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Beyond Boundaries

Jersey Finance Annual Funds Conference

Set against a backdrop of global political change, this year’s Jersey Finance Funds Conference will include an in-depth discussion of the major initiatives impacting the funds sector while also exploring the increasingly global outlook of funds professionals looking to future-proof their funds.

Entitled ‘Beyond Boundaries’, the September event will take a new format with break-out sessions covering key topics, from shifts in regulation and distribution, to the rising trends in the alternatives sector.

Held at the prestigious Royal Lancaster hotel in central London, our popular flagship conference attracts high calibre funds practitioners and offers excellent networking opportunities for attendees.

Agenda

Agenda

Agenda

Agenda

1.30 pm

Registration and Networking Lunch

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CEO Welcome

Joe Moynihan, Chief Executive, Jersey Finance

 

 

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2.15 pm
2.45 pm

Keynote

Todd Buchholz, Former Director of Economic Policy

Sponsored by Carey Olsen

 

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Keynote

Elliot Refson, Director of Funds, Jersey Finance

 

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3.15 pm
3.25 pm

Networking Afternoon Tea Break

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Breakout Technical Session: New Alternatives

Sponsored by JTC

Investors are no longer willing to accept a one-size-fits-all solution, resulting in a diversification of strategies and structures – from new asset classes such as crypto, new business models such as co-investment opportunities and side funds through to newly-themed funds with a focus on SRI, the environment and renewable energy. Drawing from their experience, our panellists will discuss these developments, including how Jersey has helped implement innovative practices and how these solutions are relevant to the audience.

 

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3.50 pm
3.50 pm

Breakout Technical Session: Solutions for Fund Managers – Governance, Substance and Location

Sponsored by Mourant

Maintaining an ecosystem that is alive to the needs of managers is vital. In the second of our breakout sessions, representatives of leading GPs and advisers will identify what trends they are seeing emerge; approaches to regulation of manager structures, including the impact of economic substance measures on jurisdictional decisions; the ease and cost of doing business; and best practice in governance.

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Networking Afternoon Tea Break

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4.35 pm
5.05 pm

Breakout Technical Session: Building Global Bridges

Sponsored by Carey Olsen

Global and market uncertainty is becoming a significant consideration for fund managers looking to future-proof their funds through jurisdictions that can offer long-term guarantees. Our panel will explore what those considerations are, from distribution in a post-Brexit world to shifts in investor geographic preference, as well as the role of national private placement regimes versus the Alternative Investment Fund Managers Directive (AIFMD).

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Breakout Technical Session: Evolution of Real Estate

Sponsored by Ogier

While the appetite to to allocate to the real estate asset class remains substantial, fund managers and investors are modifying their strategies in response to the present climate. In the session, our expert panellists will examine what initiatives are creating caution and how these can be mitigated, as well as the impact of capital gains tax (CGT) rules, the importance of tax transparency in structuring and how the real estate industry is helping meet global challenges.

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5.05 pm
6.00 pm

Endnote

Dan Snow, Broadcaster and Presenter

 

 

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Closing Remarks followed by Networking Drinks Reception

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6.30 pm
7.30 pm

Event Ends

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Speakers
Todd Buchholz

Todd Buchholz Former Director of Economic Policy

Todd is a former Director for Economic Policy at the White House, a managing director of the US$15 billion Tiger hedge fund, and an award-winning economics teacher at Harvard. Todd addresses economics, finance, policy and business strategy with a rare degree of wit and engagement. In addition to his government, business and academic work, Todd is the author of a number of best-selling titles which have become recommended academic texts including New Ideas from Dead Economists, Bringing the Jobs Home, New Ideas From Dead CEOs, Rush: Why You Need and Love the Rat Race, and The Price of Prosperity: Why Rich Nations Fail and How to Renew Them.

Dan Snow

Dan Snow Broadcaster and Presenter

Broadcaster and presenter Dan Snow is commonly known as ‘history man’. After collecting a double first in history at Oxford, where his tutor was Niall Ferguson, Dan followed his father Peter and cousin Jon into television. Together with Peter, Dan presented the BAFTA award-winning series Battlefield Britain. There followed a number of World War II series, as well as broader programmes on London, the Battle of Trafalgar, America, and the Ark Royal. During the course of his career, Dan has been gassed, set on fire, trained as a sniper and contracted hypothermia. He also launched the first handheld video guides to London.

