I was asked this week to imagine a scenario where the Finance industry had fled Jersey and what kind of economy might remain. I instead explained why I was confident that would never happen, and why Jersey and its finance industry have a bright future.
It appears the internationally renowned Boston Consulting Group agree with me.
Whilst I am not terribly keen on the term offshore (I think it confuses people because it has sometimes been used as a pejorative by the poorly informed), but for this purpose lets use the BCG definition of investment into a country where the investor has no legal residence or tax domicile. The recent BCG perspectives report concluded that:
"The offshore model remains viable because wealth management clients will continue to seek diversification, broad private-banking capabilities, specialized expertise, and discretion."
The table reflects recent Offshore trends:
The report highlights went on to conclude:
"Offshore centers must position themselves not only as possessing skills and expertise that cannot easily be found onshore, but also as embracing full transparency and integrity."
Sounds like a pretty good description of Jersey to me, and the reason we are seeing business growth