The last few weeks in financial markets have been nothing if not eventful, culminating in the biggest positive one day reaction to mid-term election results since the 1980s. Shocktober on the other hand lived up to its reputation as the worst month for equity market performance, with US markets suffering their worst monthly falls since the dark days of the European sovereign debt crisis in…
Last week was a reasonably busy one data wise in the UK, with the Budget plus the quarterly Bank of England Inflation Report and MPC policy decision, and so we will concentrate on this side of the Atlantic.
In the Budget, the main news was the end of austerity. Well sort of; and as long as there is a Brexit deal. The OBR – Office for Budget Responsibility (A great Dickensian name although presumably the alternative would be an Office for Budget Irresponsibility!) provided most of the reason for the Chancellor’s largesse. The OBR revised up its forecast for tax receipts by the largest amount since it was established in 2010. This enabled the Chancellor to cover the already announced £20.5. billion of extra funding for the NHS plus another £10 billion of additional spending and earned him the moniker ‘Fortunate Phil’ in the Times.
Rob Hutchinson, an accountant with more than 30 years’ experience, has joined the board of Ravenscroft Holdings Limited.
Mr Hutchinson spent 28 years with KPMG including leading the firm’s fund and private equity practices for seven years and five years as head of audit for KPMG in the Channel Islands. He retired from practice in 2014 but now holds a number of non-executive director positions including chair of the audit committee at Syncona, which invests in innovative areas of healthcare.
When markets are misbehaving, as they currently are, it can be a useful exercise to take a step back and remind ourselves of the bigger picture. While the headlines will always focus on the issue of the moment; what matters more to us than the exact outcome of Brexit or Donald Trump’s next tweet is the quality of the assets we own and how we deal with the inevitable tough periods. To illustrate how we think about this, let’s meet Fred.
The Guernsey Investment Fund has made seven investments totalling £4.29m since it was launched, with nine more proposals being considered currently and continuing strong interest from companies and entrepreneurs.
The fund, which invests in projects and businesses which have a Bailiwick of Guernsey focus, or which may benefit directly or indirectly the development of the Bailiwick, was launched in February. Its aim is to deliver long-term capital growth for its shareholders, which includes the States of Guernsey who have committed to investing up to £25m. Total committed funds are £38 million.
The fund, which is managed by Ravenscroft, may be made up of a number of protected cells, with the technology and innovation cell being the first to launch. Investments already made this year start from £100,000 and include acquisition of equity and structured loans.
To download the newsletter as a PDF, please CLICK HERE. “Slip inside the eye of your mind,Don’t you know you might findA better place to play?You said that you’d never beenBut all the things that you’ve seenThey slowly fade away” Oasis – Don’t look back in anger, 1995 September 2018 is significant to us for a couple of reasons: first, it is now a decade since the financial (and…
Writing in the Guernsey Press about life a decade after the financial crisis, Mark Bousfield, group managing director at Ravenscroft, looks at what you could have invested in 10 years ago and the lessons to be learnt from having a longer term investment strategy.
Ravenscroft is to acquire Royal London Asset Management CI Limited and Royal London Custody Services CI Limited to expand its existing cash management offering.
The two businesses are being bought for an undisclosed sum from Royal London Mutual Insurance Society Limited with all five employees moving across to Ravenscroft as soon as the sale is completed. The acquisition, which is subject to approval by the Guernsey Financial Services Commission, will increase Ravenscroft’s assets under administration to more than £6.5 billion.
The newly appointed non-executive director of Ravenscroft Holdings Limited hopes to use his experience in information technology to benefit the group as it continues its plans for growth.
Chris Barling has joined the board of Ravenscroft Holdings Limited and brings with him 10 years public board level experience, including eight years with FTSE 100 constituent Hargreaves Lansdown. He specialises in product development and the impact digital has on business, in particular financial services.
The last couple of weeks have elevated FAANG constituents (Facebook, Apple, Amazon, Netflix and Google – now Alphabet) to the spotlight, once again, with no shortage of headline-grabbing events for the media to turn their attention to.