The resilience of Jersey’s finance industry in an uncertain environment will enable it to play a vital role in supporting economic recovery from the coronavirus pandemic both locally and internationally, according to Jersey Finance.

Speaking during Jersey Finance’s Annual General Meeting, held virtually last week (19 June), Joe Moynihan, CEO, and Gunther Thumann, outgoing Chairman of Jersey Finance, outlined the industry’s highlights from 2019 and pointed to the opportunities and challenges on the horizon.

Providing a summary of key achievements over the past year, Gunther, who was giving his last report as Chairman of Jersey Finance, commented:

“2019 was another positive year for our island’s financial services industry. We ended the year with a hugely impressive set of results — our funds sector continued to grow, administering over £340bn of assets; our banking sector remained markedly resilient, with banking deposits on the rise; and in capital markets Jersey continues to be the clear choice for companies seeking to list, with the greatest number of FTSE 100 companies and AIM companies registered outside the UK. In the private client space, we also launched a new study looking at the evolution of family offices in Asia and won a suite of accolades through the Citywealth, WealthBriefing Asia and International Investment Awards.”

“Jersey’s forward-thinking approach has continued to stand it in good stead with regards to our main markets. In the UK and Europe, Jersey continued to position itself as the ‘steady’ jurisdiction in the face of Brexit, whilst further afield, 2019 marked ten years since we established the Jersey Finance Hong Kong office and saw the milestone launch of the Jersey Finance New York office. We also continued to expand the Jersey Finance team in the Gulf region to meet growing opportunities there, and the team focused on the African markets has continued to look at ways for Jersey to support the rising demand for infrastructure investment and increasing sophistication of the continent’s investors.”
Meanwhile, underlining the commitment the industry has long had in supporting the local community, Joe acknowledged the responsibility of the industry to support the local economic recovery from Covid-19:

“In the current environment, we recognise the importance of our industry’s 14,000-strong workforce and the active role it can play through shared resource, expertise and knowledge to help make a difference to those in need at this time. To that end, we have been working through the past months with our partners including Government and the Jersey Financial Services Commission on adapting our industry and supporting the community to ensure our Island’s future prosperity and recovery when we finally emerge from under the cloud of Covid-19.

“Our resilience as an Island and as an industry has been highlighted in recent weeks, re-enforcing our highly-regarded position as a jurisdiction of quality and differentiating us from many of our competitors.”

These sentiments were echoed by Gunther, who pointed to Jersey’s role in supporting recovery further afield too:

“The impact of Covid-19 won’t be fully understood for some time yet. It is clear that the efforts needed to overcome its negative effects will be extraordinary. Recent years have shown us that Jersey’s finance industry has continuously met challenges head on and thrived. As an internationally dynamic and resilient IFC, we stand ready to help support global financial flows through these unprecedented circumstances, to help channel capital to where it is needed most in the world.”