In this episode of the Guernsey Finance podcast, host Brandon Ashplant speaks to Helen Parsonage, Partner at Osborne Clarke and Andrew Tually, Partner at Carey Olsen. They discuss the launch of a new VC PIF, the impact of macroeconomic trends on fundraising at large, and Guernsey’s continued market access into Europe - despite the introduction AIFMD II.
Read the full transcript:
Brandon (00:01)
Hello and welcome to the Guernsey Finance podcast, where we bring you interviews with leaders from the global finance industry, as well as news and developments from Guernsey's financial services sector. My name is Brandon Ashplant and I am technical manager of funds and private wealth here at Guernsey Finance. For those of you who aren't familiar, Guernsey is a leading global finance centre. The success of the industry here is underpinned by economic substance,
political stability and asset security. And we are committed to the cause of sustainable finance. To find out more about Guernsey's success in sustainable finance, tune into our sister podcast, the Sustainable Finance Guernsey podcast. Today though, I'm delighted to be joined by Helen Parsonage, Partner at Osborne Clarke's Financial Institutions Group based in the UK, and Andrew Tually, investment funds and corporate partner at Carey Olsen here in Guernsey.
In this episode, we'll be discussing macro market trends, including the current state of deal activity and fundraising and why Guernsey continues to be a leading jurisdiction in accessing liquidity, including via the likes of deal by deal structures and single asset type vehicles, but also through distribution, including into Europe, in which Helen and Andrew will debunk some of the myths surrounding AIFMD too. We'll also be discussing the mechanics of launching a private investment fund commonly known as a PIF here in Guernsey and working with local firms and the regulator more broadly. So without further ado, welcome Helen, welcome Andrew.
Andrew Tually (01:38)
Thanks Brandon.
Helen Parsonage (01:40)
Thanks very much.
Brandon (01:42)
so thanks for joining us. Firstly, just tell me bit about yourselves and your careers to date. Let's just start with you, yourself, Helen.
Helen Parsonage (01:52)
Yeah, thanks. And thanks very much for having me looking forward to the discussion. I'm a partner at Osborne Clarke, which for those who don't know is a pan-European full service law firm. I'm one of the five partners in our financial institutions group who focuses on investment funds. So the practice includes advising both GP and LP side. We have a huge variety of clients from emerging managers to kind of household name managers. And we work
on private funds in variety of jurisdictions including Guernsey where we've worked closely with Andrew and various others at Carey Olsen over the last few years. And although as a team we cover all asset classes the majority of fundraisings I work on are in the venture growth kind of mid-market private equity space. I have been at Osborne Clarke for a whopping 18 years now having previously worked and trained at a couple of Magic Circle firms in London.
Brandon (02:47)
Excellent, and yourself, Andrew?
Andrew Tually (02:50)
Yeah, thanks Brendan. And again, thanks to Helen for joining us today. It's quite, quite, we're quite lucky to have Helen on the podcast with us to provide the international perspective. But I'm a partner in the corporate funds practice at Carey Olsen in Guernsey. So we work alongside onshore council like Osborne Clarke on fund formations. And it really is a cradle to grave service for the managers. So we'll be working on the formation piece, the financings, downstream acquisitions, as well as restructuring.
It's really a full service shop in terms of the service we can provide for funds. We do it out of Guernsey. I've been in Guernsey for about 20 years. And again, in terms of the asset classes as much as Helen says, it's a real focus on emerging managers at the moment. But in terms of the asset classes, we're working on it's PE, VC, private credit, a fair bit of private credit at the moment, and everything else from real estate to infrastructure. So it's quite a broad remit in Guernsey. And then, yeah, thanks for it.
That's what we've been doing.
Brandon (03:50)
Brilliant. So let's kick off. 2026 has begun with, I think it's fair to say, several unexpected geopolitical turns of events, which many listeners will no doubt be aware of and probably actively follow as well. So we probably don't need to get into the semantics on that front. But clearly, these have had impacts on the real economy, the macroeconomy more broadly, both in financial markets, but also extending into the real economy.
One benchmark or metric of that is, you know, clearly precious metals have sort of fallen back and corrected but after a blistering rally over much of 2025, and that obviously rise in value is generally seen as a bit of a reflection on the skepticism and the uncertainty that has sort of plagued markets and the global economy for some time now. So just to begin and sort of set the scene, Helen, what are some of the sort of leading trends and issues that have sort of taken the funds industry by storm since sort of the turn of the new year?
