Jersey Finance has reported a 25% rise in the number of Jersey Private Funds (JPFs) in the first six months of 2019, highlighting the success of Jersey's government, regulator and industry working together to create the best possible environment for attracting innovative, quality funds business.
Figures from the Jersey Financial Services Commission (JFSC) showed that the number of JPFs, a structure introduced in 2017 to cater specifically for the needs of small groups of sophisticated investors, had reached 257 by 30 June 2019, up from 205 at the end of 2018, with assets under management of £43bn.
Joe Moynihan, CEO of Jersey Finance (pictured), described Jersey as positioned perfectly to act as a quality filter to manage international financial flows: "As investors look for stable IFCs that offer specialist expertise, Jersey can be a voice of reason among the noise, ready to support investor ambitions."
As investors look for stable IFCs that offer specialist expertise, Jersey can be a voice of reason among the noise."
Furthermore, irrespective of the outcome of Brexit, Jersey was able to bridge the gap between the UK and Europe thanks to the bilateral agreements that were in place with the EU alongside its long standing relationship with the UK, boosted by a recently signed Memorandum of Understanding between the JFSC and the UK Financial Conduct Authority which gave fund managers added certainty around accessing UK investor capital through Jersey in the build up to Brexit.
Entitled Beyond Boundaries, the annual Jersey Finance funds conference 2019 (on September 10) attracted more than 350 delegates and a range of industry leading speakers and panellists who discussed the impact of regulation and governance, the trends in the alternative funds sector, and further examples of innovation and trailblazing by fund managers, lawyers and administrators who were using Jersey for their fund structuring.
The event was also an opportunity to flag up how Jersey had become a clear choice for socially responsible investing (SRI) and especially impact investing, with Moynihan noting that there were already more than 30 SRI funds under administration in Jersey with assets valued at US$7.4 billion.
He also highlighted Jersey's increasing global footprint pointing to the fact that Jersey became the first IFC to be permitted to open an office in the Dubai International Finance Centre last year. Further, next month, Jersey will formally open its first office in New York, partly to support the growing demands from US promoters choosing Jersey evidenced by US promoter assets under administration in Jersey increasing by 148% over the past five years.