In addition to his current role as Chief Country Officer for Deutsche Bank in the Channel Islands, Andreas Tautscher has been appointed Global Head of the Financial Intermediaries (FIM) business within Deutsche Bank’s Private Wealth Management division. In his new role, Andreas will oversee the entire FIM business, which has teams in locations around the world providing a range of banking, custody and investment services to financial intermediaries, trustees, captive and third party fund managers.

Meanwhile, Paul Shevlin, currently Chief Operating Officer for Deutsche Bank in the Channel Islands, will succeed Andreas to take on the additional role of Chief Operating Officer for Cayman and Mauritius.

Paul joined Deutsche Bank in 2006 as Chief Operating Officer for Deutsche Bank’s Fiduciary Services division before his role expanded in 2007 to encompass the Jersey and Guernsey booking centres. Paul is a member of the Chartered Institute of Management Accountants and has over twenty-five years’ experience in international banking and operations.  He brings a wealth of expertise to his new role to ensure that Deutsche Bank’s international booking centres are run in the most efficient way to benefit clients.

In addition, Mike Bird, formerly Head of Custody for Deutsche Bank in Jersey with responsibility for business development within the FIM team, has been appointed Chief Country Officer for Deutsche Bank in Mauritius.

Before joining Deutsche Bank in 1999, Mike, an Associate of the Chartered Institute of Bankers and the Chartered Institute of Securities & Investments, spent twenty-five years with a major international bank in a wide range of operational roles including setting up their first offshore 24 hour banking service.

Mike moved to Mauritius in 2007 to take up the position of Chief Operating Officer during a period of considerable expansion for the Bank in the region. Established in 1999 with five employees, Deutsche Bank (Mauritius) Limited, the Chairman of which is Andreas Tautscher, now has a total of around 250 staff in two locations in the jurisdiction providing a comprehensive range of services to financial institutions, intermediaries and international business groups through its banking, fiduciary and corporate services divisions.

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The Spa at Grand Jersey has been named as the Residential Spa of the Year (ten rooms or fewer) at the Professional Beauty Awards 2010 at a glittering ceremony in London.

The Spa, which is managed by Jane Turner, was awarded the same accolade in 2009 following a multi million pound refurbishment.

‘I am delighted for our team as this really is an esteemed award and to have now won it two years in a row is a significant accomplishment. It is thanks to the dedication and belief that our team have in our product that we won this prestigious accolade.  There were some fantastic spas shortlisted and I am very proud that ours came out on top,’ said Jane Turner, Spa Manager at Grand Jersey.

The Spa at Grand Jersey beat strong competition to make it onto the much-coveted shortlist of six and in the process had to satisfy a strict entry criteria.  This included offering a  spa that makes customers and staff feel welcome and special, exceptional standards of customer service, knowledgeable, well-trained and professional staff.

The Professional Beauty Awards are the most respected awards for the beauty, nails and spa industries, recognising those who make a real difference to the industry.

Jenni Middleton, editor of Professional Beauty magazine commented:
‘Our expectation was that we’d see standards drop this year. Times are tough, it’s hard to keep motivated and it’s even harder to get money in the till to spend on the little flourishes that set you apart. But what the mystery shoppers, my editorial team and our judges have consistently found is that the standard has been even higher this year. When the going gets tough, the tough cleanse, tone and moisturise.’

All of the shortlisted salons and spas were visited and interviewed by a member of the Professional Beauty editorial team before being mystery shopped. Therapists, nail professionals and make-up artists were also trade tested.  The judging panel was impressed with Spa at Grand Jersey and commented that ‘consistency and the wow factor go hand in hand for this winner.’ 

The annual awards bring together over 500 beauty professionals to honour those who have performed outstandingly over the last year. Co-creator of Smack the Pony, actress and comedienne, Sally Phillips hosted the ceremony.

The Spa at Grand Jersey will be holding an official launch event for its new product range soon. The Spa has secured an exclusive deal with world-renowned brand, ESPA, to be Jersey’s only spa using and retailing its distinguished products.

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Ian was the first Jersey swimmer to qualify for the Delhi games taking place in October. He qualified for the games in December with a heat time of 4.29.09 in the 400m individual medley at the Queensland State Championship, finishing in eighth place.

