Commenting on the figures, Joe Moynihan, CEO, Jersey Finance, said:
“We are now just weeks away from the UK’s departure from the EU and the clear evidence is that alternative managers are putting their faith in Jersey and opting for a regime that offers them market access certainty and a welcome degree of flexibility, thereby enabling them to get on with generating returns for investors.
“These are strong figures for the second half of 2018 that sustain a growth trajectory we have been seeing for some time now as we continue to work with the UK and other non-EU managers to provide them with future certainty.”
Meanwhile, the latest figures follow a masterclass event recently held in London by Jersey Finance in conjunction with the Jersey Funds Association, which focussed on market access and fund distribution post-Brexit.
Attended by around 100 London funds professionals, including lawyers, tax advisers and managers from across the alternatives spectrum, the event featured an expert panel that included Adam Skinner, Partner at Kirkland & Ellis International, Tom Powell, Principal at Alnitak Advisors, Andrew Brizzell, General Counsel at Asante Partners, Robert Milner, Partner at Carey Olsen, and Mike Jones, Director of Policy at the Jersey Financial Services Commission.
Elliot Refson, Business Development Director - Funds at Jersey Finance, who hosted the masterclass, said:
“This event provided a fantastic platform to have a robust discussion about the future of fund distribution and take an in-depth look at the benefits of the private placement route to market.
“The reality is that few managers need blanket access to all EU Member States. In cases where they do, then an onshore option works best, but with EU figures* suggesting that 97% of managers actually market to three EU markets or less, then private placement offers a very credible, fast, cost-effective and sensible option. That’s our message to the alternative fund management community and it is clearly resonating.”