Helen Parsonage (04:52)
So think to be honest, as we've come into 2026, we're still seeing the same kinds of issues that have impacted the industry for the last couple of years. So fundraising in general relies on positive market sentiment and plenty of liquidity in the market. And both of those have been in fairly short demand in recent years. So if you look at any stats on the number of funds raised in the last, 24 months compared to the years leading up to that, they look pretty depressed. And we know that lots of fund managers
have been finding it hard to raise capital from LPs. If you drilled down a level into that, there's actually quite bifurcation in the market. So capital is still flowing quite heavily to more well-established managers running large funds. So if you look at the percentage of LP capital that goes to a small number of large cap buyout mega funds, that's huge compared to previous years. And as LPs get more cautious, that obviously makes sense in terms of
their approach to investing their money, but that has made the market even more challenging for emerging managers. ⁓ But we've found that those who have had success may be focused on specific parts of the market. So in recent years, know, AI focused funds, defense focused funds, health care focused funds have done quite well compared to some others. And then that
liquidity kind of crunch has led to an increase in other types of transactions. So it's been quite a lot of activity in the secondary market. whether that sales at portfolio level, whether it's LP to LP transactions, but also a lot of GP led transactions. So I think 2025 was a record year for volume in terms of GP selling assets into continuation vehicles. I think that trend is probably going to continue
as a way of giving some LPs liquidity whilst also allowing GPs to hold on to their assets until there's liquidity they're kind of comfortable with in the market generally. So there has been a bit of a recovery in the IPO market as people will know towards the end of last year and the beginning of this year. So hopefully that's a good sign for fundraising generally getting some money back into LPs pockets, bit of liquidity so they can start making new investments. We had a pretty busy end of last year and
having a busy beginning to this year so I always see that as a positive sign for the market and generally. I'm always quite optimistic though so I'm always seeing signs of recovery so hopefully that will play out.
Brandon (07:24)
Excellent, yeah, that's a really interesting overview. Yeah.
Andrew Tually (07:27)
I could just add that from the Guernsey perspective, Brandon, in terms of what we're seeing. So again, it's been a somewhat depressed fundraising landscape, but we're starting to see those levers turn now. And again, I'm an optimist by nature as well. So with a bit more deal activity, that'll hopefully sort of stem a new round of liquidity or distributions to existing LPs, which will find a new round of fundraising. I think the only thing I could add, because again, it was pretty comprehensive from Ellen there, was that.
We're seeing because of the holding periods for a lot of assets and the crown jewels of these portfolios being held for much longer and they're being tipped into continuation vehicles. We're seeing the deal teams, they're not taking their carry. Carry's being sort of kicked down the road a bit. And that's actually sort of proving a fertile ground for managers to spin out or at least some of their staff to spin out of managers. And I think that's where we're seeing some of the new emerging managers coming into, again, a tough market and they need to demonstrate a track record. But again, they are spinning out of the more established managers because again, a part of that is that pressure on them not receiving their fees, not receiving carry because of these prolonged holding periods. So that's proving an opportunity for a lot of our markets and I guess an exception to the rule. And we're dealing with new managers coming to Guernsey who are doing exactly that, which is a small positive in the broader landscape.
Brandon (08:39)
So, so huge uncertainty, huge unknowns, but ultimately there is opportunity there and there is actually, like you say, a bit of a splintering in the manager's side going on, which is, which is proving fruitful potentially. we'll come to the PIF because I think that's that that launch is, is probably what most probably listeners will be kind of keen to hear more on in, in detail, but firstly, just some questions, maybe sort of around, ⁓ you know, Guernsey's market access and the distribution side, know, Andrew, you know, questions, no doubt, commonly come your way in terms of Guernsey and the island's ability to sort of distribute into and access Europe. Can you debunk some of the myths regarding distribution? You know, what's the general narrative, but you know, what's in actuality the opportunity?
