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The Jersey Funds Association 2012 Annual Dinner will take place on Friday 9 March at Hotel de France commencing at 6.45pm which this year is kindly being sponsored by Ipes & JP Morgan.
This year the Association is delighted to announce that the guest speaker for the evening will be Milton Jones. Milton's wonderful use of language has been showcased repeatedly on Radio 4 and he is currently on series nine of his own show. He has also been seen on Michael McIntyre's Comedy Roadshow, Mock the Week and is a regular writer on BBC1's hit Not Going Out. Further details about Milton can be found on the link below.
The dinner will take place in the Great Hall and will commence with a champagne reception which this year is kindly being sponsored by BNP Paribas Securities Services.
As in previous years, the event will be a black-tie dinner and carriages will be at 2.00am.
Once again during and after dinner Joe Stilgoe will be preforming who is a serious musician having fun! His singing, piano playing and sense of humour have made him a favourite at the UK's top jazz clubs, where he regularly plays.
As this is always a well attended event, it is anticipated that demand for tables will be high and it is recommended that bookings are returned as soon as possible and no later than 3 February 2012 to Caroline Harrington at enquiries@jerseyfunds.org. Whilst members are encouraged to make up their own table (or indeed two tables!) we will put togeter tables for those whose parties are smaller than 10. A booking form is available to download by clicking on the link below.
The cost of the dinner is £65.00 per person and dinner cards and wine lists will be circulated in due course.
It is very much hoped that support will be given to this evening that has become a highlight of the Jersey Funds Association calendar of events.
The Jersey Funds Association 2012 Annual Dinner will take place on Friday 9 March at Hotel de France commencing at 6.45pm which this year is kindly being sponsored by Ipes & JP Morgan.
Jersey’s finance industry showed stable overall growth in the third quarter of 2011, with the value of funds it administers growing to reach its highest level since June 2009.
Geoff Cook, Chief Executive of Jersey Finance Limited, saw signs of resilience for Jersey in what continues to be a challenging environment, citing particularly positive news for the funds sector, which recorded 10.5% year on year growth in the net asset value of funds being administered in Jersey to stand at £197.6bn. That figure does not include funds established under the Unregulated Funds Regime, of which there were 147 by the end of the period – an 8% increase on the previous quarter.
That the total number of companies registered in Jersey grew to its highest level in the past 12 months was also a positive indicator of the health of the industry.
The statistics, collated and prepared by the Jersey Financial Services Commission, are for the three month period ending 30th September 2011. The headline figures are as follows:
Geoff Cook commented: “Jersey’s finance industry performed well during the third quarter of 2011. The total sterling value of banking deposits increased by 1.4% with currency fluctuations accounting for 0.5% of this movement. Encouraging news was also received on the banking front with the announcement that Abu Dhabi Commercial Bank has successfully applied to operate in Jersey.
“We are particularly encouraged by the increase in the total number of Jersey funds, especially against a backdrop of challenging fundraising conditions. A total of 53 new funds were added to the total funds stocks during the period – the best quarterly performance since September 2010. Whilst a 6.3% decrease in the net asset value of funds under investment management was recorded, this performance is still relatively good when benchmarked against key financial market indices - the FTSE 100 index decreased by more than 15% over the same period.
“Increasingly, Jersey is a key jurisdiction for corporate listings. Our members are receiving enquiries from many Indian and Chinese businesses to set up capital raising structures using Jersey companies. This is supported by the total number of live companies in Jersey increasing for a fourth consecutive quarter.’’
Nigel Strachan added: “That the funds sector in Jersey continues to perform well in difficult conditions, recording an increase in the value of funds under administration for the fifth consecutive quarter, will give investors confidence in Jersey. It’s also pleasing that the alternative asset classes remain strong, with the value of Private Equity, Venture Capital and Real Estate funds being administered in Jersey all showing increases on the previous quarter.”
Jersey’s finance industry showed stable overall growth in the third quarter of 2011, with the value of funds it administers growing to reach its highest level since June 2009.
Jersey Finance says it is encouraged by the contents of the European Securities and Markets Authority (ESMA) report on the Alternative Investment Fund Managers Directive (AIFMD) which was published last week and contains its final recommendations to the European Commission.
