Saffery Champness has strengthened its Guernsey business by forming a specialist investment management division.

The new business will provide a combination of funds and discretionary portfolio management to ultra-high net worth individuals, trusts and companies as well as advisory services to other locally-based institutional managers.

Saffery Champness has hired Paul Garrard and Mark Despres to head the new division.

Garrard has joined the firm from Kleinwort Benson, where he has worked for 24 years of experience, the majority of which was spent managing funds and portfolios.

Despres with 15 years of industry experience has joined the firm from Spearpoint, where he was responsible for the firm’s Guernsey investment team.

The duo will be supported by an experienced and respected investment committee consisting of investment professionals Mark Ostwald, Jim Goodey, Phil Jordan and Nigel Webb.

Garrard said: "Our advantage is that we are starting afresh, with a great deal of experience within our team, supported by the leading private client expertise and infrastructure within Saffery Champness.

"This allows us to be incredibly flexible while also implementing strict risk control parameters, ensuring we make the most of investment opportunities whilst keeping clients’ capital as safe as possible," he added.