Thursday, December 05, 2019
Jersey Funds Association presents findings of annual member survey
The findings of the second annual survey of the Jersey Funds Association’s (JFA) members will be instrumental in informing the organisation’s future direction and strategy, according to Chair Tim Morgan.
Highlighted to an audience of industry professionals at a presentation held at the Jersey Museum last week (28th November), the survey explored key opportunities and issues for Jersey’s funds industry and the sentiment of practitioners.
Amongst its key findings were that the industry’s approach to Brexit and new economic substance rules were balanced but largely positive, with over 80% saying Brexit would be neutral or increase business and around three quarters saying the same about substance rules.
Members were also very positive in terms of their growth outlook, with 84% saying they were confident or very confident of growth, a significant increase from last year.
In addition, in respect of technology the survey indicated a clear trend, with over 56% of respondents saying that they had employed automation technology over the past year.
Tim commented: “The past year has posed a number of significant challenges, including Brexit and the introduction of substance legislation however we really shouldn’t underestimate just how positive the outcome of Jersey's work around these issues has been for our industry. The recognition from the EU at the beginning of the year has shown without doubt that as a jurisdiction we are serious about cooperation and global standards, and that has translated into good business flows. The fact that our industry now administers in excess of £340bn of assets – a record high - is no accident. That buoyancy really comes through in our survey this year.
“We are pragmatic as an industry too, though. What our survey shows us is that our members are keen to maintain a growth trajectory by looking at innovation, continuing to source the best talent, engaging with stakeholders, and differentiating ourselves through service quality, ease of doing business and stability.
“These findings will be vital in informing how we continue to enhance our funds ecosystem, and I’d like to thank our membership for their time and support in putting their views forward.”
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