Andrew Tually (09:26)
Well, that's right. A lot of managers will come to Guernsey and they'll say, well, what are you offering? And we talk about our sort of four cornerstone planks and that's speed to market, it's cost effectiveness. But one of the other ones, of course, is no compromise on distribution. So, what we do tell managers is that, again, if you pick Guernsey as a fund domicile and if the managers are non-EU AIFM and that sits outside of the EU, there are still routes to raise capital from the EU. We call it National Private Placement, and it allows us a very selective basis to be able to target individual territories and countries, including the UK and more broadly the EU, including even other markets like the Middle East and America. So again, on a private placement basis, we still have access to these markets. We can still raise capital. LP is very familiar with Guernsey because it's been around for decades. One of the myths, of course, is that if you're in the EU, one of the advantages is that you have a passport under AIFMD. And the passport, again, it sounds like it's a straightforward, streamless option, albeit in practice it's not always the case. There's barriers or there's still sort of red tape as such, even in the application of the passport within the EU if you are fully in the EU. So to our mind, what we advocate is Guernsey being the best of both worlds. We sit outside of the EU, we sit outside of the UK, but we still have access to those markets and we can do it on a very targeted basis, which usually means there's cost savings in that as well because we're not buying all of the infrastructure as such, but still not compromising on our routes to distribution.
Brandon (11:05)
And sort of talking about access to Europe there for fundraising and investment, but and marketing of funds, but can you talk to the sort of the nature of that sort of lux sleeve offering in particular?
Andrew Tually (11:18)
Yeah, and this is an interesting thing. So again, lot of the managers, and again, the larger managers, the larger funds will have multiple sleeves within a single product basket. So again, they might have a Luxembourg - These are all constituent parts of a fund offering. So there could be a Guernsey sleeve, there could be a Luxembourg sleeve, and these are just structures in these domiciles which are marketed to their respective markets. We see Guernsey being used commonly as a rest of the world option because again, we can distribute into the Middle East, the US and Europe more generally. Whereas again, the bigger managers will have a parallel sleeve alongside of the Guernsey sleeve, which will be in Lux. And the Lux sleeve is targeted at larger institutions in Europe, again, because they are taking advantage of the passport they have. What we see, I mean, there's always outliers and exceptions to every rule, but broadly, we do see that on these big basket funds where we have multiple sleeves, we still see the bulk of fundraising coming in via the Guernsey sleeve. And again, it's partly because it's tried and tested. A lot of the LPs are familiar with Guernsey. There's a bigger audience. But the EU sleeves, in this case, it's commonly Lux, they actually raise significantly less amounts of capital through the EU or the Luxembourg sleeve, which is always a bit of a misnomer because of course they are designed and you expend the cost on creating those slaves to target EU investors, we still see a large proportion of them coming in through Guernsey. So that's why we see the multiple approaches, but also Guernsey sort of playing its role and complementing what the manager is looking to provide to the market.
Brandon (12:46)
Hmm.
Hmm. Yeah, yeah, definitely. we saw, and well, listeners no doubt will know this, but back in April, 2024 AIFMD had taken effect and EU member states were given sort of a two year window to adopt the rules. What's the impact been on Guernsey as a fund domicile on the back of that, know, two sort of two years almost down the line.
Andrew Tually (13:20)
Well, Helen, did you want to? You might want to lead on AFMD.
Helen Parsonage (13:20)
Yeah.
Yeah, I'm happy to take that one because obviously, although the UK is outside of that now, we keep a close eye on what's happening with AIFMD2. I mean, there's two angles to that for Guernsey, I guess. The first one is that AIFMD2 introduces various new requirements on EU fund managers, new liquidity management tools, monitoring delegation, all of that kind of thing. But they obviously don't apply if your fund is set up in Guernsey.
So from that perspective, it's a positive for Guernsey, guess, if you see those rules as kind of additional compliance. The other aspect is the marketing, which Andrew's just been talking about. So as everyone knows, I'm sure if you want to market a Guernsey fund in the EU, you need to register that fund for marketing under the so-called NPPR, or National Private Placement Regimes, in the countries you're interested in. And there have been a few enhancements in AFMD2 to the rules which apply to marketing non-EU funds under those NPPR rules. But the changes are not ones which really impact Guernsey negatively. there's an additional requirement making it harder to market funds from high risk third country jurisdictions from an anti-money laundering perspective. Guernsey's never been on that kind of list and I don't think there's risk of it being so in the future. And then the second one is that domicile of the fund must have effective arrangements in place for the exchange of tax information. Again, Guernsey has multiple tax information exchange agreements in place, all of which align with the required standards and things like that. So again, fairly easy tick in the box for the jurisdiction there. So although there are a few additional rules around marketing non-EU funds, they're not really a concern for Guernsey domiciled funds.
