Duff & Phelps expands presence with new Gibraltar office

Professional services firm Duff & Phelps has opened a new operation in Gibraltar. The new locale will see the consultancy offering blended, multi-service line capabilities to the local market, headed by Andrew Stoneman.

While many consulting firms have seen their revenues come under pressure during the coronavirus crisis, firms which specialise in certain lines of work have seen a number of opportunities open up over the last year. Duff & Phelps has benefitted from its traditional positioning as a restructuring specialist to that end, while its continued diversification into digital services has also helped its continued growth.

Now, as Duff & Phelps looks to maintain its momentum into 2021, it has announced the expansion of its services to Gibraltar. The British Overseas Territory and headland, on Spain's south coast, is the latest of 14 global locations to host Duff & Phelps, giving clients there access to the firm’s global capabilities, including international restructuring, compliance and regulatory consulting, valuations, corporate finance and forensics and disputes, as well as Kroll’s Business Intelligence and Investigations and Cyber Risk teams.

Commenting on the news, Albert Isola, the UK Government’s Gibraltar Minister with responsibility for Digital and Financial Services, said, “We are delighted to welcome Duff & Phelps to Gibraltar, particularly in light of the special and historic relationship between the UK and the Rock. This announcement brings with it a commitment to building a sustained locally-based operation, backed up by a truly global network.”

Located at Montarik House on Bedlam Court, the Gibraltar office will be headed by Managing Director Andrew Stoneman, who has over 30 years of experience advising people and businesses in financial trouble and is well-known for the quality of his work in the financial services sector. Stoneman’s experience includes handling complex, multi-jurisdictional restructuring and insolvency cases in the insurance, fintech and gaming sectors, as well as considerable experience working in compliance and capital raising engagements.

The former Arthur Andersen and Buchler Philips professional was a founding Partner of MCR, a financial restructuring and corporate insolvency business with offices in London, Birmingham and Manchester – before the business was sold to Duff & Phelps in late 2011.

Since then, Stoneman has been a Partner in Duff & Phelps’ London office – but as he holds Licensed Gibraltar Insolvency Practitioner status, issued by the Gibraltar Financial Services Commission (GFSC), he will relocate to the new wing.

Stoneman stated, “I am delighted with the expansion. Not only is there an opportunity for a new restructuring practice in Gibraltar, but the regulatory nature of many business sectors based on ‘the Rock’ – such as insurance, gaming and financial services – means that we will be able to offer a wide range of additional services centred on a broad range of solutions including compliance and regulatory consulting. It is our intention to offer these services via a local multi-skilled team, backed up by the extended Duff & Phelps organisation.”