Mark Grenyer

Mark Grenyer Head of Funds - Jersey, JTC

Mark joined JTC in 2015 and has been working in the Funds industry since 2000. He heads up the Jersey funds team and has a wealth of experience in building efficient procedures and controls in the administration of all Jersey fund types, ranging from private structures through to retail funds. Mark also helped establish and now leads JTC’s global FinTech strategy and has played an integral role in a number of cutting edge FinTech structures including CoinShares Fund, the world’s first crypto denominated fund and Jersey’s first initial coin offerings.

Christopher Griffin

Christopher Griffin Partner, Carey Olsen

Chris has broad experience of both general international corporate and funds work with particular expertise in private equity and hedge funds, having spent ten years in the City at two leading international firms and a large hedge fund. Chris advises on all aspects of fund and corporate transactions, including the legal and regulatory aspects of fund launches, and joint ventures. He also has considerable experience in dealing with the Jersey Financial Services Commission in navigating investment vehicles through the Jersey regulatory approval process as part of the Jersey funds team. He also spearheads Carey Olsen's crypto practice, having advised on a series of token offerings/ICOs, crypto funds and crypto exchanges.

Martin Rowley

Martin Rowley Partner - US Business Tax, Deloitte

Martin Rowley is a US Business Tax Partner in London and Head of Jersey Tax at Deloitte. He advises on corporate and international tax matters for clients in a wide range of industries, involving cross-border transactions and capital flows; US anti-deferral planning; and the tax aspects of multi-jurisdictional acquisitions, financings, restructurings, and IP transfers. Martin regularly acts for private equity and real estate funds, sovereign institutions, and investment managers in the structuring, financing, and execution of investments, joint ventures, and other M&A activities, including earnings repatriation strategies. His work is particularly focused on Europe, Asia, and the MENA region.

Alice Murray

Alice Murray Founding Editor, The Drawdown

Alice established The Drawdown in 2017. The Drawdown provides insightful content and events for private equity operational professionals. She previously headed up communications and marketing at a UK early-stage venture capital firm, where she managed investor reporting and marketing activities. Prior to that, Alice was Editor of European private equity publication unquote” where she directed all content and events including The British Private Equity Awards. Alice began her career at London-based publishing house Caspian Media, where she was a reporter for private equity-focused publication Real Deals. She then went on to join Argus Media, where she was Acting Editor of Argus FMB Ammonia.

Tim Morgan

Tim Morgan Partner, Mourant

Tim is a Partner in Mourant's Jersey office. He focuses on funds and related corporate, finance and restructuring. He has practised in Jersey since 2003 advising promoters, investors, boards, regulators and service providers across asset classes including private equity, credit, real estate, hedge and liquid securities. He is vice chairman of the Jersey Funds Association. Prior to Jersey, Tim originally trained with Taylor Wessing in London and Brussels. He went on to practise as corporate lawyer at PwC Legal and then in the M&A team at Dresdner Kleinwort Wasserstein in London and New York, advising on private equity sponsored deals.

Sophie Reguengo

Sophie Reguengo Partner, Ogier

Sophie is an experienced investment funds and regulatory lawyer with 15 years' industry experience. She is focussed on private equity and real estate structures. Sophie is recognised as a "rising star" and regularly attends and speaks at conferences in Jersey and London. Sophie is an alumna of Bristol University and the University of the West of England. She holds a Master's in Commercial Law and Human Rights. Sophie features in the Citywealth Leaders List and is recognised as a "Rising Star" by IFLR1000 and a "Next Generation Lawyer" by The Legal 500. Prior to joining Ogier, Sophie trained and worked at another leading offshore firm, both in Jersey and in Hong Kong.

Kate Binedell

Kate Binedell Partner, BCLP

Kate specialises in real estate and debt funds, club deals and joint ventures, advising UK and international clients on the creation, structuring and maintenance of onshore and offshore funds and secondary sales and purchases. She has advised institutional investors, sovereign wealth funds, public companies and international managers and investors. Kate has an MBA from INSEAD, Fontainebleau.