Brandon (15:13)
Hmm. And, and Helen, you've recently, as we established earlier, launched a VC PIF here in, here in Guernsey. Regular listeners will, you know, what I'm about to ask, which is, you know, why Guernsey?
Helen Parsonage (15:29)
Yes, always a question that we discuss with people a lot upfront, you know, what's the best jurisdiction for their fund? I mean, Andrew's mentioned quite a few of them already. So there's various reasons depending on the, on the fund manager concerned, but the things that they typically like, which point them towards the jurisdiction, our speed of set up the way the regulation is kind of managed. So that's all fairly seamless as well.
The Island has lots of service providers who've been working in this industry for a very long time. So the kind of process is fairly slick, but also they're able to kind of adjust and work with emerging managers as well as with more established GPs, which I think is one of the kind of key attractions of the jurisdiction. And so it's just, particularly for the VCs we work with, they're pretty no-nonsense kind of nimble people in their day-to-day. And so they want to set up a fund in that way as well.
It can also be useful jurisdiction where more and more now management team running the fund is spread across various different places. So if you've got GPs, you know, a variety of different jurisdictions, Guernsey is quite a nice kind of neutral jurisdiction to set the fund up in where all of those people can kind of provide services into that jurisdiction. And obviously, you know, we've just been talking about AIFMD, but costs of compliance with AIFMD can make Europe you know, Luxembourg is the obvious example expensive for some smaller fund managers. So again, that costs and compliance and things often point people to a jurisdiction like Guernsey instead.
Brandon (17:04)
And Helen, if you don't mind me asking, do you...
Helen Parsonage (17:05)
Have I missed anything there,
Andrew Tually (17:09)
No, no,
entirely right. That's what we're seeing in practice. mean, the cornerstone of our new pitch to the managers is the PIF. And we revamped the PIF regime halfway through last year. And that sort of streamlined much of the regulation attached to Guernsey funds makes them easier to use. And they really are user friendly. The other thing we're doing is, as you say, Helen, is leaning into the emerging managers and then providing them the white glove approach and the hands on support in terms of bringing them to market.
And we're seeing people from law firms to administrators priced more competitively to attract this new market to make sure they come to Guernsey where we know they'll be well serviced. And we've got a great product.
Brandon (17:50)
And Helen, I was just going to ask if you don't mind me asking, w you know, when you sort of look at the, various sort of jurisdictions on offer, were there specific metrics you were looking for, or was it just a kind of a, the entire basket case? you know, what's the nutshell offering, what, you know, just to get to grips with what, know, you were, were looking for in essence.
Helen Parsonage (18:10)
Yeah, I mean, it depends on a number of factors. So the kind of investors they're targeting, the size of fund they're raising, where the management team is based, what their existing regulation is. So it's not a kind of one size fits all and different jurisdictions will be appropriate for different people. But we do find that Guernsey is quite popular within VC, particularly the kind of smaller emerging managers who just want to get to market with as least friction as possible.
Brandon (18:48)
And Andrew, you talked there on some of the recent PIF revisions, but for those listening to Helen there and wondering, you know, whether this is something they might be able to, to replicate, you know, can you talk through the mechanics of launching a PIF in Guernsey? You know, what are, what are the two routes to market? You know, what are the, as, you mentioned, there'd been two, two kinds of sets of revisions last year. What does this mean for market and, and clients and prospective clients?
Andrew Tually (19:12)
Yeah, exactly. And going to the metrics and going to the qualitative aspect of the PIF. For people who haven't used the PIF before or are interested in using a PIF, the key attributes of the PIF, it's a form of fund regulation for private investment funds. So the key features of this is that they take one business day to approve by a regulator here in Guernsey, it's the Guernsey Financial Services Commission. So in terms of speed to market, we're looking at one business day for an approval. If the manager of the PIF will be in Guernsey, the license granted to that manager to perform its controlled investment business, say it's a general partner, that takes one business day as well. Again, because these are targeted at closed pools of capital and private investors, there's been some leniency given by the commission in terms of the way the managers operate. So there's no capital adequacy requirements for the manager. There's no conduct of business rules for the manager. It's just a set of simple rules which attach to the PIF itself. And again, they're largely driven around a bit of reporting to the regulator as well as avoiding conflicts of interests. The other attributes of the PIF, which again make it, I guess, a very flexible offering and cost effective is that there's no requirement to prepare a disclosure document. So we don't need prospectuses. There's also an ability to waive the audit requirement. So there's no requirement to have an auditor on these as well. Although invariably a lot of the funds will appoint an auditor, the LPs will expect to see that.
