Jersey Seeks To Build On Successful 2014
by Jason Gorringe, Lowtax.net, London
19 February, 2015
In its recent annual review presentation, Jersey Finance, the island's financial services promotional agency, has looked back at the territory's achievements during 2014 and announced its goals for this year.
In 2014, Jersey's fund industry fared well, bolstered by the introduction of its new regime to respond to the European Union's Alternative Investment Fund Managers Directive (AIFMD). Last year saw the number of new Jersey fund registrations more than double compared with 2013 and the value of assets under administration grew to its highest level in five years.
In the asset management space, Jersey Finance also reported that almost 300 Jersey foundations have now been formed.
The listing sector also performed well in 2014, with Jersey Finance reporting that there are now 110 Jersey companies listed on exchanges around the world. Jersey is home to the largest number of non-UK companies listed on the FTSE 100 index.
For 2015, the agency considers that London will continue to be a core market for Jersey's financial services industry. In addition, Jersey will continue to create awareness of its offerings internationally, with an increased international presence.
Richard Corrigan, Deputy CEO of Jersey Finance, said: "In 2015, following the recommendation of the Jurisdictional Review, we will look to maximize our additional resources in the Gulf region in order to capture significant private wealth and – increasingly – funds opportunities there, whilst we will also be focusing more on targeting hedge and private equity fund managers in the US. In addition, in line with the findings of the Value to Africa report last year, we will also be increasing our efforts to build relationships with Sub-Saharan Africa where we see considerable outbound private wealth and inbound infrastructure investment opportunities."
Geoff Cook, CEO of Jersey Finance, warned of challenges to the territory resulting from political rhetoric in the run up to the UK general election, saying: "Looking ahead, we fully expect regulation to remain firmly on our agenda this year, whilst in a UK election year we will almost certainly see an uptick in political rhetoric surrounding tax and transparency."
"Thanks to commitments made by Jersey's government and regulator however, we are in an excellent position and are well regarded as a cooperative and transparent jurisdiction. Jersey has a robust tax information exchange framework in place and recently joined more than 50 countries to sign up as an early adopter of the OECD Common Reporting Standard. Combined, all this sends out a strong message about Jersey's stance."
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