BUSINESS DEVELOPMENT PLAN: 2014 EXECUTIVE SUMMARY
MARCH 2014
Mission Statement Gibraltar Finance aims to promote Gibraltar as the EU domicile of choice for financial services. In order to achieve this, we will proactively market the strengths and benefits of our proposition through the media, personal representation and corporate attendance at selected industry events. Gibraltar Finance offers a well-regulated, transparent and internationally cooperative jurisdiction with access to financial markets including the right to access the EU single market in financial services. Together with our partner firms across the various disciplines in the Gibraltar Finance Centre, we have as our foundation three main virtues; regulation, reputation and speed to market. Our proposition, offered in a modern environment, provides for competitive rates of personal and corporate tax, high quality infrastructure and a Mediterranean lifestyle that, combined, create a compelling combination.
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The result of our mission is to deliver tangible results. This, simply defined, is increased revenue to our partner firms and ultimately the Gibraltar economy.
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Overview
2.1
James Tipping, Finance Centre Director who reports directly to Albert Isola MP, Minister for Financial Services, heads up the Finance Centre Department of HM Government of Gibraltar. The Finance Centre Department promotes Gibraltar’s financial services centre internationally as ‘Gibraltar Finance’ although it retains responsibility for a number of other areas not directly related to marketing and promotion.
2.2
Resources
2.2.1
Human - Gibraltar Finance has received a significant investment in resources, front and back office, during 2013. The team now includes specialists across all areas of business activity including a permanent cross-discipline representative in Gibraltar House in London.
2.2.2
Budget - provided centrally, the marketing budget supports the marketing activity of Gibraltar Finance. The budget has increased significantly from previous years to finance the activity of the team and their efforts in the implementation of the objectives of this business plan.
2.3
Objectives
2.3.1
Gibraltar Finance exists to fulfil a number of specific purposes, these include:
2.3.1.1 Increase significantly the external awareness of Gibraltar as a quality financial services centre, primarily in our chosen markets; specifically, people and institutions that materially influence the behaviour of target individuals and businesses.
Our Markets
2.4.1
Historically, London and Switzerland have been our main markets. This will continue to be the case. However, a more concerted drive to develop relationships with professional firms and advisers in other areas of the United Kingdom will be initiated. In discussing this with Gibraltarian firms, the prime areas would appear to be Bristol, Birmingham, Manchester, Edinburgh, Leeds and Edinburgh.
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2.3.1.2 Increase revenue directly and indirectly for the private and public sectors in Gibraltar by attracting new or increased business across the full range of financial and support services that are provided from the jurisdiction.
2.4.2
There are initiatives that will be undertaken outside of our core markets that are industry segment-specific and, at times, at the specific request of industry partners. Some of these are outlined in the subsequent sections of this document.
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Event Marketing
3.1
Gibraltar Finance has committed to attend a number of events for 2014 and 2015. These are detailed below and the list remains live as it is under constant review; changes as they arise will be communicated to the relevant sector:
3.1.1
Insurance
Captive Live UK 2014, London
February
24th & 25th
Insurance & Risk Linked Securities, New York
March
4th & 5th
BIBA 2014, Manchester
May
14th & 15th
Bermuda Captive Insurance, Bermuda
June
2nd, 3rd & 4th
Airmic Conference 2014, Birmingham
June
16th & 17th
Insurance Conference Southern Africa, Johannesburg
July
27th, 28th, 29th & 30th
European Captive Forum '14, Luxembourg
November
11th & 12th
Fonds '14, Zurich
February
5th & 6th
Swiss Asset Managers Conference 2014, Gibraltar (arranged in conjunction with Voxia)
April
3rd & 4th
EuroHedge Summit 2014, Paris
April
29th & 30th
Hedge Fund Startup Forum 2014, London
May
7th
GAIM International 2014, Monaco
June
16th, 17th & 18th
Hedge Funds World Asia 2014, Hong Kong
September
2nd, 3rd & 4th
Invest '14, Geneva
September
17th & 18th
Funds
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3.1.2
AIMA Annual Conference, London
October
7th
Fonds '15, Zurich
February 2015
4th & 5th
Family Wealth Management Conference
April
8th & 9th
European City visit
March
24th, 25th & 26th
PayExpo 2014, London
June
11th & 12th
Transcontinental Trusts Conference, Geneva
June
18th & 19th
The European Family Office Conference, London
November
5th & 6th
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Flagship Events
4.1
Flagship Events are targeted at increasing awareness in each of the jurisdictions of the Gibraltar proposition. Media coverage will be in place in the run up to and subsequent to the event. Partner firms are invited to join these events and support these initiatives. The events, other than those to be held in London and Geneva, are timed to coincide with major international conferences at each of the venues.
4.2
The following scheduled events have also been organised by Gibraltar Finance.
Gibraltar Day, Bermuda
June 2014
4th & 5th
Gibraltar Day, Johannesburg, South Africa
July 2014
30th & 31st
Gibraltar Day, Hong Kong
September 2014
4th
Gibraltar Day, Geneva, Switzerland
September 2014
16th
Gibraltar Day, London, UK
October 2014
20th
Gibraltar Day, Zurich, Switzerland
February 2015
3rd
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Private Clients
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3.1.3
5.1
Each of the four senior executives is tasked with specific functions and responsibilities. They work individually but also closely together, making best use of their knowledge and available assets.
