Both Michael Ashton, who takes responsibility for new business development in insurance, and Paul Astengo, who will lead the task of promoting growth in the private client sector, will report directly to Finance Centre director James Tipping.
Ashton worked in the City of London in the insurance industry for 15 years until 2002 where he held a number of senior positions including as chief operating officer for ACE Global Markets – at the time the largest insurance syndicate in the Lloyd’s market. Ashton joined on Monday this week.
Astengo meanwhile, has more than 30 years banking experience, gained in various offices of Barclays in Gibraltar, Spain and London and more recently with NatWest Offshore in Gibraltar. Astengo is expected to join in mid-February.
The Gibraltar minister with responsibility for Financial Services, Gilbert Licudi QC, said the government was fulfilling “another significant manifesto commitment” with the double hire.
“This is yet another sign of how committed the government is to the development of and growth in the financial services industry in Gibraltar,” he said.
Licudi was a key driver of the BOT government’s decision to rejuvenate its ailing QROPS industry last year. His efforts finally saw Gibraltar re-shape its pension legislation in a way which accommodated QROPS to the satisfaction of HM Revenue & Customs.
