The macro-economic drivers for the Healthcare sector as a whole are mixed.

International equity markets, as measured in US Dollars by the Morgan Stanley Capital International World Index (MSCI), made positive progress during most of the first quarter of 2007, gaining 2.06%.

Bond markets have fared better in the US than those in Europe or the UK, as renewed fears of stalling economic growth suggest that the Federal Reserve may be forced to ease monetary policy as soon as this summer.

For institutions and for private clients and their advisers, selecting a custodian in an offshore centre is likely to start from a desire to achieve specific legal or tax-planning objectives.

With the rising trend in the numbers of individuals and families with significant wealth, one aspect of their affairs which is attracting wider attention is the advice they need to assist them in managing the transition of family wealth to the next generation.

In September 2005 the Guernsey authorities varied the rules restricting the use of the Protected Cell Company. This was closely followed in May 2006 by the introduction of the Guernsey Incorporated Cell Company, an innovative extension of the PCC.

The concept and practical delivery of private banking services by international banks has in some ways evolved rapidly over the last three decades. The most recent development is the emergence of the family office as an identifiable market segment, to which international banks are now seeking to offer services, primarily through their private banking arms.