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JFA News
Monday
28
September 2020

Save the Date - 2021 JFA Annual Dinner

As previously advised, in light of continuing COVID-19 related restrictions for holding large-scale events, the JFA committee has, with regret, resolved that it will no longer be possible to proceed with the 2020 dinner, scheduled for 15 October.

We have, therefore, decided to concentrate our efforts on arranging the 2021 Dinner and have secured the  Royal Jersey Showground for Friday 7 May when hopefully restrictions will have been lifted and we can hold an event on the same lines as previously.  We are delighted to confirm that Tom Allen, TV comedian and presenter (pictured below) is, as previously planned, lined up as our Guest speaker for the evening.

Bookings already made will be rolled forward to the revised date in 2021.  However, if you have any queries, or if you would like to make a booking please contact me at enquiries@jerseyfunds.org.

We will continue to monitor the situation but we hope to see you for a celebration on 7 May.

The 2021 JFA Annual Dinner will take place on Friday 7 May - book your tables now!

JFA News
Monday
24
August 2020

Postponement of 2020 JFA Annual Dinner

Postponement of 2020 JFA Annual Dinner

In light of continuing COVID-19 related restrictions for holding large-scale events, the JFA committee has, with regret, resolved that it will no longer be possible to proceed with the 2020 dinner, scheduled for 15 October. Therefore we will be postponing this event, with a view to reinstating the flagship event for Jersey's funds industry in Spring 2021.

We are disappointed to have had to make this decision, however we trust you'll understand our position and that supporting Jersey's Framework for managing COVID-19 and ensuring Members' health and wellbeing is our priority at this time.

The JFA is continuing to plan for the coming year, in anticipation that a return to more normality should hopefully be more realistic from Spring 2021.

In the meantime, we are continuing to proceed with other events on a virtual basis and we'd actively encourage you to participate in these if you can.

JFA News
Friday
07
August 2020

Jersey Funds Association looks to the future with new committee

The Jersey Funds Association has elected its new committee for the coming year as it looks to maintain momentum and continue to champion Jersey as the perfect ecosystem for alternative funds.

The Jersey Funds Association (JFA) has elected its new committee for the coming year as it looks to maintain momentum and continue to champion Jersey as the perfect ecosystem for alternative funds.

Elected at the JFA’s recent Annual General Meeting (17 July), the committee retains some continuity whilst also introducing a number of new faces. Tim Morgan remains Chairman and Michael Johnson Vice Chairman, whilst the remainder of the committee now also includes Richard Anthony, Mike Byrne, Steve Cartwright, Ben Dixon, Mark Grenyer, Ben Honeywood, Niamh Lalor, Dilmun Leach, Chris Marshall, Robert Milner, Simon Page, Martin Paul, Tom Powell, Peter Rioda, Ben Robins, Martin Rowley and Sarah Sandiford.

At the AGM, Chairman Tim Morgan also delivered an annual report identifying the key challenges and opportunities for the industry:

 “Jersey's funds industry operates in a fast evolving environment, with the ongoing economic and social implications of the coronavirus pandemic needing to being absorbed by a market that was already seeking to plan for and adjust to the political uncertainties relating to the UK's ongoing Brexit process.

“The pandemic is already proving to affect asset classes and sectors in very different ways, but for Jersey the essential positive message remains that we offer a platform of stability in a rapidly changing market which is borne out through very high levels of activity through the recent period covering the pandemic. This is a message that the new-look JFA committee will continue to champion over the coming year.”

Meanwhile, pointing to specific areas where the JFA had identified opportunities for Jersey, Tim commented:

“A trend away from widely-held blind pool structures and towards more narrowly-held joint venture and co-investment vehicles appears to be continuing, particularly in the private equity, real estate and adjacent sectors. The Jersey Private Fund regime continues to provide a popular, cost-effective and strong solution in this space.

“In addition, the trend of inward migration by substance managers, particularly in the hedge fund but also more recently in the private equity and venture capital space, continues and Jersey is an increasingly important hub for managers with a substantive local presence.

“Meanwhile, as the market develops further through the process of Brexit and as EU regulation continues to build, we anticipate increasing opportunities in Jersey for a wide variety of asset classes, transaction structures and investor bases.”