Twenty-year-old Ian, who now lives in Perth, Australia, is now committed to a full-time training programme for the Commonwealth Games. He has been swimming since he was aged four and has competed for Jersey in three Island Games. At the 2009 NatWest Island Games in Aland he won an amazing nine medals – four golds – and set new records for the Island in four events and and Island Games record in a fifth.

From 16 to 20 March Ian will be competing at the Telstra Australian Swimming Championships at the Sydney Olympic Aquatic Park. The championships, which will be shown live on the Sports Channel, will be racing against Australian swimmers Brenton Rickard and Christian Sprenger.

The Hon President of JASA, Gail Le Clercq said that Ian’s Australian Club had now acknowledged his future potential and had supplied a landwork coach and gym access to improve his performance in the pool. ‘Ian has already proved himself at the Island Games and now he has every chance to realise his potential with his Australian Club and to train hard for the Commonwealth Games,’ she said.

Larry Catterson, Chairman of KPMG in the Channel Islands, said the firm was proud to be able to sponsor Ian and help him towards future success. ‘Jersey has produced some fantastic swimmers over the years and Ian is a perfect example of the best that this Island can produce. We are delighted to be able to help Ian in some way so that he can fulfill his fantastic potential’ said Mr. Catterson.

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The new tariffs start at £6.99 per month and include unlimited texts, with unlimited calls and data being available on some of the higher SIM-only tariffs.

Demand from customers for SIM only tariffs continues to increase as customers look for alternative offers to the traditional upgrade or replacement of the handset at the end of their current contract. The plans are most suited to those who are happy with their existing mobile handset.

Tim Ringsdore, Managing Director of the CI Division at Jersey Telecom said: “We are pleased to offer these new tariffs which offer great value for money. As handsets are lasting longer and people are increasingly looking to invest in smartphones, we realised SIM only plans would be in high demand. Customers can now benefit from inclusive minutes, texts and data instead of an upgrade on their handset.”

He added: “The promotion was launched earlier this week and has already attracted a lot of interest particularly among iPhone users.”

New tariffs start at £6.99 and include unlimited texts, calls and data. The plans offer flexibility and include CI landlines and mobiles UK landlines and mobiles depending on requirements.

More details are available online at www.jerseytelecom.com

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Tim Ringsdore, Managing Director of the CI Division at Jersey Telecom, said: “We are delighted to see one of our ex-fleet vehicles, which is still in good condition, being put to good use by Jersey Hospice Care. We replace our works vehicles every few years and where we would usually sell them on, we saw an opportunity to pass this one on to a well deserving new owner.”

John Leggett of Jersey Hospice Care said: “We are very grateful to Jersey Telecom for providing us with this new vehicle. It replaces a very old van and is a welcome gift for our shop organisers who spend a lot of time each week collecting donations from generous islanders.”

“Our charity shop in St Ouen is packed full of good quality furniture, household items and the usual clothes, books and bric a brac and this new vehicle will allow us to move items between shops to make sure our stocks are continually rotated.”

JT will also cover the cost of re-branding the vehicle with Jersey Hospice Care’s logo.

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The global appointments include two new Cayman Islands partners – Richard Addlestone in the Funds and Investment Services team and Julian Black in the Banking and Asset Finance team, both previously partners with Walkers in Cayman. Matthew Stocker joins the Hong Kong office as a member of the Banking and Asset Finance team. He was previously a partner at Maples and Calder in the Cayman Islands and Hong Kong. Matthew Feargrieve joins the Zurich office in May in the Funds and Investment Services team.  He was previously a partner at Mourant in London.

In Jersey, Appleby will be strengthening its Corporate and Commercial Group with the appointment of James Gaudin, who joins in August. James was previously a partner and head of Walker’s Corporate Department in Jersey. He advises on corporate and commercial issues, with an emphasis on finance, capital markets and funds.

In addition to the new partner appointments, partner Gray Smith, who joined Appleby in April 2009, has now moved back to the London office where he will lead the Funds and Investment Services team. Prior to joining Appleby, Gray was London managing partner at Ogier and previously a partner at Maples and Calder.

