior legal adviser. Before being appointed to the GFSC Morgan was managing director of Bermuda Trust (Guernsey) Limited, a subsidiary of The Bank of Bermuda.
Agency issues guide to fund managers
The Guernsey Promotional Agency has just published a guide entitled Fund Services in Guernsey.
The guide highlights the various types of investment schemes available in Guernsey, including open and closed ended funds, protected cell companies (PCCs) and limited partnerships.
It also spells out the benefits of conducting fund business in Guernsey and explains the roles of the Channel Islands Stock Exchange and the Guernsey Financial Services Commission.
The investment division of the Commission recently issued guidance notes on its flexible authorisation policy towards hedge funds as well as guidance notes to assist the sponsors of closed-ended investment funds.
For established promoters, a fast track application process has been set up with the result that, the Commission has regularly achieved a response time of 72 hours or less.