Acknowledging the work and achievements of outgoing committee members, Tim concluded by thanking all those supporting the work of the JFA:

“I’m really grateful for the efforts of the committee over the past twelve months. We have achieved a lot. I’m also pleased to welcome some new faces to help drive forward our plans for the coming year across our legal and technical, education and training and communications remit. In particular, I’m delighted that Tom Powell will be leading a new group for us to coordinate a strategy around ESG, an area that is now a fundamental part of our overall proposition as a jurisdiction.”

JFA News
Thursday
25
June 2020

JFA Annual General Meeting

JFA Annual General Meeting to take place on Friday 17 July 2020

2020 Annual General Meeting

Please be advised the 2020 Jersey Funds Association Annual General Meeting will take place on Friday 17 July commencing at 1.00pm via video call.  Any member who would like to attend the AGM is asked to contact Caroline Harrington at enquiries@jerseyfunds.org to obtain the dial-in details.

Below are links to the associated documents relating to the Annual General Meeting.  Any member interested in joining the Committee is asked to complete and return the nomination form to Caroline Harrington by close of business on Friday 10 July.

2020 AGM Letter to Members

2020 AGM Notice & Agenda

2020 Nomination Form

2019 AGM Minutes

JFA News
Tuesday
09
June 2020

Jersey Funds Association Chair delivers virtual update

With this year’s JFA Annual Dinner being postponed until later this year, Chair Tim Morgan gave a webinar update last week (3 June), when he provided an overview of the current funds landscape, the work of the JFA and also outlined future opportunities for the industry.

Resilience in the face of an uncertain market, including the Covid-19 pandemic, and a stable platform designed to provide the perfect ecosystem for alternative funds should position Jersey strongly in the short and long-term, according to the chairman of the Jersey Funds Association (JFA).

With this year’s JFA Annual Dinner being postponed until later this year, Chair Tim Morgan gave a webinar update last week (3 June), when he provided an overview of the current funds landscape, the work of the JFA and also outlined future opportunities for the industry.

 Pointing to the fact that Jersey’s funds industry recorded a new record high of fund assets being administered last year (£346bn), a figure that included a 19% year-on-year jump in private equity business in particular, Tim commented

“In the first part of 2020, we continued to see a steady demand for Jersey funds, including from existing managers continuing to launch, often with larger, successor funds. Just as importantly, we’ve seen a sustained strong take up of the Jersey Private Fund, with managers converting to the structure and a growing number of smaller, start-up and spin-out managers opting for it too where the JPF's scalability and cost effectiveness, combined with Jersey's opt in approach for EU marketing, makes it a particularly strong choice for new structures. There are now more than 350 JPFs, which is a hugely positive story and a great endorsement of Jersey’s reputation as a specialist centre for alternatives.”

In addition, Tim highlighted some key findings from a recent survey of JFA members, which revealed a widespread positivity around key issues such as Brexit:

“The European market is still grappling with Brexit uncertainty, but actually more than 80% of our members consider that Brexit will have either a neutral or positive impact on business flows – due largely to the success of Jersey’s market access model,including private placement into Europe and seamless global access into other geographies.

“Of course, the coronavirus pandemic remains front and centre of minds at the moment too, but Jersey has shown real resilience, flexed its digital muscle and introduced measures such as enhanced digital filing and electronic powers of attorney, as well as guidelines on meetings during the pandemic to help keep business flowing in difficult times. In fact, with 100% of homes and businesses in Jersey connected to a pure fibre gigabit-speed network which is the fastest of any jurisdiction in Europe, Jersey’s connectivity has supported high service levels and has helped launch some notable funds during the course of lockdown.”

Looking to the future, Tim highlighted that Jersey’s strengths in alternatives would position it ideally against global market trends, with PwC forecasting growth of almost 9% across the asset classes over the coming five years*. He said:

“Our core strengths as an alternative funds centre, particularly across private equity, real estate,infrastructure and credit funds remain the same – our stability, experience, expertise,service levels, cost-effectiveness, legal framework, tax transparency and regulatory standards. However, competition from other centres remains strong and the regulatory environment remains highly complex, so we need to keep innovating and adapting to meet the needs of alternative fund managers.

