The venture will offer onshore renminbi-denominated private equity fund administration services in China. The move comes after IAG set up an office in Hong Kong earlier this year.
Julian Carey, managing director of IAG’s Hong Kong office, said his company already administered many traditional fund structures and was now extending services to include renminbi-denominated funds “effectively providing a one-stop shop for clients with onshore and offshore structures investing in China”.
Guernsey Finance, the promotional agency for the island’s finance industry, set up a representative office in Shanghai in 2007. Consequently, a dialogue has been opened in both directions through politicians, officials and business representatives
Last year, Guernsey chief minister Lyndon Trott signed a Tax Information Exchange Agreement with the Chinese tax authorities and a Memorandum of Understanding for exchange and co-operation with the Shanghai Financial Services Office.
Last month, Guernsey won approval for companies on the Island to list on the Hong Kong Stock Exchange (HKEx) and Peter Niven, chief executive of Guernsey Finance, will lead a delegation to China in August which will include business leaders.
