I am pleased to see once again how many Guernsey businesses, and global businesses with a presence in the island, are featured in the eprivateclient Top Trust Companies lists for 2020.

Both Guernsey-headquartered Oak Group and PraxisIFM, who are currently in discussions about merging their businesses, are both featured in tier one of the top non-independent trust companies. Trust Corporation of the Channel Islands, also headquartered in Guernsey, is a tier one independent trust company.

And there are many other independent Guernsey firms included in the list of top independent trust companies, led by people I know as having years of experience and a commitment to their firms and the private wealth industry in the island. Their breadth and depth of professional expertise play a key part in our economic substance offering.

Congratulations to all firms listed for their continued strong performance in what is a very competitive global marketplace.

This all reflects Guernsey's long-standing top-tier position as a strong and stable platform for private wealth. Constitutional autonomy, political and economic stability, and a commitment to tax transparency and privacy, gives Guernsey a competitive advantage in many areas which is not easily eroded by our competitors.