There has been a change in the wording between the earlier draft and the final report in one important aspect in respect of ‘third countries’, the term used to describe jurisdictions outside of the EU. Though the regulatory standards remain high and robust, the change is positive for ‘third countries’ since it makes it less onerous to achieve compliance. The Directive will require supervisory co-operation and exchange of information agreements between the authorities of EU member states and non EU countries.
Heather Bestwick, Technical Director of Jersey Finance, comments:
‘It is broadly positive throughout and Jersey remains on track to meet the criteria necessary for the funds industry to continue to participate when the new EU regime for funds is implemented. We are studying the detail but our first impressions are that there is nothing new in ESMA’s final report to give us concern.
‘Naturally there is still considerable work to do but it remains our intention to offer investors an ‘opt in’ AIFMD compliant regime while retaining flexibility for managers whose primary source of institutional capital is outside of Europe.’
EMSA’s latest document is the final technical recommendations to the European Commission who are expected to prepare the implementing measures on the basis of the report’s advice.
Jersey Finance says it is encouraged by the contents of the European Securities and Markets Authority (ESMA) report on the Alternative Investment Fund Managers Directive (AIFMD) which was published last week and contains its final recommendations to the European Commission.
Jersey has climbed two places, retained its position as the highest rated offshore international finance centre and enhanced its global reputation, according to the latest Global Financial Centres Index (GFCI) released on Monday 26th September 2011.
Overall, Jersey is placed 21st in the competitive rankings, which are published every six months, ahead of Guernsey in 31st, the Isle of Man (40th), Cayman Islands (46th) and Malta (70th).
In addition, Jersey has climbed into the top ten locations in the world for wealth management and private banking services, being named in eighth position, and is the fifth highest ranked location overall in Europe, only behind major city centres London, Zurich, Geneva and Frankfurt.
Jersey has also moved from being categorised as a ‘transnational specialist’ to a ‘global specialist’ centre, becoming the only offshore to achieve a ‘global’ profile, listed alongside centres such as Beijing, Dubai and Geneva. The Index also scores Jersey well in terms of stability and as the 16th highest ranked centre globally in terms of reputation - the only offshore centre to appear in the top 20 centres by reputational advantage.
Noting that confidence amongst financial professionals has risen since the last index for virtually all centres, the report comments that Eurozone centres, such as Dublin, Luxembourg and Malta, have suffered in the rankings. It also states that offshore centres ‘are now recovering’ as respondents ‘recognise the contribution these centres can make to global finance’, and that ‘Jersey and Guernsey are working to change perceptions and to ‘rise above’ the status of offshore specialist centres by being seen as more diversified’.
London is named as the number one centre overall in the rankings again, marginally ahead of New York and Hong Kong.
Geoff Cook, chief executive of Jersey Finance Limited, commented:
“Jersey has performed extremely well in this latest Index, holding on to its position as the top offshore centre, which it has now held for five consecutive Indexes. To be listed ahead of major European centres such as Paris, Munich and Luxembourg, confirms that Jersey is incredibly well regarded on the global stage.
“This is particularly pleasing when you consider that Jersey is one of the only offshore centres to have improved its global ranking and is now referred to as a global player and one of the top centres worldwide for wealth management services. That Jersey’s stability is also emphasised is extremely positive in the current climate, whilst the fact that the Index recognises Jersey’s reputation is testament to the hard work that goes in to promoting Jersey both at home and in key foreign markets.
“It is interesting that the Asian centres are continuing to consolidate their position in the rankings. Both Hong Kong and Shanghai remain in the top five, emphasising how important it is that Jersey continues to maintain its marketing efforts with overseas centres like Hong Kong and Greater China in order to drive Jersey’s future success.”
Jersey has climbed two places, retained its position as the highest rated offshore international finance centre and enhanced its global reputation, according to the latest Global Financial Centres Index (GFCI) released on Monday 26th September 2011.
Jersey’s finance industry showed stable overall growth in the second quarter of 2011, with the value of funds administered in the island reaching its highest level for two years and the value of funds under management increasing by 4.2%.