“To that end, we are focused on enhancing our range of structuring options, and we are focused on promoting our capabilities in the ESG space. We’re also anticipating a rise in co-investment and fund finance activity, a resurgence in the use of Jersey property unit trusts to facilitate investment into the real estate market, and opportunities in outsourced work as managers look for specific support expertise such as governance and compliance, areas where Jersey excels.”

 

*PwC Market ResearchCentre

JFA News
Thursday
13
February 2020

Survey highlights positivity and opportunities for innovation

At the end of last year, we presented the findings of our second annual JFA members survey

At the end of last year, we presented the findings of our second annual JFA members survey – a project that will be instrumental in informing the organisation’s and our industry’s direction and strategy this year and beyond.

Exploring key opportunities and issues for Jersey’s funds industry, the findings painted a generally positive picture as far as the sentiment of practitioners is concerned, and their perceptions of Jersey as a specialist alternative funds jurisdiction.

Amongst its key findings, for example, were that the industry’s approach to the key macro issues were largely optimistic. On Brexit and new economic substance rules, attitudes were balanced but largely positive, with over 80% of respondents 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 overall growth outlook for the year ahead, with 84% saying they were confident or very confident of growth over the coming five years, a significant increase from last year.

These responses tally with the performance we saw in our industry over 2019, with NAV figures reaching new record highs of £342bn and private equity in particular being the stand out performer.

We’ve also seen asset managers continuing to commit to relocating to and establishing a presence in Jersey, which is a huge positive in light of the economic substance rules introduced last year, whilst the number of managers making use of private placement through Jersey and into the EU reflects the high regard in which Jersey is held for straightforward, seamless market access.

We really shouldn’t underestimate just how positive the outcome of Jersey’s work around the key issues such as Brexit and substance have been, or just how significant the recognition Jersey received from the EU almost exactly a year ago was for our industry – it signposted that, without doubt, as a jurisdiction we are serious about cooperation and global standards, and that has translated into good business flows.

The fact that practitioners are confident that Jersey can maintain this growth trajectory against what continues to be a challenging global environment is hugely encouraging.

Future

But that’s only really half the story, because what really stands out from the survey findings is that, despite being so positive about the future, our industry is not complacent and is pragmatic and ready to find ways to continue to enhance our proposition and hone our vision to provide the perfect ecosystem for cross border alternative funds – conscious that competition is very real and that the environment around us continues to change.

As an industry, we are very clear that maintaining growth requires a commitment to innovation, continuing to source the best talent, engaging with stakeholders, and differentiating ourselves through service quality, ease of doing business and stability.

In respect of technology, for instance, the survey indicated a clear trend, with over 56% of respondents saying that they had employed automated technology over the past year. That sort of investment is impressive, and will be pivotal in meeting the needs of alternative managers in the coming years in areas like cyber security, reporting and data management – around 95% of respondents said they considered automation will have a moderate or significant impact on them over the coming five years.

Meanwhile, there’s a real appetite to back product development – around three quarters of member firms said they would be willing to contribute ring-fenced fees to the regulator in order to fund product development. Enhancing onboarding procedures for new clients came out particularly strongly in this respect, rather than bringing new products to market – through automation and online portals, and by looking again at significant simplification and clarification of Jersey’s AML regime.

There were also a number of calls amongst respondents to look at ways to further enhance Jersey’s private placement regime and revisit third country passporting, whilst respondents also pointed to the need to be more proactive in meeting the demands of and responding to the needs of an industry that is increasingly engaging on the green finance and ESG agenda.

Outsourcing is another potentially exciting opportunity – around 40% of respondents said they saw outsourcing increasing over the coming three years. But we need to find ways to change perceptions of what outsourcing is all about and how, through embracing technology and understanding risk, we can meet outsourcing demands.

...members are unequivocal – it is simplicity, ease of doing business and clarity that will resonate with fund managers and investors...


The overwhelming message, though, was that our absolute focus should be on providing clarity and simplicity in everything that we do. In a hugely complex environment, our members are unequivocal – it is simplicity, ease of doing business and clarity that will resonate with fund managers and investors, and we should not lose sight of that.

Jersey is not a volume player; we are all about service quality and standards and those, the survey suggests, will be our differentiators.

Over the coming months, we’ll be working hard to engage with industry and key stakeholders both on and off island to respond to the challenges this survey has set out, capitalise on our core identified strengths and look at ways to innovate in order to enhance our funds ecosystem.

