Jersey Finance to expand into the US with New York office

Pedro Gonçalves
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Jersey Finance to expand into the US with New York office

Jersey Finance is expanding into the US after receiving £250,000 by the government to open an office in New York.

The project, which is being funded with taxpayers' money, was identified as one of the priorities for Financial Services and Digital Economy by the Treasury Minister.

The funding will cover a full-time Business Development Director based in New York, as well as office accommodation, associated marketing and central support expenditure.

Jersey Finance CEO Joe Moynihan said that they have seen clear growth in high quality financial flows between Jersey and the US in recent years, in particular in new fund and corporate activity emanating from US alternative investment fund managers. He also explained that a number of key financial institutions in the US are also present in Jersey.

"We're pleased that we are now in a position to progress establishing an office in New York," he said. "It will give Jersey's financial services industry added visibility and a fantastic platform to capitalise on an anticipated future uplift in business from the US and play a vital role in supporting US investors looking to access Europe."

The move is part of a global review of opportunities for the finance industry, and builds on a strategy put in place in 2013 following research from consultancy group McKinsey and Company.

Last year, Jersey Finance opened a new office in Dubai.

The opening of a Jersey Finance New York office was identified as one of the priorities for Financial Services and Digital Economy.