New Ravenscroft boss keen to build on firm’s integrity

Dominic JONES, who will be the first Jersey-based chairman of independently-owned Ravenscroft, succeeds Stephen Lansdown in the key role in June.

Dominic Jones, the incoming chairman of Ravenscroft. (29466241)
Dominic Jones, the incoming chairman of Ravenscroft. (29466241)

Mr Jones has been a director of the business since 2008 and joined the Ravenscroft Holdings board in 2014, so already knows the business well.

For him, the next phase was about building on the growth that Ravenscroft has enjoyed in recent years, with the business now having a headcount of 123 across offices spanning Guernsey, Jersey, the UK and the Isle of Man.

Critical to that is carrying forward the ethos of the group’s founder, Jon Ravenscroft, said Mr Jones.

‘With financial services you need to know about people track record but what struck me right from the beginning was the integrity and the focus on customers that Jon has.

‘That might sound a bit trite, you might expect me to say that, but it’s genuine with our firm. I think it translates right the way through to now.’

Mr Jones highlighted how clients, employees, directors and shareholders were all aligned, including holding shares in and investing with the firm.

Overall, the group had steadily built up its business lines and clients and moved into different jurisdictions.

Ravenscroft is also part of the community, supporting people and organisations in the jurisdictions in which it operates.

He noted as well how Ravenscroft had, in effect, acted like a Channel Islands investment bank through its specialist corporate services division, with its involvement in a range of funds such as the Channel Islands Property Fund or retailer Sandpiper CI.

It was this overall approach that translated into success and a springboard for further positive development going forward.

‘When I joined there was £480m.-odd worth of assets under administration for management and we’re now just shy of £8bn.

‘It’s been a phenomenal success story for a local Channel Islands business,’ said Mr Jones.

‘The focus now very much is on consolidation.

‘It’s about “Ravencroft sizing”, if you like, and bringing everything together under a common platform.’

Work on that common platform was already under way, including IT, to create synergies and an operational bedrock to offer a common service across all jurisdictions.

‘Then I think it’s about growth by focusing on our customers and where they will really want to be. Obviously, we are living in a very unpredictable and challenging environment – and, Covid or not, that is always the case, I think, with financial services,’ said the incoming chairman.

‘Interest rates change and markets change, and people’s investment needs change. In Guernsey, you’ve got the focus on private pensions at the moment that creates opportunities.

‘We don’t have similar in Jersey yet, but that may come.

‘All of these things have an impact on us having to remain agile. One of the great things we have as a firm still is that we’ve still got entrepreneurial agility but we’ve now matured into a small big firm, rather than a big small firm.’

Mr Jones also paid tribute to Mr Lansdown, Guernsey resident and founder of Hargreaves Lansdown as an incredible supporter of Ravenscroft, adding that it was a career highlight and a ‘complete honour’ to be named chairman.

Dominic Jones' CV

Started his career in 1988 with law firm Slaughter and May, and after a period in investment banking with Morgan Stanley joined Mourant, where he was a partner of Mourant Equity Compensation Solutions.

Also held senior group board positions at European private equity fund administrators Ipes and Alter Domus.

In 2010, he joined his family business, JPRestaurants, and holds the position of chief executive officer.

Mr Jones is an independent chairman of the general partner board of private equity investor Nordic Capital and he has also held several voluntary positions including council member of the National Trust for Jersey.

He has a degree in law from the University of Bristol and was admitted to the English Bar in 1987 and the Paris Bar in 1992.

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