Commenting on these appointments, Managing Partner of the Jersey Office, Michael O’Connell said: “The strategic hire of these leading practitioners represents a significant addition to the group’s strong Corporate and Commercial practice group, further enhancing our offering in Jersey and Cayman.” He adds, “One of our key strategic goals for 2010 is to continue our substantial investment in the right partners to underscore our market leading position and our ability to offer clients a range of jurisdictions and services unequalled by any other offshore firm.”

Appleby has been ranked as the world’s “No 1 Offshore Law Firm” by partner numbers in The Lawyer’s 2010 Offshore Survey and will have 82 partners and 211 lawyers globally.

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In Jersey, we have seen no bank failures, no banking stability issues, and no major headline fund failures. Like all centres, we have seen some job losses, and regrettable though they are; we have not experienced the deep cuts seen elsewhere.

We have proven, stable financial institutions, with deep pools of advisory and administrative expertise; we have political and fiscal stability, with high levels of reserves, and the ability to stimulate our economy without recourse to borrowing. We are meeting, and in some cases exceeding, the highest International standards of corporate governance, and regulatory compliance. Our recent IMF review makes it clear that Jersey is in the ‘top tier’ of international finance centres, including those in the G20 and EU.

As the leading IFC in the GFCI and as STEP IFC of the Year, there can be no doubt that our reputation with informed commentators has been enhanced through the crisis.

So Jersey is in good shape – our standing in the global rankings of international finance centres is high, and we will come through the crisis and the global slowdown stronger, leaner, and fitter. Contrast this with other centres, who are being shaken by stability issues, fiscal imbalances and governance challenges.

But detractors and the poorly informed have laid at our door the charge that we are responsible for tax leakage, that we are secretive, and that we are poorly regulated, and contribute to financial instability.  I would contend that any meaningful examination of the facts will not support these charges, and that we have proven beyond any question that we are a cooperative, transparent and well regulated centre, indeed arguably the best regulated in the world.

The publication of the report on British Offshore Financial Centres – a year long independent review undertaken by Michael Foot, and supported by a team from HMT – concluded that Jersey is amongst the best performers of the Crown Dependencies and Overseas Territories.  The report also made clear that the estimates of tax leakage advanced by our detractors are grossly exaggerated, and that the contribution of Jersey sourced deposits to the UK banking system at $200bn, is both substantial and extremely valuable.

But we are no strangers in Jersey to international scrutiny; we were subject to requests to amend our tax arrangements as far back as the OECD Harmful Tax Competition programme in 1998.

More recently it appears the EU Code of conduct group have indicated that our tax system may not meet with the ‘Spirit’ of the EU code of conduct on business taxation. This is interesting, as the UK had previously indicated our tax system did meet code requirements, especially as we have a diversified tax base including corporation tax, income tax, property taxes, customs duties, and a goods and services tax.

Of course we offer benign tax treatment to non residents, as do a large number of other countries, including many EU Member States. It is certain, for example, the United Kingdom and the US could not fund their significant budget deficits without offering tax free returns to overseas investors.

But we need to distinguish here between tax transparency and tax competition.  Jersey is no friend to tax evaders and criminals.  We have achieved the highest ratings of any country under the IMF FSAP inspections, and have been a leading and willing participant in the OECDs Tax Information Exchange programme since 2002.  Last year we filed over a thousand suspicious transaction reports, and cooperated in over 700 investigations.

Tax evaders should not be able to use jurisdictions to hide non-disclosed wealth. Recently published research conducted by Professor Jason Sharman, of Griffith University, Sydney, Australia; proves that Jersey has a better record of fighting this kind of activity than many larger countries, including the UK, France and the US.

Some commentators have observed the debate over tax transparency and tax competition looks very much like big countries with large budget deficits (the high tax, high spend, large government countries, and their trading blocs and agencies) seeking to impose their view of the world on smaller, less powerful nations. It is after all much more difficult to keep raising taxes if your citizens are mobile, and can move themselves and their wealth to a more attractive environment.

Given this backdrop it is not surprising that the subject of tax receipts and cross border activity has come to the fore again, as cash strapped governments look for solutions.

The truth, however unpalatable, is that the crisis had its roots anchored firmly in debt taken on in the major western deficit economies.

This had everything to do with central bank interest rate policy and a lack of effective financial supervision, and nothing whatever to do with Financial Centres, such as Jersey.