With almost 90% of firms indicating that they considered promoters, investors and gatekeepers would give Jersey a four or five star rating, we have a good basis to start from, and with the backing of a clearly very ambitious and focused industry, we are on a good path to maintain and improve on the success we saw in 2019.

JFA News
Monday
08
July 2019

New JFA Chair points to Jersey's strength in alternatives

Jersey’s ability to offer a quality service in the alternative investment space will ensure ongoing growth of its funds industry, according to Tim Morgan, the new Chair of the Jersey Funds Association (JFA).

Jersey’s ability to offer a quality service in the alternative investment space will ensure ongoing growth of its funds industry, according to Tim Morgan, the new Chair of the Jersey Funds Association (JFA).

Elected into the position of Chair at the recent AGM (28 June) of the trade association that represents Jersey’s funds industry, Tim, a Partner at offshore law firm Mourant, has practised in Jersey since 2003 advising promoters, investors, boards, regulators and service providers across asset classes including private equity, credit, real estate, hedge and liquid securities.

Prior to Jersey, Tim originally trained with Taylor Wessing in London and Brussels, before going on to practise as a corporate lawyer at PwC Legal and then at Dresdner Kleinwort Wasserstein in London and New York, advising on private equity sponsored transactions.

Also on the new-look JFA committee are Michael Johnson, who has been appointed Vice Chair and who heads one of the largest fund services businesses in the Island, as well as a number of other appointments to ensure the committee reflects the different aspects of the developing funds industry. Chris Marshall continues as treasurer, Niamh Lalor as chair of the legal and regulatory subcommittee, Martin Paul as the chair of education and Steve Cartwright as the chair of the marketing subcommittee. Caroline Harrington also remains as Secretary.

Tim replaces former Chair Mike Byrne, who has been at the helm of the JFA for the last three years and was thanked at the AGM for his hard work on behalf of Jersey’s funds industry.

Following his election to the role of JFA Chair, Tim said: “Jersey’s funds industry operates in an increasingly complex market, but it is an environment that Jersey thrives in. With investors continuing to show an appetite to allocate to alternatives – Jersey’s sweet spot – and thanks to its ability to adapt, its deep pool of expertise and highly effective relationships between the regulator, government and industry, Jersey is in an extremely strong position to continue to assert its strengths on the international stage.

“In recent years we have seen numerous challenges to our industry but time and again we have responded adeptly, most recently through the implementation of economic substance legislation, underlining our commitment to governance and international standards. In recent months we have achieved record levels of fund servicing business, stellar growth in alternatives, big-ticket fund launches and rising numbers of managers choosing Jersey to bring their funds to market.

“To maintain our momentum, we must be brave, ambitious and clear about our capabilities as a jurisdiction that specialises in global fund structuring and distribution, and to that end I’m looking forward to working with the committee and stakeholders on and off-island as the JFA looks to support the ongoing success of our industry.”

Figures for Jersey’s funds industry show that, at the end of 2018, the net asset value of funds administered in Jersey rose to £320bn, the highest level ever recorded, with alternatives, including private equity, real estate, hedge, infrastructure and private debt funds, now representing 86% of that business.

An active trade association representing companies with Jersey offices operating in the funds sector, the JFA has over 100 members, including organisations spanning from niche independent Jersey-owned companies to global leaders.

JFA News
Wednesday
03
April 2019

Jersey funds industry success to be celebrated at JFA Annual Dinner

The ongoing success of Jersey’s funds industry, which registered a record £320bn in assets under administration at the end of 2018, is set to be marked at this year’s Jersey Funds Association (JFA) Annual Dinner next month.

The ongoing success of Jersey’s funds industry, which registered a record £320bn in assets under administration at the end of 2018, is set to be marked at this year’s Jersey Funds Association (JFA) Annual Dinner next month.

Taking place on Friday 3 May at the Royal Jersey Showground, the black-tie event aims to be a celebration of success for Jersey’s funds industry over the past twelve months. Expected to be attended by more than 400 funds professionals, the event’s gold sponsor is Mourant whilst silver sponsors are BNP Paribas Securities Services, Moore, Ogier, PraxisIFM and PwC.

The event starts at 6.45pm with a champagne reception, sponsored by Carey Olsen.

