Collaboration Key to Differentiating Jersey in Post-Covid19 Environment
Jersey’s collaborative and collegiate approach will be pivotal to ensuring Jersey can differentiate itself as an international finance centre (IFC) in a rapidly evolving post-Covid19 environment, according to speakers at Jersey Finance’s 2020 Annual Review.
A broad range of speakers, including representatives from the Government of Jersey, the Jersey Financial Services Commission and Digital Jersey, as well as senior members from the Jersey Finance team in Jersey and their business development colleagues based overseas, took part in the presentations. During the event (held on 21 January), speakers discussed Jersey’s ability to create a high-quality platform for cross-border asset management, explored the industry’s plans for the year ahead, highlighting Jersey’s focus on sustainable finance vision, fintech and overseas markets.
In his address, Joe Moynihan, Chief Executive Officer at Jersey Finance, pointed to the value of Jersey’s resilience in 2020, its connectivity to the rest of the world, political and economic stability and increasing focus on the natural environment.
“In 2021, we will be building on these themes to demonstrate why the resilience, strength and responsiveness of our industry will ensure we emerge strongly from this period of tremendous economic and market uncertainty.”
Reflecting on the year, he said that the qualities demonstrated by the industry had led to increasing inward investment flows and new business. He highlighted that banking levels had stood up well and the value of funds under administration were once again at record levels, how Jersey had been a launchpad for some of the most significant fund launches and IPOs during 2020, the industry had also recorded its 400th foundation – a vehicle popular in meeting philanthropic objectives – and, Jersey had experienced growing interest as a base and partner for family offices.
“There are clearly bumps in the road ahead, but I am confident that the global capabilities, expertise and reach Jersey has established over the past 60 years will stand us in good stead to ensure the continued success of the finance industry for the benefit of our Island and of our global community.”
Introducing the event, and speaking in his first Annual Review as Chairman of Jersey Finance, Jason Laity emphasized the role Jersey has to play in global economic recovery this year:
“It is apparent that quality IFCs, like Jersey, will have an integral part to play in the economic and social recovery that will be necessary as the world works through and starts to recover from Covid-19, supporting global financial flows and helping to channel capital to where it is needed most in the world, and ensuring assets are secure and protected.”
A panel session moderated by Lisa Springate, Head of Legal and Technical at Jersey Finance, involving: Senator Ian Gorst, Minister for External Relations; Tony Moretta, CEO, Digital Jersey; Jill Britton, Director of Supervision at the JFSC; and Joe Moynihan, focussed on how the close working partnership between the digital and finance industries, government and regulator had played a significant role in ensuring good long-term strategic investments were being made to enhance Jersey’s reputation on the global stage. This ‘collegiate approach’, it was suggested, would be even more important in differentiating Jersey in the coming years.
This was echoed in a series of sessions with Jersey Finance’s global business development team, facilitated by Global Head of Business Development, Allan Wood, who all pointed to the emphasis Jersey’s finance industry places on collaboration with stakeholders in an increasingly diverse range of overseas markets.
Pointing to 2021 marking the 60th anniversary of Jersey’s finance industry, and the 20th anniversary of Jersey Finance, Joe Moynihan said that it was an appropriate year in which to focus on the industry’s role within the community and there were plans to undertake some significant work to support fundraising with local charities by partnering with the Association of Jersey Charities.
He commented: ‘We are clear that the industry is not distinct from the rest of the community but an integral part of it. We will be working with key partners locally to explain how the industry plays a vital role in supporting the economy, complementing other industries, providing interesting career paths for local people and benefitting community groups.’