Jersey competes for business on exactly the same basis as the 70 other countries in the world who offer some kind of benign tax neutral regime to the overseas investor; that is on a mix of business expertise, political and social stability, modern infrastructure, good communications and sound regulation.

IFCs act as way stations, gathering capital from around the world where it is not needed, and then conduiting that capital to where it can most effectively deployed. Tax is paid on capital before it arrives in the way station, and it will be paid after it leaves the way station, as it is invested and put to work. There is just no extra layer of taxation on top of that applied by the originating and receiving countries.

This allows large proximate onshore economies to operate their domestic tax systems, without dislocation from the need to offer attractive tax treatment in their primary tax framework for foreign investment. This activity has been proven to increase economic activity, increase jobs and increase wealth creation, such that a boost to tax take is generated. Reference studies by Professors Hines, Desai, Foley, Hejazi and others.

It is self evident that free markets, globalization and tax competition, have all combined to produce stellar growth in world GDP over the last thirty years, pulling countless millions out of poverty.  Unfettered capitalism can be problematical, and checks and balances by way of sound regulation are clearly essential.

However, it is important to keep in view that in remedying the global financial crisis, it is the checks and balances which need attention, and that we do not throw the wealth creating baby out with the bathwater.  The reality is that a hopeful grab for tax will miss the target, as even if discriminatory measures were introduced against International Finance Centres, they would not see universal adoption. China has reduced its poverty rate from 40% to less than 10% in thirty years, and China knows how important its capital conduits – that is Shanghai, Hong Kong and Macau – have been to this economic renaissance.

Like water, the flow of mobile international capital may move eastwards following the course of least resistance, as the USA and Europe live with the outcomes of the unintended consequences of financial services protectionism. In Jersey, we have already planned through our market diversification strategy for such an eventuality.

I would contend that tax competition is good for all countries; it leaves more capital in the wealth creating side of the economy, acts as a brake on excessive government spending, and provides for greater investment activity, thus completing the virtuous economic circle.

Given our track record of cooperation, transparency and meeting the highest international regulatory standards, I believe it will be extremely difficult for any international fora, or government, to take discriminatory action against Jersey, and I don’t believe other than amongst a few extreme ‘tax hobbyists’ and NGOs, that there is any appetite to do so.

The UK has no interest in undermining our economy, particularly now the Deloitte study has reaffirmed that we are not a source of tax leakage.  Research contained in the Hines report has provided further strong evidence of the significant economic benefit we bring to large proximate economies, including the UK.

The financial crisis has brought home the essential requirement to keep capital flowing to business, whether it be debt or equity.  The slowdown in the real economy has principally been caused by a lack of capital; the vital lubricant for all economic activity.  The restoration of capital flows is the essential pre requisite, for the recovery we all hope for.  Centres such as Jersey form efficient conduits and pipelines for internationally mobile capital; facilitating more effective and productive economic activity.

Large international fora, or countries, cannot trample on their own democratic conventions without exposing themselves to the charge of hypocrisy and protectionism, something the G20 has very publicly declared it will not support.

The reason why I have great confidence in the future of Jersey is that not only are we not part of the problem with respect to the Global Financial crisis; we are an important part of the solution.

This post is from Geoff Cook’s Blog on the Jersey Finance website which can be found at http://www.jerseyfinance.je/Media/Comments-from-Geoff-Cook/The-Future-of-IFCs–London-Breakfast-Briefing–The-Law-Society-4th-March-2010/

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After Dizzee Rascal’s incredible set at Jersey Live 2009, the festival has this year booked another UK rapper who has burst into the public eye in dramatic fashion; Tinie Tempah, who this week shot to the top of the UK single’s chart with his debut single ‘Pass Out’, will feature as part of a strong Main Stage bill on the Saturday of this year’s festival.

The rise of Tinie to national attention has been meteoric. He released his first official mixtape on his own label, Disturbing London – which featured the likes of Bashy and Chipmunk – and was given a glowing review by the New York Times in 2008, and he’s been on the radar of DJs and music journalists ever since.