Geoff Cook, Chief Executive of Jersey Finance Limited, saw signs of stability for Jersey in a persistently volatile global environment, highlighting that company formations, a good indicator of the health of an economy, were up for the third quarter in succession.
There was positive news for the funds sector, which recorded an increase in the net asset value of funds being administered in Jersey for the fourth consecutive quarter to stand at £196.7bn, reflecting a 10.5% year on year increase. The figure does not include funds established under the Unregulated Funds Regime, of which there were 136 by the end of the period – an 8.8% increase on the previous quarter. The alternative asset classes also reported net asset value growth of £2.3bn (1.6%) to £145.2bn.
The statistics, collated and prepared by the Jersey Financial Services Commission, are for the three month period ending 30th June 2011. The headline figures are as follows:
• The Net Asset Value of funds under administration increased by £2.1bn (1.1%) from £194.6bn to £196.7bn during the second quarter of 2011. The JFSC authorised 25 new regulated funds during the second quarter of 2011, reflecting a 25% increase over the quarter.
• The total number of unregulated funds increased by 11 (8.8%) to 136 during the second quarter of 2011.
• The value of funds under investment management increased by £0.9bn (4.2%) compared to the previous quarter from £21.3bn to £22.2bn.
• The total number of live companies on the register increased by 118 from 32,998 to 33,116 during the second quarter of 2011.
Geoff Cook commented:
“There continues to be very positive news for the funds sector, which saw an increase in the total net asset value of funds under administration and management. New business instructions were up 25% and, subject to markets stabilising, we expect to see improvements in new funds numbers in the coming months. The investment management sector, meanwhile, reported growth of 2% in its client base and the net asset value of funds under investment management grew by 4.2%.
“Given most economies did not recover at the rate economic forecasters were predicting for the second quarter of 2011, these latest figures demonstrate a stable position with improvements in company formation numbers and investment management being sustained.’’
Jersey’s finance industry showed stable overall growth in the second quarter of 2011, with the value of funds administered in the island reaching its highest level for two years and the value of funds under management increasing by 4.2%.
Jersey Finance is hosting a specially arranged morning seminar in Jersey next week as a follow up to the anticipated announcement of the draft AIFMD Level II implementation measures for the European alternative fund industry.
Leading regulators will debate the implications for the offshore marketplace of the EU’s Alternative Investment Fund Managers Directive (AIFMD) alongside senior UK and Jersey based practitioners.
Participants include representatives from the UK’s Financial Services Authority (FSA) and the regulatory wing of the Alternative Investment Management Association (AIMA), the Jersey Financial Services Commission (JFSC) and senior practitioners in the funds and asset management sectors in London, France and Jersey.
In addition to direct feedback from the regulators about the implications of the Directive and the Draft Level II implementation measures, a panel session will debate the measures and explore the opportunities and challenges for Jersey.
Geoff Cook, chief executive, Jersey Finance Limited, who will host the event, commented
“Jersey is exceptionally well placed at a strategic level to move forward with development of its AIFMD compliant regime, together with the adoption of a flexible regime to provide genuine choice.
“Today’s event is one of the first opportunities to debate the implications of the Level II draft proposals which will help set the agenda about how finance jurisdictions respond, now that increasing details about the contents of the Directive are available for review. And we are very privileged to hear the views of such expert international regulators and practitioners first-hand.”
Those taking part are:
• Giles Swan, FSA Lead, Collective Investment Schemes Policy Team;
• Alain Dubois, Chairman, Lxyor Asset Management;
• Anne Holm Rannaleet, Senior Advisor and Chairman of the Industrial Advisory Board, IK Investment Partners;
• Florence Fontan, head of public affairs, BNP Paribas Securities Services;
• Anna Larris, Associate Director, Head of Asset Management Regulation, AIMA,
• James Greig, Partner, PWC Legal LLP;
• Brendan McMahon, Partner, Global Asset Management, Private Equity Leader, PwC CI LLP, Jersey and
• John Harris, Director General, JFSC.
The morning seminar entitled ‘Jersey Embraces AIFMD’ takes place at the Hotel de France starting at 10.00 a.m. on Wednesday, July 20. Only a few delegate places remain available and those interested in attending from either the UK or Jersey should contact Claire Wilby claire.wilby@jerseyfinance.je or fax to 01534 836001.
