Jersey positioned strongly in face of growing competition
The way Jersey’s funds industry has pulled together to overcome global regulatory challenges and open up new opportunities has helped position it strongly compared to competitor jurisdictions, according to the chairman of the Jersey Funds Association.
Speaking at this year’s annual JFA Dinner, Ben Robins told an audience of over 450 funds professionals, senior politicians and representatives of the regulator that, despite a dichotomy between strong indications of growth in the global asset management industry on the one hand and rafts of new international regulation on the other, Jersey was in an extremely good place to grow its alternative funds sector and assert its position as a leading funds domicile.
Pointing to an uptick of Jersey listed funds so far this year and recent examples where Jersey has been the domicile of choice for structuring landmark private equity and real estate funds, he also highlighted the need to avoid complacency.
“Despite our unique ‘team Jersey’ approach to confronting global regulatory and political challenges and our strong reputation amongst funds professionals, there is undoubtedly growing competition between domiciles and for that reason having strong local political support behind our industry and a will to explore new products and markets is vital for our long-term success.”
“There is also a pressing need to address our domestic funds regime to ensure it is proportionate and competitive, and I am pleased that, in line with the recommendations of the Finance Industry Jurisdictional Strategic Review published last year, there are already moves to make the changes necessary to strike a better balance between appropriate levels of regulation and operational efficiency.”
Held on Friday 4th April at the Royal Jersey Showground, the event, whose lead sponsor was Kleinwort Benson, featured top British impressionist Jon Culshaw as guest speaker, who was kindly sponsored by JTC Group, whilst a champagne reception was sponsored by IPES. Silver sponsors were BNP Paribas, JP Morgan, Moore, and Mourant Ozannes.
Tim Morgan, Vice Chairman of the JFA and who also provided an introduction at the dinner, added:
“We have much to be proud of in terms of how we have helped position Jersey amid global regulatory shifts and growing competition, and the dinner was a fantastic opportunity to celebrate our industry’s successes. Our thanks go to all those involved in organising this year’s event, including all our sponsors.”