In order to maximise the growing opportunities in mainland China, Jersey Finance has established a Launchpad presence in Shanghai in conjunction with the China Britain Business Council (CBBC), appointing Garry Zhao as Project Manager. Garry joins from the treasury team at Fosun Group, a large Chinese corporate, has previously worked at the Oversea Chinese Banking Corporation (OCBC) and brings a comprehensive understanding of Chinese business to Jersey Finance’s activities.
The CBBC is a major supporter of British business interests in China and the Launchpad arrangement provides Jersey Finance with a permanent platform for business development activity in mainland China, helping to widen its network of professional services and financial institution contacts, improve awareness of Jersey amongst institutional investors and strengthen governmental and regulatory links.
Furthermore Jersey Finance has appointed Yumei Zhang to join Jersey Finance in mid-August as Head of Business Development, Greater China, based in Hong Kong. A Chinese national, Yumei joins us from Louvre Group, a Guernsey headquartered fiduciary and fund services provider, where she currently heads their Hong Kong office. Yumei's career has taken in academic, regulatory and fiduciary roles and more recently in business development.
In tandem, Jersey Finance has also been stepping up its events programme across the Far East during a recent visit to the region by Richard Corrigan, Deputy CEO of Jersey Finance. As well as attending a number of meetings with Jersey Finance member firms in Hong Kong, China and Singapore, Richard was also a panelist at the recent Wealthbriefing Asia Summits in Hong Kong and Singapore 2014. Speaking on an ‘Economic & Investment Outlook’ panel session to audiences of around 150 senior Asian finance professionals, Richard highlighted Jersey’s growing role in facilitating investment from Asia into the UK and Europe and explained how offshore centres like Jersey are becoming increasingly attractive to Asian investors.
Jersey Finance was also a sponsor at last week’s Offshore Investment Shanghai conference, where Jersey was represented by Paul Christopher, Managing Partner Hong Kong at Mourant Ozannes, who gave a talk on the growing use of Jersey Foundations in Asia, and Kristy Calvert, Managing Director China at Ogier, who provided an introduction at a drinks reception also being sponsored by Jersey Finance.
This activity builds on a recent governmental visit to China when a Memorandum of Understanding (MoU) was signed by the Jersey Financial Services Commission and the China Securities Regulatory Commission in April this year, which paves the way for allowing Jersey domiciled funds to participate in the Qualified Foreign Institutional Investor and Qualified Domestic Institutional Investor programmes.
Richard Corrigan, Deputy CEO, Jersey Finance, said:
“I am delighted that, through the CBBC, Jersey Finance has established a presence in Shanghai, a city that is really asserting its position as mainland China’s financial and commercial hub, whilst I am also pleased to be able to welcome Garry to the Jersey Finance team, and look forward to welcoming Yumei in August. These moves are a real statement of intent for Jersey in this market, and I am sure that both appointments will be invaluable in supporting our continued business development strategy in Greater China, one of our key target markets.
“From this most recent visit, it was clear that jurisdictional risk remains a key issue for Asian professionals. How well integrated a jurisdiction is with international markets, its ability to meet international standards, its reputation in the media and the quality of its legal and regulatory framework are all key talking points, and Jersey is extremely well placed in all these areas. As a result, it is encouraging that we are seeing benefits from our ramped up programme of activity, with Jersey fund and corporate vehicles becoming increasingly attractive for outbound Chinese investments, the listing of equity and dim sum bonds and the structuring of offshore RMB products.”