Some finance workers say the industry is expanding

Robin Fuller said he was responding to anxiety over recent redundancies in Guernsey.

In the latest announcement at the beginning of the month, Investec Asset Management said it is to shed 25 staff in six months' time.

The news follows similar job losses in a number of local finance houses.

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In September, Coutts Offshore announced it was shifting its work to Jersey, Cayman and the Isle of Man.

In October, Bank Sarasin announced it was moving its private banking services out of the island, with the loss of more than half the workforce.

Mr Fuller said any job losses are obviously bad news for those involved, but that they do not indicate that substantial parts of the island's finance sector are looking to move elsewhere.

His views have been supported by others working in the business.

The head of corporate banking in Guernsey, Mark Leaman, said that the financial services sector was actually expanding.

Paul Matthews, managing director of a private bank, says people are not taking business away from Guernsey but are coming in search of good quality financial services.