5.2
Victor Galliano: the Gibraltar Finance Senior Executive, based at Gibraltar House, is effectively the multi-discipline permanent representative in London engaging with the UK based finance industry. In essence, the UK market is the primary target market for the Gibraltar Finance Centre, given its global significance. In every area of interest to our financial services sector, the UK market is often the leading player on the global stage. The synergy between Gibraltar and the UK continues to be a major ingredient in our growing commercial relationship.
5.2.1
The facilities at Gibraltar House are available to Gibraltar Finance, our senior executives and to industry generally. These include three meeting rooms, lounge, boardroom and presentation suite. Readily available for presentations and meetings to market the attractiveness of the jurisdiction to targeted industry and service providers, ideally, with the participation of the Gibraltar based industry. The boardroom can accommodate up to 22 guests comfortably around the table, and the presentation suite has capacity for up to 35. One event a month will be held at Gibraltar House, rotating monthly across the disciplines (funds, insurance, private clients); these are to be breakfast or lunch events.
5.2.2
In each case, a theme in each discipline is to be presented by an industry professional from Gibraltar and/or its association, to act as the key attraction; where possible supported by conference organisers.
5.3
Philip Canessa is the Senior Executive – Funds and Asset Management, and his aim is to raise awareness of Gibraltar as the EU finance centre of choice for funds and asset management firms among decision makers and advisers. The focus of the marketing effort will be on London and Switzerland but would also include other jurisdictions at targeted events.
5.3.1
The objective will be achieved through focused meetings and presentations with lawyers, consultants, accountants, advisers and individual asset managers.
5.3.2
Our membership of the Alternative Investment Management Association (AIMA) with its 1,375 members, of which 395 are in the UK, will assist us in establishing contact with our potential targets.
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Direct Marketing
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5.4
Michael Ashton: promotes the insurance and pensions sectors. Whilst the strength of the motor sector and the increase from approx. 10% in 2011 to approx. 16% in 2012 of the UK motor market is a great achievement, we have a highly concentrated insurance industry. There is a need for diversification and real focus will be given to exploring and accelerating growth in other areas of the insurance market. Work has already commenced on the development of insurance linked securities, the expansion of QROPS and the introduction of QNUPS. Further new developments are expected and each of these will be marketed directly in the market and indirectly via our media partners.
5.5
Paul Astengo: manages the private client proposition which focuses on a number of areas including residence schemes, corporate and trust work, banking and e-money institutions. Much work has been conducted in identifying target areas for the development of philanthropy and the family office. Direct contact in London is being made with professional service providers to raise the profile of Gibraltar in those areas.
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Media Marketing
6.1
Social Media
6.1.1
Creating and maintaining awareness (marketing activity) will be a constant process throughout the period of this and future plans. The specific actions undertaken to achieve this are listed below. Gibraltar Finance has made a significant investment in creating a modern, standalone website. We will continue to use existing methodology employed while, at the same time, harness the significant benefits of evolving media.
Launched in October 2013 gibraltarfinance.gi/en/home
Launched April 2013 LinkedIn
Launched in July 2013 ISSUU.com
Launched in January 2012 Twitter
Launched in August Facebook
In use since June 2013 Mail Chimp
Created in November You Tube
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Visits to Geneva and Zurich will include meetings with independent asset managers and lawyers. We will use our own database as well as contacts in Swiss banks and asset managers in Gibraltar. In addition, we will host flagship events in these two cities.
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5.3.3
6.2
We continue to work with media partners targeting sector-specific material. Once identified, we are creating a much wider community within which we circulate information relevant to our proposition in the various markets in which we are active. The creation of new relationships, alongside the nurturing of existing ones with journalists, is a key element of the senior executives’ activity. We will leverage on this to promote the jurisdiction and new initiatives. We will strongly encourage media participation in the flagship events so as to drive maximum benefit. We will continuously base our activity in the media on the three pillars of our proposition: reputation, regulation and quality.
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Legislation
7.1
We will deliver on the following legislation that industry has identified as key for the continued growth of the finance centre. Colleagues in other areas of Government are also working on delivering significant pieces of legislation which are very relevant to our area of business.
7.2
Financial Services-specific Anti Forced Heirship
Capital Requirement Directive
Customer Safeguard Account
Private Trust Companies
Purpose Trusts
Foundations
Perpetuity Period (amendment)
Pensions – regulatory changes
Pensions – QNUPS legislation
Companies Act
Insolvency Bill
Limited Liability Partnership
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Legislation – general
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7.3
8.1
We will continue to work closely with the private sector, focusing our efforts on providing both the legislative and consultative support in order to continue to develop new and improved products.
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Conclusion
9.1
The Gibraltar Finance team is committed to making Gibraltar the EU finance centre of choice. We understand that in order to maximise the benefits of this challenge, we need to work in partnership with industry and embrace the enormous potential that this brings. We ask that you engage us and work with us in the further development of Gibraltar as a jurisdiction of choice.
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Products & Services
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