FOCUSSED FIRMLY
on the Future by Joe Moynihan, CEO, Jersey Finance
E
xponential growth in new regulation, complemented by geopolitical volatility and significant digital disruption, have all made cross border financial services an interesting and challenging place in recent years.
From Jersey’s point of view though, compared to other international finance centres (IFCs) it is in a remarkably strong place. At the midway point through 2019, figures for Jersey’s finance industry showed the industry was on an upward trajectory.
In terms of business flows, our funds industry reported record levels of assets under administration of £342 billion (Jersey Financial Services Commission - JFSC). We are seeing a rise in the number of fund managers and family offices establishing operations in Jersey, and investors from an increasingly broad range of geographical markets are putting their faith in Jersey – more than 50% of new business in Jersey comes from beyond European time zones.
There are also now more people than ever working in Jersey’s finance industry – almost 14,000 – and this is giving Jersey a real edge ahead of competitors.
Importantly, all of this is having a positive impact on the local economy. -The total GVA of Jersey’s finance sector increased by 2% in real terms in 2018 to stand at £1.84 billion, with positive performances across the banking (+2%), fund management (+3%) and trust and company administration (+4%) sectors (Statistics Jersey).
While these are all positive figures, complacency is not an option – with the prospect of another global market downturn on the horizon, the coming years are set to be just as challenging, if not more so.
It follows that our strategy remains one of being firmly fixed on the future, committed to differentiating Jersey as an IFC in innovative ways. We are focussed on ensuring that the industry can continue to deliver best value for the Island in the long term, by working with local students to nurture talent, by embracing the potential offered through digital technologies, by bringing innovative solutions to market, and by enhancing our global reach.
Global Solutions
The fact that Jersey has found favour among investors in recent years is no accident. As they look to the future, the clear indications are that investors will continue to have global ambitions and be keen to put their capital to work in sophisticated ways. To do so, they will need a platform that is stable, straightforward, well-regulated and that offers easy access to expertise.
This has real resonance for Jersey, as an IFC that is committed to bringing added value in facilitating cross-border business. Today, investors in all corners of the world put their assets to work in a robust, transparent way through Jersey – figures show that Jersey acts as a conduit for around £1.3 trillion of global assets from Europe, the Americas, the Middle East, Asia and Africa.
20/20 - Finance Page 39
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