Peter Rioda

Peter Rioda

Peter is an independent non-executive director, consultant and a chartered accountant with over 20 years’ experience. His focus is on private equity, venture capital and debt funds. Peter is a committee member of the Jersey Funds Association and is an active representative of industry, raising standards, developing new fund products and consulting on regulatory developments. Peter was previously a director and shareholder of Sanne Group, leading their fund administration business from its infancy through to IPO in 2015.

Robert Milner

Robert Milner Partner, Carey Olsen

Robert is one of Jersey’s leading funds lawyers. He acts for a wide range of boutique and institutional fund managers and has extensive experience in establishing private, expert, unregulated and listed Jersey funds. He has particular expertise in establishing fund manager vehicles and structures, including migrating fund managers to Jersey from other jurisdictions. Robert also advises on the establishment, financing and sale of Jersey vehicles holding UK and European-situate real estate (including JPUTs) and advises on the structuring and listing of REITs, having been a member of the TISE Rules Committee responsible for amending the listing rules to streamline the requirements for REITs.

Will Normand

Will Normand Partner, Travers Smith

Will has been a partner at Travers Smith since 2015. He has a broad asset management practice advising managers on a wide range of fund products and their own governance requirements. Will primarily advises listed investment funds from incorporation right through the life of the vehicle. He also advises placing agents and sponsors on listed fund transactions. Will also has a successful private fund practice that focuses on bespoke structures driven by specific regulatory or commercial requirements.

Matt Crill

Matt Crill Head of Corporate Governance, Triton

Matthew joined Triton in 2013 from Mourant where he advised on commercial, corporate and capital markets law, a wide variety of offshore fund structures as well as all aspects of administration. Matt is a qualified solicitor and also has a degree in Law from University of Exeter. He is a member of the Board of Directors of the Fund Manager.

Mike Byrne

Mike Byrne Partner, PwC Jersey

Mike is a partner based in PwC Channel Islands’ Jersey office and is the leader of the Asset Management practice across the Channel Islands. He is the PwC Alternative Funds leader for EMEA. Mike has worked with a wide portfolio of alternative asset management clients based in Europe and further afield across Private Equity, Infrastructure, Hedge and Property Funds. Mike undertook a cycle of experience from 2012 to 2014 as Head of Private Equity with PwC Singapore and served as Chair of the Jersey Funds Association from 2016 to 2019.

Nicholas Neveling

Nicholas Neveling Editor, Real Deals

Nicholas Neveling is the editor of private equity title Real Deals. He joined Real Deals in April 2008 and has covered the European private equity market for more than a decade. He was previously a reporter at Accountancy Age and prior to that worked for the South African publications Business Day and The Sunday Times. Nicholas graduated in journalism from Rhodes University in 2002.

Jill Britton

Jill Britton Director of Supervision, JFSC

Jill Britton returned to the Jersey Financial Services Commission (JFSC) in May 2016 as Director of Supervision. She has responsibility for the supervision of all regulated sectors of Jersey’s financial services industry, as well as being a member of the JFSC’s Executive Board. Jill previously worked in Supervision from 2002 to 2004. With more than 25 years’ experience in the financial services industry in the UK, Jersey and Asia, Jill spent the intervening years specialising in compliance and operational risk management for global banking organisations.

Rosalyn Breedy

Rosalyn Breedy Partner, Wedlake Bell

Rosalyn is a Corporate, Funds and Financial Services lawyer with 24 years’ experience working in private practice, investment banking and at a multi-family office. Her core clients are family businesses, family offices, trustees, private capital investors, private wealth managers and entrepreneurs (particularly private equity, hedge fund principals, fintech businesses) and other city professionals. In addition to providing strategic advice Rosalyn establishes private funds, advises family offices and fund management businesses and acts on a range of private equity and joint venture deals.

Kevin Cook

Kevin Cook Co-founder & CEO, TreasurySpring

Kevin is the co-founder and CEO of TreasurySpring a London & Jersey-based financial technology company that is building new digital pipelines for the multi-trillion dollar wholesale money markets. Kevin started his career as a corporate finance lawyer with leading international law firm, Weil before moving on to PCM, a multi-billion dollar hedge fund in 2006 where he managed various short-dated fixed income portfolios, together with his TreasurySpring Co-founders. Prior to establishing TreasurySpring, Kevin was a Partner and Head of Short-dated Investments at AgFe, a London-based fixed income asset manager that he and his partners sold their first business (Autumn Capital) to in 2013.