Guest speaker for the dinner this year will be ventriloquist Nina Conti who has wowed audiences all over the world, from Las Vegas to Melbourne to the Edinburgh Festival.  She will be joined by her regular sidekick Monkey, with other characters including poetry-writing Owl, Scottish grandmother Granny, loud-mouthed New Yorker Lydia and possibly a member of the audience also likely to make an appearance.

There will also be musical entertainment provided by a local band both during and after the dinner.

Mike Byrne, Chairman of the JFA, said:

“Despite the political uncertainty in Europe over recent years, 2018 was actually a good year for Jersey’s funds industry. We achieved record levels of fund servicing business, stellar growth in alternatives, big-ticket fund launches and rising numbers of managers choosing Jersey to bring their funds to market. Our annual dinner is a fantastic way to reflect on and celebrate that success and recognise the professionals who contribute so much to the island’s industry.
“I’m delighted that Nina will provide our entertainment at what should be an extremely enjoyable evening. The dinner has always been popular so I encourage those wanting to attend to book tickets in advance.”

Tables can be booked for either 10 or 12 people and tickets are £85 per person.  To make a booking please contact JFA Executive Secretary Caroline Harrington at enquiries@jerseyfunds.org.

JFA News
Monday
05
August 2013

Jersey funds industry in strong position according to new JFA chair

Jersey’s pro-active and flexible approach to the adoption of new international regulation will ensure its funds industry can look forward to a positive future, according to Ben Robins, the new Chairman of the Jersey Funds Association (JFA).

Jersey’s pro-active and flexible approach to the adoption of new international regulation will ensure its funds industry can look forward to a positive future, according to Ben Robins, the new Chairman of the Jersey Funds Association (JFA).

Elected into the position of Chairman at the recent AGM (19 July) of the trade association that represents Jersey’s funds industry, Ben is joined by Tim Morgan, who becomes Vice Chairman.

Ben Robins, Chairman, Jersey Funds Association

A partner and head of the funds practice area at Mourant Ozannes, Ben has extensive experience in investment funds, offshore capital markets and structured finance. Having qualified as an English solicitor with Speechly Bircham in London, he returned to Jersey to join Mourant Ozannes (then Mourant du Feu & Jeune) in 1997. He became a partner at the firm in 2002 and has headed its Jersey and global funds practice areas since 2008.

Ben has been a frequent participant in local industry working groups looking at key regulatory changes, including most recently the implementation of the EU Alternative Investment Manager's Directive (AIFMD). Following his election to the role of JFA Chairman, he said:

“With AIFMD coming into force last month, it is certainly an engaging time to take over as Chairman of the Jersey Funds Association. With the pro-active approach Jersey has taken, I am convinced that we are in an extremely strong position to continue to act as a specialist centre for alternative funds business, both in and outside of Europe. It is particularly welcome news that, having now signed 27 bilateral cooperation agreements with EU Members States, including the UK, Germany and France, the Jersey Financial Services Commission is now ready to accepting applications from local alternative fund managers enabling them to continue to access EU markets.”

Tim, who has been an active member of the JFA’s committee for several years and is a Partner at law firm Ogier and a specialist in investment funds, corporate, finance and restructuring work, added:

“Jersey’s funds industry has continued to perform well in 2013. The total net asset value of funds under administration in Jersey grew in the first quarter of the year by 6.5% to surpass the £200bn barrier, while the alternative asset classes still represent over 70% of Jersey’s funds business. With its new-look and highly experienced committee now in place, the JFA will continue to look carefully at the issues facing the industry and, by working closely with Jersey Finance and the regulator, strive to maintain Jersey’s position as a leading specialist European funds centre.”

Ben and Tim replace former Chairman Nigel Strachan and Vice Chair Edward Devenport, who have been at the helm of the JFA over the last three years and were thanked at the AGM for their hard work on behalf of Jersey’s funds industry during a busy and challenging period.

An active trade association representing companies with Jersey offices operating in the funds sector, the JFA has over 70 members, including firms spanning from niche independent Jersey-owned companies to global leaders.

JFA News
Friday
30
December 2011

Jersey Funds Association 2012 Annual Dinner - Friday 9 March

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.

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.

milton CV.pdf

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.

Booking Form.doc

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.