There's no limit on the number of investors you can have as well. So provided that they're private investors or qualifying investors and these, the definition of this is largely attuned with US accredited investors and what we would call professional clients or the way we define them in the UK and the EU. So it is that professional client base. One of the other flexibilities of the PIF, again if you're getting friends and family in and a lot of the managing managers will look for that closer support.
If you don't tick the box because you're not a US-equipped investor or UK or EU professional client, there are other ways for the manager to conduct its own assessment as to the fitness and appropriateness of this product for those investors so they can effectively self-certify that those investors can withstand the loss of their investment and that this investment is appropriate for them. So again, a very flexible regime, which is pragmatic. If we have questions around it or the asset class, you know, again, if we're looking at sort of some of the newer, spicier things like defense, tech, bio and pharma, if we're looking at those asset classes, the commission has an open door policy. So we have access to a regulator here and we have a summon with them on very short notice. And we find that they're very receptive. The commission, as well as the industry here generally is looking for a growth agenda for 2026.
We want to continue the growth that we've seen. were more PIFs launched in Guernsey last year than in any other year since they were introduced in 2016. So it really is about maintaining that momentum and I think that you know the market leading edge we don't see many other jurisdictions with this approach to regulation and to be able to still access the EU without all of the overheads and red tape attached to it being an EU AFEM is extraordinary and something we can quite easily sell. And a part of what we've been focusing on is getting the message out there to ensure that, again, the onshore councils that we like working with, understand the product, know what we're selling, and make it easy to use. So again, there's some attribute to the PIF there, and I think while we're saying that, know, we surged interest in it, and we expect to see more.
Brandon (22:59)
Interesting and a multitude of sort of factors at play there as you kind of stress, but one of them was the regulator, the GFSC, the Guernsey Financial Services Commission, its openness, it's willing to be pragmatic and work with the market rather than against as we see perhaps in other jurisdictions. Helen, what was it like for you working with the regulator locally here in Guernsey? What was your experience?
Helen Parsonage (23:26)
Well, when we're working with a manager launching a fund in Guernsey, we take what's commonly referred to as the lead council role, and then we rely on Carey Olsen and local fund administrator to deal with the Guernsey aspects of the launch. So we'll lead on the fund structuring, drafting key documents, negotiating with investors and things like that. But in terms of interaction with the regulator, that's all done by the Guernsey based service providers. And that kind of team approach has been
the way it's worked with funds set up in Guernsey for kind of decades now. So, it's a fairly slick process between all of us to kind of divide and conquer those different bits. And that means that we don't have any actual interaction with the regulator because Andrew and his team and the local administrator will do all of that.
Brandon (24:15)
brilliant, well then I naturally have... Sorry, sorry Andrew.
Andrew Tually (24:16)
Yeah.
We're happy buffer. We keep everyone insulated from that. But again, the feedback we get is just as Helen says, it's quite a slick thing. at the end of the process, when everything's done and dusted and the first close has been held, the sentiment from the people we were working with on shore is that, wow, that was quite easy. And that's what we want to hear.
Helen Parsonage (24:21)
Hahaha!
Brandon (24:39)
Excellent. then I naturally have to ask then, ⁓ sorry.
Helen Parsonage (24:40)
Yeah, don't, mean the fact that we don't really notice that bit is a good sign, I think.
Andrew Tually (24:44)
Yeah.
Brandon (24:46)
Yeah, yeah, yeah. Well, I actually have to ask then, Helen, what was the interactions like with Carey Olsen then? I mean, mindful Andrew's on us, on the podcast with us, but what was that experience like working with sort of the, with your offshore kind of outfit?
Helen Parsonage (25:02)
Yeah, terrible. No, am I going to get kicked off the podcast. No, it's like we've worked with the Carey Olsen team on numerous funds. They, they launch, you know, an enormous number of funds in Guernsey. They, their process is very slick. know what they're doing. We just, we, what we're looking for in a local council is someone who just deals with all the kind of aspects, all those aspects in a very straightforward way. And they, they just,
Andrew Tually (25:05)
I knew it.
Helen Parsonage (25:32)
get all of that done. yeah, they're great.