Joe Moynihan › Chief Executive Officer, Jersey Finance
email › / profile ›

With a career in financial services spanning four decades, Joe has a strong commitment to the future success of the industry in Jersey. Joe commenced his professional life in the banking sector, rising to the position of CEO of Jersey and the Isle of Man for a major bank, which included responsibilities for trusts and investments. In recent years, he expanded his focus as Director of Financial Services within the government of Jersey, where he worked closely with industry and regulator to ensure the island’s position as a leading international finance centre. Before joining Jersey Finance in February 2019, Joe was working to establish high-reputation regulatory frameworks and business models for IFCs in the Middle East and Africa.

Elliot is focussed on defining strategy and execution of marketing Jersey as both a domicile and destination for Hedge and Private Equity Management Companies and Funds based in the UK, US Switzerland and Europe. Elliot moved to Jersey in 2006 to establish a Macro strategy Hedge Fund under the Ermitage umbrella for whom he also seeded other Macro / CTA strategy Hedge Funds. Elliot founded the Jersey Hedge Fund Managers Group aimed at linking the growing community of local Managers and is a committee member of the Jersey Funds Association.

Daniel Masters

Daniel Masters Chairman, CoinShares

Daniel Masters is Chairman of CoinShares, leaders in digital asset management. Prior to CoinShares, Mr. Masters co-founded Global Advisors, which notably launched GABI, a first of its kind, Jersey based, actively managed, bitcoin investment strategy in 2014. Prior to GABI, Global Advisors was previously responsible for the Global Advisors Commodity Investment Fund and the Global Advisors Commodity Systematic Fund.

Henry Watson

Henry Watson Associate, Credit Suisse

Paul Eastwood

Paul Eastwood Tax Director, KPMG

Paul has over twenty years experience as a tax professional. Until summer 2019 Paul was the Deputy Comptroller of Taxes for Jersey, with responsibility for taxation policy and international tax matters. As part of this remit Paul led the Island’s response to the challenge of meeting the EU/OECD’s economic substance concerns, including meeting with EU/OECD officials, drafting Jersey’s economic substance legislation and developing the guidance notes in partnership with the revenue authorities from the other Crown Dependencies.

Sponsors

Carey Olsen is a leading offshore law firm. We advise on Bermuda, British Virgin Islands, Cayman Islands, Guernsey and Jersey law across a global network of nine international offices.

Our investment funds and private equity team is both well regarded and highly active. We advise on all fund structures, including open and closed-ended, limited partnerships and unit trusts.

Recognised as the leading legal adviser to funds across the Channel Islands (Monterey), and with strong Caribbean and Asia practices, we represent more companies and funds listed on the London Stock Exchange than any other offshore law firm (Corporate Advisers Rankings Guide) and regularly advise on listings on the NYSE and HKEx, Euronext, CSX and TISE.

Our market-leading international team spans time-zones, and is known for the quality and quantity of complex work it handles globally across a wide range of alternative fund asset classes – traditionally real estate, private equity, credit and hedge funds.

We’re increasingly called upon to help launch offshore funds for cryptocurrencies, fintech, renewable energy, medical tech and bio-venture companies.

Our ‘one firm’ approach means that working together with clients we deliver seamless, objective and commercially grounded advice. investment in diverse technological areas including digital technology.

At Hawksford, we work with you to become your strategic partner; adding value to you by anticipating your needs and delivering when it matters most. Working collaboratively as an extension of your team, we provide flexible and bespoke fund and fund accounting services from Jersey.  We work with a variety of clients, from first time managers to some of the largest and most experienced; dealing with a variety of asset classes and structures. No matter the size of your fund, you will have direct access to a fund management team and staff with broad industry experience, years of technical expertise and a hands-on approach to support the setup, launch and day to day running of your fund.

Grant Thornton Limited is the Channel Islands member firm of Grant Thornton International, one of the world’s leading networks of independent assurance, tax and advisory firms. Grant Thornton Limited is locally owned and managed with offices in Jersey and Guernsey. It is dedicated to serving the needs of privately held businesses, financial services and private clients. With a complement of 130 staff (and growing), It offers a full range of audit, assurance, tax, corporate recovery and advisory services.

