Whitespace technology fund founder moves to Guernsey

21 September 2016

Locate Guernsey has helped tech fund manager, Nick Magliocchetti, become the latest businessman to move to the island.

As well as moving his home to the island after spells living and working in London, Paris, Milan, New York, Moscow and the Balearics, Mr Magliocchetti has also selected Guernsey as the base for his new fund and other enterprises.

"The welcome and clear opportunities to add value here on a personal and corporate level was a big decider for me to consider Guernsey as a suitable location for me and the new structure," said Mr Magliocchetti.

"The regulatory environment and the excellent professional services community were very big positives. We firmly believe there are technologies out there that can significantly move the dial on a global scale. We want to bring these technologies to Guernsey, not only as investment opportunities but also as tech to add value to Guernsey, its companies and the also hopefully the government."

Mr Magliocchetti founded London-based tech fund Whitespace in 2013 along with three other partners. In February 2016, Nick and his fellow Whitespace founder David Raskino founded their new fund Eternity Capital as a spin-out from the original. Eternity Capital is a Guernsey-based structure which focuses on investing in 'world class' teams and companies.

"The regulatory environment and the excellent professional services community were very big positives. We firmly believe there are technologies out there that can significantly move the dial on a global scale. We want to bring these technologies to Guernsey, not only as investment opportunities but also as tech to add value to Guernsey, its companies and the also hopefully the government." Fund manager Nick Magliocchetti

Alongside Eternity Capital, Mr Magliocchetti will be launching a small advisory arm called Eternity Special Projects (ESP). This will include the launch of new Guernsey based tech companies, as well as a small advisory business facilitating Guernsey-based companies and the government to capitalise on global tech processes and trends to further the island and encourage world class entrepreneurial teams and companies to come to Guernsey over the coming five years. The Eternity team will be working with a pipeline of investee companies, many of which are globally-significant Silicon Valley ventures. ESP will boast a local board of advisers headed up by Guernsey-based Darren Vogel.

Richard Le Tocq, Head of Locate Guernsey, said: "This is a significant and welcome development for the island. Nick is exceptionally well connected in sectors that are exciting, growing and lucrative. We at Locate Guernsey were able to open doors within Government for the relocation and provide assistance with that process. Other parts of the States of Guernsey, such as Housing Control and the Guernsey Digital Greenhouse have been very helpful and I’m pleased that’s led us to this very positive personal relocation and corporate launch."

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