By JOE MOYNIHAN, Director of Financial Services, Chief Minister’s Office, States of Jersey.
What are Jersey’s prospects
to grow its alternative investment funds industry?
Today Jersey is one of the world’s leading international finance centres with a first class range of products and services that many other competing international finance centres find difficult to match. Of
particular note is the continued success of Jersey’s alternative investment funds industry. The latest statistics (Sept 2015) collected by the Jersey Financial Services Commission show that the total net asset value of funds under administration in Jersey increased to stand at £218.8 billion, the third highest level since December 2008, with the alternative asset classes (including hedge, real estate and private equity funds) continuing to perform well and accounting for around 70% of Jersey’s overall funds business.
ess familiar business territories and in recognition of this need.
l“Jersey must continue to explore opportunities in ”
However, it is not just the statistics that demonstrate Jersey’s success in this area of financial services. The recognition by ESMA of Jersey’s regulatory framework for alternative investment funds and the recommendation made in July 2015 that Jersey should be included in the first wave of non-EU third countries whose managers can seek authorisation for a passport was a fantastic development for Jersey.
Page 74 20/20 The Finance Centre
The government, regulator and industry bodies have proved that they are a unified force towards creating the right conditions to foster growth of Jersey’s alternative investment funds industry.
Results such as Jersey’s readiness for third country passporting
equivalence, as well as our ability to operate outside the AIFMD environment where there is no EU marketing, contribute to Jersey’s present and future success and demonstrate just what can be achieved when we work together. Political and economic stability has led to Jersey retaining its AA+ credit rating from Standard & Poor’s; another contributor that will arguably continue to underpin the future success of Jersey’s alternative investment funds industry.
Furthermore, the focus on responsible yet flexible regulation has led to a steady flow of inquiries from alternative investment fund managers thinking about moving to the Island, which we expect to continue. This inflow of new businesses is consistent with Jersey’s goal to encourage high value, low impact business to the Island and, again, the steady migration of fund managers can be attributed to the collaborative approach of the government, regulator and industry.
However, whilst it is important for Jersey to recognise its achievements, it is also important for Jersey to be mindful of the fact that, in order to maintain its position as a successful international finance centre, including the alternative investment funds sector, Jersey must be prepared to address future trends. Jersey
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116