Andrew Tually (25:36)
Yeah, I'm glad to hear that, Helen. It's very much mutual. But I think that's something again, you know, the whole fund community in Guernsey, I know we're talking at a very high level now, we've sort of left the specifics of the PIF itself, but it is something that we pride ourselves on Guernsey. And so it's not just the legal councils, it's the administrators as well, who have really, not only do we do a day to day service, we've lobbied for change, you know, again, we've worked with the regulator to develop those PIF rules and get them into the market, because we saw that was what the market wanted.
Helen Parsonage (25:38)
Hahahaha
Andrew Tually (26:05)
And we've only been able to do that through our liaison with firms like Osborne Clarke and Helen and her team. So we're always talking, we're always shuttling in and out of London pestering Helen and her colleagues for coffees and catch-ups. But that's part of the, I guess, the ecosystem we're in and why we've been able to finesse it to the point now where we have this great product and it's time to of perhaps make a bit more noise about it.
Brandon (26:33)
And, you know, finally, Andrew, then on that, on that plane, there has been talk of the launch of a cellular limited partnership here in Guernsey. Can you, can you explain what this means for clients or what this would mean for clients?
Andrew Tually (26:47)
Yes, I mean, this is merging the best of both worlds because again, we've had cellular structures in Guernsey for over 20 years. I think we're heading to 30 years. What am I saying? So we had a PCC introduced in 1997. So a protected cell company. We were the first in the world to introduce a structure which was effectively one legal entity with ring fence portfolios of assets and liabilities within it.
And these are incredibly popular for fund managers, whether it's on a commingled fund basis or just on a deal by deal basis, because we can isolate investments and pools of investors within one structure. So there's a lot of efficiency in that and also protections. So whilst we've had the ball rolling on PCC for a long time, and that's been replicated all over the world now, every other jurisdiction has them. What we've wanted to do is bring something to the market, a bit like a rave, a bit like it would be a cellular limited partnership here.
And that gives us all of the benefits of a tax transparent vehicle being a limited partnership with statutory ring fencing and segregation of assets within it. So again, fund managers would be using it on the same basis that they can have pockets of investments, different strategies, pockets of investors all within the one structure. We've been doing it for years on a contractual basis so we can still have limited partnerships with class accounts within them.
So it's a form of ring-fencing, but it's contractual in nature. What we really want is to see a statutory backing behind this. We've been working along with the Commercial Bar Association and the law officers in Guernsey on revisions to our limited partnerships law. We've got a draft, we like it. We're going through the machinery of government now and our states to effectively get it approved.
As we know, these things, even in Guernsey, as nimble as we would like to be, these things will take a bit of time for legislative change. But I think we're nearly there. And we're certainly expecting the cellular limit of partnership to be launched this year in Guernsey. And again, I will be back on the podcast to talk about that when it happens. But so it'll be real innovation. Just again, it just keeps us at the leading edge. And it's something that we, know, through talking to the market, they expect to see it. It's time to have it. And we're nearly there, I'm glad to say.
Brandon (28:54)
Absolutely.
Andrew Tually (29:07)
So I watch this space, but hopefully not too much longer to wait.
Brandon (29:12)
Excellent, well sounds very exciting.
Helen Parsonage (29:12)
And I think that's going to be really
popular with managers who want to do co-investments or deal by deal investing in the lead up to launching their fund or what have you. think that's going to be a really useful product.
Brandon (29:27)
Definitely. Well, brilliant. Well, look, thanks very much for your time, guys. And thanks for joining us on the podcast today.
Andrew Tually (29:35)
Pleasure. Pleasure. Thanks for having us.
Helen Parsonage (29:36)
very welcome. It's been good conversation.
Brandon (29:40)
It was fascinating to explore the impacts of key international trends we're seeing play out in the macro economy, both on the fundraising but also distribution side, but also to hear some of the myth busting regarding AIFMD too there and Guernsey's ability to market funds into the EU. Best of luck to Helen with the rest of the journey following the launch of this new PIF here in Guernsey. Thanks also to you for listening. If you enjoyed this discussion, we have a back catalog of interviews on the Guernsey Finance podcast channel.
You can check them out by searching Guernsey Finance on your preferred podcast platform. We also have links to Helen, Andrew, and their respective firms, Osborne Clarke's and Carey Olsen in our show notes. To find out more about Guernsey and its leading financial services sector, head over to our website, guernseyfinance.com. We look forward to welcoming you back to the podcast soon. Until then, it's goodbye from Guernsey.