Crestbridge is independent in structure and spirit. We provide global administration, trustee, accounting, management and governance solutions that are shaped to our clients’ needs wherever they do business

We have a level of flexibility that is increasingly rare to find amongst peers who are bank-owned, private equity-funded or listed. As such, we are able to tailor our services to fit your needs, both now and as they evolve.

We are a ‘solutions-driven’ business. We strive to exceed expectations by collaborating with you and your advisers. Communicating openly at every stage, keeping you as informed as you need to be.

Because success matters.

The International Stock Exchange provides a responsive and innovative listing and trading facility.

The Exchange provides a convenient and cost-effective service for listing a wide range of products. These include more than 350 securities of investment vehicles, incorporating a quarter of all HMRC approved Real Estate Investment Trusts.

There is a green market segment, TISE GREEN, which enhances the visibility of investments making a positive environmental impact.

In total, there are over 2,800 listed securities with a market value of more than £300 billion.

Jersey is, for many, the jurisdiction of choice for the establishment and administration of all kinds of investment structures. Our expertise covers all types of investment vehicles including limited partnerships, unit trusts, companies (including cell companies), open- and closed-ended funds and listed structures. Our dynamic and respected team has a wealth of experience in helping to structure cross-border investment, notably in Sharia-compliant structures.

We advise on the most complex multi-billion fund vehicles as well as more closely held investment syndicates, ‘club’ and joint venture arrangements and proprietary single-asset holding structures.

We cover the entire investment lifecycle, from the structuring, regulation and operation of vehicles, to acquisitions, reorganisations, investments and exits.

BNP Paribas Securities Services is a leading global custodian and securities services provider. Backed by the strength of the BNP Paribas Group, we provide multi-asset post-trade and asset servicing solutions for buy and sell-side market participants, corporates and issuers. With local expertise in 36 countries and a global reach covering 90+ markets, we help clients to maximise their investment opportunities worldwide.

In the Channel Islands, we are a leading provider of:

• Fund servicing of global private equity, debt and infrastructure funds

• Fund servicing of listed funds

• Depositary and custody services

• Trustee solutions to real estate funds

Ranked in the top three corporate service providers globally, Vistra is a versatile group of professionals, providing a uniquely broad range of services and solutions. Our capabilities span across company formations to trust, fiduciary, private client services, and fund administration. Vistra employs over 4,000 employees across 46 jurisdictions.  The Vistra Jersey office specialises in wealth management solutions for high-net-worth individuals and families and is led by Clive T Wright, Managing Director, Vistra Jersey who has over 30 years of professional experience in Private Banking and Wealth Management.

Walkers’ investment funds group offers Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Irish and Jersey law advice on all matters pertaining to investment funds and their underlying structures.

We have one of the largest specialist investment funds teams worldwide. We advise many of the world’s most prominent asset managers, fund promoters and institutional investors. We establish the full range of structures used in the market and advise on their commercial implications.
Within our jurisdictions, we provide legal advice on all aspects of investment funds including:

Fund formation
Fund restructuring/distressed funds
Regulation
Fund re-domiciliation
Downstream transactional activity (e.g. acquisitions, disposals, etc.)
Termination and liquidation
Walkers is a listing agent for the Cayman Islands Stock Exchange (CSX), the Irish Stock Exchange (ISE) and The International Stock Exchange (TISE).

RBS International provide banking services to the alternative investment funds industry, building long-term, collaborative partnerships with fund managers and administrators, investment advisors and other service providers.

With offices in Jersey, Guernsey, London and Luxembourg, we take a consultative approach, applying sector insight to tailor solutions to your needs. The strategic and executional capabilities of our people are complemented by eQ, our smart, multicurrency banking platform.

Ogier’s team of investment funds specialists in Jersey are highly-ranked across the top legal directories, and draw on the expertise of dedicated teams in Luxembourg, Guernsey, Cayman and the BVI.

With insight and experience spanning the European, Caribbean and Asian markets we are also market leaders in advising funds aimed at US and Asian markets.

Our innovative team works alongside our finance, corporate, regulatory and dispute resolution specialists, and we support the full fund lifecycle from formation, structuring, regulation, governance and investor disputes to management of liquidity and business interruptions, strategic investor arrangements, wind-down and terminations.

