A Jersey Finance office has officially opened in New York City, to further foster the growing business relationship between Jersey and the United States.
The jurisdiction wants to promote itself a gateway to Europe for US alternative fund managers. Funds held in Jersey have been investing more in US technology whilst US firms have been investing in Jersey's finance sector.
The office was officially opened by Senator Ian Gorst, Jersey's External Relations Minister.
This new office represents a significant milestone in our friendship, cementing that relationship further, as we look to work closely together for our mutual future success"
"Jersey has an extremely positive relationship with the US, with a rich history of trade and cooperation, and growing business ties. This new office represents a significant milestone in our friendship, cementing that relationship further, as we look to work closely together for our mutual future success," Gorst said.
The office was officially launched at an event held at The Peninsula New York on 16 October, attended by around 100 lawyers, intermediaries and other US fund professionals.
The launch of the office comes after Jersey Finance announced the appointment in July of Philip Pirecki as its business development lead in the US. Pirecki also spoke at the event to highlight how Jersey is well placed as a specialist funds centre to support US private equity, real estate and hedge fund managers by providing seamless access to European investor capital.
The number of managers accessing EU investor capital through Jersey's private placement regime grew to more than 168 in 2018, according to the Jersey Financial Services Commission, whilst Monterey Insight figures show that the number of US-based promoters grew by 164% over the past five years.
Joe Moynihan, CEO of Jersey Finance, also talked about the island's growing ties with the US.
"As a forward-thinking jurisdiction, we remain committed to supporting high-quality global investment flows and, to that end, the launch of this office in the world's largest institutional investment market is hugely significant for us.
"We strongly believe that Jersey offers a compelling proposition for US managers who are seeking a stable, reliable platform to support their European strategies. We already have good familiarity among the US funds community, with the value of US promoter assets administered in Jersey more than doubling over the past five years, and our new office will be vital in building on that success."
The new office is located at Jersey Finance Limited, Suite 341, 1185 Avenue of the Americas, New York.