He signed to Parlophone this year, with whom he will release his debut album this July (as announced by MTV), and ‘Pass Out’ has received radio airplay from the likes of Tim Westwood, Annie Mac, Jo Whiley, Chris Moyles and Reggie Yates, who named it the Weekend Anthem for February 20^th/21^st. Zane Lowe also recently declared it the ‘Hottest Record in the World’ and ‘Single of the Week.’

In a coincidental Jersey Live link, Chris Moyles recently made a parody of the song, called ‘Tiny Temper Trap’ (a reference to last year’s Main Stage stars the Temper Trap), in which the songs portray various artists as being extremely bad tempered.

With an extraordinary track record of picking up on artists early on as they are about to hit the big time, including Razorlight, Kasabian, The Futureheads, Temper Trap and Foals, Jersey Live has once again landed an artist on the rise – with Tempah’s booking confirmed just 48 hours before he was officially announced as being top of the charts this week. With major summer festivals lined up and a huge Wembley date with 50 Cent this March, it’s going to be a exciting few months ahead for the London-born rapper.

Many of the artists for the festival have been confirmed, including Sunday’s Main Stage headliner. Details will be announced shortly.

Jersey Live Festival takes place at the Royal Jersey Showground, Jersey on 4^th and 5^th September 2010. Headliners will be announced in March.

Tickets will be available from April and Jersey Telecom customers will once again be given the opportunity to take advantage of special ticket promotions, details to be confirmed. Tickets will cost: weekend ticket £84 and day tickets £54.

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Sarah will continue to oversee the fiduciary company’s investment division and will also take responsibility for marketing and business development and IT strategy for the Group’s operations across Jersey, Switzerland, South Africa and New Zealand.

A fellow of the Chartered Securities Institute and a member of the Chartered Alternative Investment Analyst Association, Sarah has worked for IFM Trust Limited for six years and was previously Head of Investments. Before joining IFM, Sarah worked for a computer services company in Brussels and prior to this held positions with major financial institutions in Jersey as a relationship manager and portfolio manager respectively. She has also worked in Toronto as a stock broker.

Eric Axford, Group Chairman IFM Group Limited, commented:

‘In the various roles she has held at IFM Trust Limited, Sarah has built up a wealth of experience and expertise. As Associate Director, Sarah takes on more responsibility in directing the newly restructured business and will play an instrumental role in shaping the business development efforts of the IFM Group across its key jurisdictions.”

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Leading Jersey lawyers Raulin Amy from Ogier Jersey and Trevor Norman from Volaw will join Jersey Finance chief executive Geoff Cook, on the podium to highlight the benefits of Jersey at a seminar staged at The West Wing at the Dubai International Financial Centre on Monday, March 15 starting at 6pm.  A similar seminar will take place in Abu Dhabi on Wednesday, March 17 at 6pm at the Beach Rotana Hotel.

Speakers will explain how some of its structures, including the recently established foundation vehicle, can be applied effectively to the needs of Middle Eastern clients in family succession planning and in meeting philanthropic objectives. They will review some of the other competitive features of the jurisdiction including Jersey companies’ capabilities in funds, structure finance and listings, including its relevance to the needs of Islamic investors.

It will also be an opportunity to update clients about the independent endorsements that Jersey has obtained in respect of the high standards of its regulatory regime during the last year which has further cemented its position as a leading finance jurisdiction in the European time zone. Jersey was in the first group to be placed on the OECD ‘white list’ and the International Monetary Fund (IMF) Review of its regulatory and supervisory capabilities was the best to date of any jurisdiction.

Entitled ‘Embracing the New Decade’, the seminars are hosted by Jersey Finance, the body which represents the Jersey finance industry, and are part of a five day visit to the Middle East. The Jersey delegation includes representatives from a range of Jersey firms active in the Gulf region including Appleby, Ogier, BNP Paribas, Trident Trust, Volaw Trust, Royal Bank of Canada and Sanne Group.

Geoff Cook, chief executive, Jersey Finance Limited, said:

‘Jersey is a regular visitor to the Gulf region and we are delighted to be returning once again with news and updates on our structures, services and regulatory status. In addition to renewing contact with our many clients and other professional colleagues in the region, we wish to highlight the increasing technical expertise that we have available, and to explain how Jersey’s investment vehicles are increasingly suited to the requirements of corporate investors, professional advisers and their Gulf based private clients.’

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