Jersey’s finance industry is in a strong position to build new business for long-term growth this year, according to Geoff Cook, chief executive of Jersey Finance when speaking at Jersey Finance’s quarterly Members Briefing, held this week at the Pomme D’Or Hotel. He told member firms that, after a difficult year globally for the financial services sector, Jersey was well geared up not only to respond to the raft of issues it faces, but also to actively create new opportunities and diversify its product and service offering.
He highlighted that increases in the level of bank deposits in the first quarter of 2010 were both an indicator of business optimism and a positive indication that efforts to enhance Jersey’s reputation were paying dividends, with 60% of the total value of deposits held in Jersey banks now being non sterling and 20% coming from emerging markets, including the Middle East, the Far East and Eastern Europe.
Continuing to build on the progress made so far in key markets, it was announced that there are plans for delegations from Jersey to return to Moscow in September, with a visit to China, the second in 2010, scheduled to take place in November. Jersey Finance will also have a presence at the STEP Asia Conference in Hong Kong the same month and will be participating in the International Taxation Conference in Mumbai in December, whilst a visit to the Middle East at the end of the year will continue to build relationships in Dubai and Abu Dhabi.
Also speaking at the briefing, Heather Bestwick, recently appointed Technical Director at Jersey Finance, provided a legislative and regulatory update, pointing to the number of legislative amendments that are currently in progress to enhance Jersey’s product offering.
Dara Lutes, Head of Marketing, also officially launched a new Continuous Professional Development programme through the online Jersey Finance TV facility, aimed at helping educate those working in the finance industry regarding the key issues affecting them. Staff at member firms will now be able to log onto the site and view designated video material about Jersey’s finance industry that is eligible for CPD accreditation.
Geoff Cook said:
“Whilst it has undoubtedly been a difficult eighteen months for the global financial services industry, the efforts Jersey has made have really put it in an excellent position. We are now well placed to respond comprehensively to issues emanating from the UK, US and the EU, and in a position to build business and explore new opportunities.
“The latest statistics and recent anecdotal evidence indicate that the efforts we have made in building relationships in key markets to date have been incredibly valuable, in terms of real, tangible business wins and progress from a reputational point of view. It is vital, however, that we remain on the front foot and proactively seek to grow business in key markets, and our plans for the remainder of 2010 reflect that approach.”