Jersey’s proactive approach to developing new funds legislation together with its commitment to enhancing links with overseas markets will ensure its funds industry can look forward to a positive future, according to Mike Byrne, the new Chairman of the Jersey Funds Association (JFA).

Elected into the position of Chairman at the recent AGM (1 July) of the trade association that represents Jersey’s funds industry, Mike, a partner at PwC Channel Islands, is joined by Tim Morgan, partner at Mourant Ozannes, who will serve a second term as Vice Chair.

Also on the updated committee are Nick Taylor (Ashburton Investments) who remains as Treasurer, Steve Cartwright (Crestbridge), Michael Johnson (BNP Paribas), Niamh Lalor (Ogier), Graeme McArthur (Crestbridge), Robert Milner (Carey Olsen), Daniel O'Connor (Carey Olsen), Martin Paul (Bedell), Andrew Pitter (Ipes), Vycki Price (State Street), Mark Rawlins (Collas Crill), Peter Rioda (Sanne Group), Steven Ross (Rawlinson & Hunter), Jenny Swan (JP Morgan Chase Bank), Gayle Swanson (Capita Asset Services), Nigel Weston (Walkers). Caroline Harrington will continue as Secretary.

Mike Byrne, who has been with PwC for over 15 years, leads the Asset Management industry for PwC in the Channel Islands, with a particular focus on private equity and hedge funds. He has significant experience in international work, particularly in Europe and Asia, and in 2014 returned to Jersey after a two-year secondment in Singapore where he led the firm's development of a range of services in the alternative fund space.

Mike has also been a regular contributor to Jersey Finance's funds sector promotional activity, including participating in Jersey Finance’s Asia Roadshows in Hong Kong, Kuala Lumpur and Singapore.

Following his election to the role of JFA Chairman, Mike said:

“It is certainly an interesting time to take over as Chairman of the Jersey Funds Association. Against the backdrop of some significant political and economic shifts in Europe and the US, I feel Jersey is in a strong position given its relative regulatory and political stability and certainty. The industry has been on the front foot in developing legislation to keep us ahead of the game, whilst we continue to be recognised globally as a jurisdiction of expertise, substance and world class regulatory standards.

“Across the alternative asset classes, Jersey continues to see real success, with real estate and private equity posting double digit year on year growth in the first quarter of this year and infrastructure, credit and debt funds emerging as key growth areas. As well as there now being in excess of 200 Jersey funds successfully marketing into Europe through private placement, Jersey is also growing its market share in structuring funds targeting assets and investors in other markets in Asia and Africa, and we have a burgeoning fund management community. Through the hard work of the industry, together with Jersey Finance and the regulator, these are all trends we expect to continue."

Figures for Jersey’s funds industry show that, in the first quarter of 2016, the net asset value of funds administered in Jersey rose to £228.4bn, the second highest level since 2008, alternative asset classes representing over 70% of that business.

Mike replaces former Chairman Ben Robins, 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 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 member firms, including organisations spanning from niche independent Jersey-owned companies to global leaders.