Jersey Finance is hosting a specially arranged morning seminar in Jersey next week as a follow up to the anticipated announcement of the draft AIFMD Level II implementation measures for the European alternative fund industry.
Jersey has been named ‘Best International Finance Centre’ at the International Fund and Product Awards 2011 for the second consecutive year, further cementing the finance industry’s international reputation.
The awards, which are run by the Incisive Media Group, were held on June 16th in London and Christine Whitfield, Head of Special Projects at Jersey Finance, attended the event at media investment company Ingenious to accept the award on Jersey’s behalf.
Jersey Finance held off competition from Isle of Man Finance and Guernsey Finance to retain the title. The 12 strong judging panel praised Jersey for its anticipation of international regulations affecting its funds industry.
Deborah Benn, chair of the judging panel, commented:
“The judges were impressed with recent regulatory and legislative work and active promotion of Jersey as a finance centre. In particular, the judges felt Jersey demonstrated good foresight in tackling the forthcoming EU and global legislative challenges it faces in a positive and proactive manner.”
Christine Whitfield commented:
“Winning this award for the second year running is testament to the consistently high standard of work that Jersey’s finance industry conducts across all the business sectors and markets, local and international, in which it operates. Jersey is regularly endorsed by third-parties as a leading finance centre and it is an honour for Jersey Finance to once again accept this award on behalf of the finance industry.”
Jersey has been named ‘Best International Finance Centre’ at the International Fund and Product Awards 2011 for the second consecutive year, further cementing the finance industry’s international reputation.
The principal sectors of Jersey’s finance industry showed strong growth in the first three months of 2011, with rises in new fund launches and the value of funds under administration providing particularly positive news for Jersey’s funds sector. Geoff Cook, Chief Executive of Jersey Finance Limited, was encouraged by the strong performance for the first quarter of 2011, highlighting that the value of funds being administered in Jersey is now at its highest since June 2009 and that the total number of funds has increased by the largest amount for the first quarter of any year since 2008.
Furthermore, bank deposits held in Jersey originating from the Far East and Middle East continue to increase and now stand at £10.4bn and £20.2bn respectively, representing a combined total of 18% of Jersey’s level of deposits and reflecting the value of recent promotional activity in Hong Kong, Greater China and the United Arab Emirates.
The statistics, collated and prepared by the Jersey Financial Services Commission, are for the three month period ending 31st March 2011. The headline figures are as follows:
Geoff Cook, Chief Executive of Jersey Finance, commented:
“Jersey’s finance industry performed well during the first quarter of 2011, with growth of 3% in the value of banking deposits and 5% in the value of funds under administration. It is extremely encouraging to see that growth is reported in line with the strategic direction Jersey has taken as a jurisdiction, to position itself as a specialist centre for alternative funds business and to focus on building links with international markets.
“The alternative asset class, including real estate, hedge and private equity funds, now represents 58% of the total net asset value of funds under administration. The fact that the total number of regulated funds increased by 40 – the largest increase in funds for the first quarter of any year since 2008 - is significant too, reflecting a rise in new fund launches and demonstrating added confidence in our funds sector at the beginning of the calendar year. Meanwhile, an analysis of the residence of depositors shows the importance of some of Jersey’s newer markets.
“Our focus on inward investment and our clear commitment to new markets will carry on and we are confident Jersey will continue to reap the rewards of this strategy.”
Nigel Strachan, Chairman of the Jersey Funds Association, added:
“That there has been a strong uptake of new fund launches at the beginning of 2011 is a good sign for the funds industry, as this reflects a real confidence in Jersey’s funds capabilities following a period of uncertainty in the global markets. It is also encouraging that unregulated funds continue to grow in popularity amongst sophisticated investors and that Jersey is retaining a healthy alternative investments funds sector. These trends and this rate of growth we expect to maintain through 2011.”
The principal sectors of Jersey’s finance industry showed strong growth in the first three months of 2011, with rises in new fund launches and the value of funds under administration providing particularly positive news for Jersey’s funds sector.
