A new fund offering investment to innovators and entrepreneurial companies will be an economic enabler for Guernsey.
The Guernsey Investment Fund will invest in projects and businesses which have a Bailiwick of Guernsey focus, or which may benefit directly or indirectly the development of the Bailiwick. Its aim is to deliver long-term capital growth to its shareholders, which includes the States of Guernsey who have committed to investing up to £25m.
Ravenscroft has become the first company in the world to introduce a cutting edge client screening solution, which has been developed in the Channel Islands.
The RiskScreen system, which was developed by Channel Islands-based regtech business KYC Global Technologies, allows Ravenscroft to exceed current legislation on the monitoring of clients.
‘Ravenscroft’s growth and success has been built on delivering the services which our clients want and not what we think they need, whilst at the same time ensuring that we are compliant with regulation and legislation,’ said Ravenscroft’s money laundering reporting officer Guy Hardill.
‘We now have 5,000 clients and billions of pounds of assets under management and this, together with the constant changing AML requirements, meant we needed a more efficient approach to monitoring. We wanted to identify a solution which would meet our exacting technical requirements, now and into the future, and to find a company that shared the same customer service values as us.’
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.
Ravenscroft has agreed terms to acquire a 25% shareholding of MXC Capital (UK) Limited (“MXCUK”). The deal, which is worth £2.25 million, has been agreed between Ravenscroft Holdings Limited, MXCUK and MXC Guernsey Limited, which is a subsidiary of AIM quoted MXC Capital Limited (“MXC”). MXCUK is also a subsidiary of MXC and is the holding company of the group’s transactional…
Ravenscroft has grown its assets under administration to £4.44 billion – an increase of 55% in 12 months.
Its annual report shows that the company, which has offices in Guernsey and Jersey and launched into UK last summer, has increased group revenue by 15% to £20.00m, the first time it has reached £20m since the business started 12 years ago, with recurring revenues up 50% from £7.61m in 2016 to £11.45m in 2017. Gross profit increased by 14% to £17.21m and the board has declared a dividend of 12p per share making an annual dividend of 17p per share.
Guernsey Cricket Board has launched an initiative aimed at encouraging youngsters to develop a passion for cricket.
The Ravenscroft Future Stars programme, which will start next month, is open to boys and girls between the ages of five and eight. Over each block of eight sessions, the youngsters will be introduced to the sport and develop the skills needed for catching, bowling and batting.
‘We have wanted to introduce a programme for five to eight year olds for a while as there was a gap in our offering between the TOTS initiative and then our work in the schools. Ravenscroft has been incredibly supportive of cricket for a number of years and recognised that the Future Stars programme had many benefits,’ said GCB Cricket Development Officer, David Hooper (Hoops).
Forty local teenagers will receive an extra Christmas present after Ravenscroft made a donation to Children and Family Community Services.
Each year, youngsters living in low income households receive gifts from a number of local initiatives but teenagers are often outside of the age limits.
Ravenscroft has appointed two communication specialists.
Juliet Bousfield and Katrina Bray have joined the stockbroking and investment management company as marketing & PR executives.
‘As Ravenscroft grows its offering with the addition of new products and services and expands into other jurisdictions, it’s vital that we have a clear marketing and communications strategy to ensure that our clients and prospective clients understand who and what Ravenscroft is and what we stand for,’ said group chief executive officer Jon Ravenscroft.
Ravenscroft has appointed a group company secretary, an assistant company secretary and a money laundering reporting officer.
The stockbroking and investment management company has made a number of key appointments to its support services team in recent months with Jade Cook joining as group company secretary, Guy Hardill as MLRO and Laura Colley as assistant company secretary The appointments follow significant company growth and expansion into the UK market.