J.P. Morgan’s clients in the Channel Islands have access to a full complement of securities services solutions to help grow their business. From global custody and fund administration, to trustee and depositary, transfer agency, cash management, corporate and management services, we provide complete servicing across the fund life cycle. Our Jersey and Guernsey offices support a diverse range of funds and work with clients to develop comprehensive solutions to the challenges arising from their most complex and innovative structures.

Offering you the capabilities you need to succeed today and prepare for tomorrow.

Estera is a leader in fund administration and associated services.  We provide a full range of administration services to a wide variety of blue-chip companies across asset classes including private equity, property, debt and funds listed on the LSE and TISE.

We have offices in 11 key jurisdictions, both onshore and offshore.  With over 550 professionals globally, we service over 6,000 clients and 12,000 entities.

We are knowledge and experience led. This, coupled with our commercial focus and resolute commitment to the delivery of service excellence, helps us consistently deliver best in class fiduciary and fund services.

JTC has expertise in the administration of both traditional and alternative asset classes with a strong focus on private equity, real assets comprising of real estate, infrastructure and renewable energy, hedge and debt. We also specialise and have built expertise in more niche sectors such as FinTech including crypto and ICOs. We have a wealth of experience administering listed structures including companies and funds listed on the London Stock Exchange (LSE), AIM, Euronext, Irish Stock Exchange (ISE) and the International Stock Exchange (TISE). Founded in 1987, we have c.700 people working across our global office network and are trusted to administer assets of US$110 billion. The principle of true shared ownership is fundamental to our culture and aligns us completely with the best interests of our clients.

Venue: Royal Lancaster Hotel, London
Media Partners

The Financial Times is one of the world’s leading business news organisations, recognised internationally for its authority, integrity and accuracy. The FT has a record paying readership of one million, three-quarters of which are digital subscriptions. It is part of Nikkei Inc., which provides a broad range of information, news and services for the global business community.

PERE is the leading platform for the world’s private real estate markets, tracking the relationship between investment managers and investors, and how their interaction drives equity capital into private real estate. PERE covers the funds, deals, people and trends shaping the industry through our authoritative news, analysis and data.

ADI is the only independent information source on the fast-changing world of domiciliation, structuring & fund servicing in the era of BEPS, tax activism, Brexit and regulatory challenges. Launched by IFI Global in 2013 it is relied upon by asset managers and others for its unbiased analysis of the issues.

Funds Europe is a multi-channel title for senior institutional investors, fund managers, asset servicing professionals and fund distributors. Content is distributed via monthly print edition, daily newsletter, online and social media.

 

Funds Europe offers readers exclusive news, analysis, features and interviews that provides a complete view of the cross-border funds industry. Topics covered include investment strategy, geopolitics, asset allocation, regulation and custody.

Over 20 years, Real Deals has been the independent voice of European private equity, providing essential market intelligence, unique deal information and deep insight to Europe’s leading private equity firms, their LP’s, lawyers, advisors, and other service providers

 

Real Deals is comprised of a print magazine [24 issues per year], a website, www.realdeals.eu.com, a daily newsletter which reaches out to 28,000+ readers, a dedicated iPad edition, Real Deals Intelligence [a unique private equity database – fully searchable by firm, portfolio, region, and fund status, and a series of industry events.

The new name for PFM, Private Funds CFO delivers highly focused actionable intelligence in print, through daily emails and online in five key areas: human capital and outsourcing; technology and cybersecurity; accounting, finance and tax; reporting and investor relations; and compliance. Our exclusive research and access through our market-leading CFO/COO Forum shows that CFOs are a tight community who share common challenges that Private Funds CFO can help inform and answer.

 

AlphaWeek is a digital magazine covering the alternative investment industry. Analysing the topics that matter, profiling established and emerging investment managers and providing exclusive content from leading contributors, AlphaWeek is a must-read for the global alternative investment community.

Event Partners

The Jersey Funds Association represents the Island’s well established and growing funds industry. It is a highly influential and informed body working with the industry, regulators and legislators, locally and globally.

For more than three decades BVCA has represented the industry and delivered authoritative research and analysis, proprietary publications, specialist training, topical conferences, and best practice standards.

 

BVCA membership comprises more than 750 influential firms, including over 325 private equity and venture capital houses, as well as institutional investors, professional advisers, service providers, and international associations. They work together to provide capital and expertise to growing businesses, to unlock potential and to deliver enhanced returns to the millions who directly and indirectly invest in our industry.