Following the announcement that technology and financial services company TORA is to open an office in Jersey in order to build out its business across Europe, providing asset managers with software support, Geoff Cook, CEO, Jersey Finance, commented:
“For TORA to have selected Jersey as the jurisdiction from which to manage its significant European expansion plans is clearly very positive news, creating jobs for local people in an exciting area and reflecting Jersey’s standing as a respected specialist alternative funds centre.
“As a result of its mature approach to international regulation, in particular the EU AIFMD, and its focus on the alternative asset classes, Jersey has positioned itself incredibly strongly as a European centre for both fund servicing and management. The latest figures show that the value of funds administered in Jersey stands at almost £218bn, the third highest level since 2009, whilst Jersey also has a growing asset management community, being home to around 125 fund promoters, up from 70 just five years ago.
“All this bodes extremely well for Jersey’s future as a funds jurisdiction of substance, underlining Jersey’s appeal as an alternative funds domicile and as a centre for innovative FinTech business.”