Ravenscroft makes move in UK
RAVENSCROFT has expanded into the UK after purchasing a 75% stake in Peterborough-based private client stockbroking company A Vartan Ltd, now to be rebranded as Vartan Ravenscroft Ltd.
Jon Ravenscroft, group chief executive officer of Ravenscroft, and Andrew Vartan, chief executive officer of Vartan Ravenscroft, are old schoolfriends and the two companies have had a close working relationship since Ravenscroft was established in 2005.
‘Andrew and I have known each other since school and we have a very similar approach to the stockbroking business,’ said Mr Ravenscroft. ‘We also share the fundamental values.
‘The team based in Peterborough have also built up strong working relationships with our team in the Channel Islands over the past few years.
‘Andrew and I felt that the two businesses were stronger together as it offered opportunities to develop our enterprises.
‘I am delighted that the boards of both companies also felt that this alignment would add value.’
Ravenscroft, which is the only locally owned independent stockbroking and investment management company in the Channel Islands, will continue to operate under its present name, with A Vartan Ltd rebranding to Vartan Ravenscroft Ltd.
Mr Vartan will become chief executive officer of Vartan Ravenscroft with Mr Ravenscroft remaining in his role as group chief executive officer, supported by the 50-strong team across Jersey and Guernsey.
Mr Vartan, who co-founded the business with his father John, said that the resulting group would allow the family business to expand its offering. ‘A Vartan Ltd has built up a reputation for high-quality advisory and discretionary stockbroking services, as well as portfolio management.
‘However, we recognised that in order to offer greater investment opportunities to our clients, the support of a larger group would add value,’ he said.
‘Both companies have a very strong family feel about them and I know that those principles would really appeal to our client base.
‘Both Jon and I want to ensure that we continue to provide the very best service to our clients and the best investment strategies, while maintaining our own independence, with a simple but effective investment philosophy.’
Carey Olsen opens litigation practice in BVI
OFFSHORE law firm Carey Olsen has launched its British Virgin Islands litigation and insolvency practice.
The firm established its BVI office in 2013 with an initial focus on international commercial transactions, investment funds and offshore structures.
Its new litigation practice will be under the leadership of experienced BVI solicitor Advocate Ben Mays, who joins the firm as partner and head of BVI litigation.
Mr Mays said: ‘Carey Olsen is a well recognised and respected firm which has already demonstrated its commitment to the BVI market. Developing its BVI litigation practice is an exciting opportunity to build on the firm’s excellent reputation.’
Mr Mays has extensive commercial litigation experience with a particular focus on complex contentious and non-contentious cross-border insolvency.
An Oxford University graduate, he has worked offshore since 2003 in both the Cayman Islands and the BVI. He was admitted to practise in the BVI in 2004.
The BVI practice is supported by partners Andreas Kistler and Marcus Pallot and counsel Jeremy Garrood, who are also admitted to practise in the BVI and are based in the firm’s Jersey office. Mr Mays’ appointment brings the total number of partners across the firm’s global litigation practice to 13.
BVI managing partner Clinton Hempel said: ‘The launch of our BVI litigation and insolvency arm is an important development for our clients and for the firm as we grow the practice internationally.
‘Ben has an excellent track record and a reputation for knowledge and thoroughness. His appointment allows us to provide our BVI and international clients with a very strong capability, supported by a well-regarded global team of offshore litigation specialists.’
Troubleshooter in spotlight
BUSINESSMAN Kevin Keen will talk about his approach to reducing costs in organisations going through challenging times when he becomes the subject of the Network Jersey interview this evening.
Mr Keen, the former chief executive of Jersey Post, will speak to former JEP journalist Harry McRandle at the event at the Royal Yacht Hotel on Thursday.
Mr Keen is credited with turning around the fortunes of two major Island’s firms – Jersey Post and Jersey Dairy.
He also recently headed the interim body that led a major restructuring of Jersey Tourism that is in the process of becoming the private/public partnership Visit Jersey.
Mr Keen has been in the headlines in recent days, having been asked to join a group tasked with providing an independent review of proposals to reform the public sector and identify efficiencies.
His £650-a-day fees have also prompted public comment.
Over the years the ex-president of the Jersey Chamber of Commerce has developed a reputation for taking on tough challenges.
Despite having reduced scores of jobs in a number of sectors, he remains popular with the vast majority of his former employees.
The event starts at 5.30 pm, with the interview taking place at 6.15 pm.
A MEETING to discuss the establishment of a Jersey Creative Industries body was well attended and seems certain to spark some kind of industry group in the Island.
More than 50 people from across the creative sector attended a meeting at the Digital Hub in St Helier and the idea of moving straight to a Channel Island group model was also mooted.
‘It was a positive response,’ said organiser Ed Prow, a Guernseyman who heads The Potting Shed’s Jersey office. ‘The big question was, should there be an industry body in Jersey that would benefit the Island in the way Creative Industries Guernsey has, and there was a resounding yes to that.’
Mr Prow’s next moves include liaising with CIG and setting up a committee.
CIG chairman and Specsavers creative director Graham Daldry addressed the meeting, as did Jersey’s Education Minister Rod Bryans.
US to lead global growth in volatile year
STATE Street Global Adviser’s head of investments for Europe, the Middle East and Africa, Bill Street, visited the Island recently and forecast a year of volatility in markets for investment practitioners, adding that the US would lead growth worldwide.
He was guest speaker at the
seminar of the Chartered Institute for Securities and Investment.
Investment professionals packed the room at the Royal Yacht Hotel to hear Mr Street’s global market outlook for 2015 in a presentation which addressed the theme ‘Tackling global growth divergence in 2015 and providing insights into the year’s investment opportunities’.
Mr Street, who is also a senior managing director of State Street Global Advisers and is usually based in London, said that global GDP growth should pick up and head towards four per cent.
That figure would be a positive one, as the average historical growth rate per annum was calculated to be 3.6%.
In his presentation he noted greater divergence in markets, with the US poised to accelerate, while growth languished in the eurozone and Japan and would slow also in China. Mr Street added that divergence would extend into monetary policy with the US Federal Reserve and Bank of England beginning to tighten, while the European Central Bank, Bank of Japan and People’s Bank of China would continue to focus on growth.
Mr Street predicted that the US would be the primary driver of growth in 2015. Developing economies would also contribute and would grow at double the rate of the advanced economies, so would be important in asset selection.
He noted that the impact of sharp declines in oil prices has spilled over from the bonds of energy companies to the entire US high-yield sector. Investors who can see past the mêlée will find opportunities from which they can take advantage, he added.
ELIAN Fund Services has been shortlisted for the title Fund Administrator of the Year in Real Deals’ Private Equity Awards.
The awards are at the London Hilton on 22 April and will be hosted by accountant-turned-comedian Fred MacAulay and judged by a panel of industry practitioners working with Cass Business School.
Elian director Charles Le Cornu said: ‘We are excited to be on the shortlist. Elian fund services team has 122 private equity professionals providing a service to funds clients with a global footprint.
‘Since launching as Elian in September 2014, the funds business has continued to grow and we look forward to further expansion.’
