Jersey Finance has ambitious plans to develop new business for the Island’s finance industry which it will outline at a presentation this week to politicians and finance industry members.
Building on the platform in place through the opening of offices and representation in Abu Dhabi in the Gulf, Mumbai and Delhi in India and Hong Kong in the Far East and supported by the formation of new community groups for these regions and for Russia, Jersey Finance intends to further develop its activities in 2013. The agenda for the year ahead includes:
• Looking at ways in which Jersey can accelerate its ability to innovate with the possibility of creating a ‘J-Lab’ structure under the auspices of Jersey Finance to fast track ideas.
• Encouraging further business in complementary sectors including capital markets, insurance and international pensions.
• Considering and implementing recommendations of a report by a leading international consultancy which is pinpointing new initiatives for the industry.
• Highlighting the conclusions of the study commissioned into the impact of Jersey’s Finance Industry on the UK economy which it is believed will demonstrate the value of the Industry’s relationship to Britain.
• Extending Jersey’s global reach through first time visits to Saudi Arabia and further visits to other Gulf States, Hong Kong, China, India and Russia.
Alongside international visits, London will not be neglected as it remains a core location for Jersey’s finance industry. Two conferences, one on funds and one covering private wealth, are planned within the first half of the year, sponsorship of key City of London events are included in the programme and London activity will be reinforced by the work of Jersey Finance’s representative in London and the recently appointed global head of business development.
Jersey Finance has published a Review of its activity in 2012 to coincide with the presentation on Wednesday (January 23) which will be held at the Radisson Blu Hotel. The Review details the Industry’s performance during 2012 and the work of Jersey Finance.
Among the key developments were the arrival of five new businesses in the funds sector with a further four hedge fund firms in the pipeline; a record level of bank deposits from the Gulf and the granting of two new banking licences to State Street and Abu Dhabi Commercial Bank; the continuing progress in setting up a steady stream of new foundations and the arrival on the statute of enhancements to the highly regarded Jersey Trust Law and the increasing capital markets business which includes close to 100 registered companies listed on global stock exchanges, part of Jersey’s role in providing global companies with a gateway to London’s capital markets.
There is also confidence that Jersey will be able to satisfy the criteria necessary to comply with the EU’s Alternative Investment Fund Managers Directive (AIFMD) while ensuring that it will be business as usual in the meantime; overseas there have been hundreds of meetings with intermediaries, trade associations and regulators in Hong Kong and China, India and the Gulf as part of Jersey’s growing presence in these key markets and the opportunity to build on the double taxation agreements signed with Hong Kong and Qatar.
Locally, Jersey Finance set up a philanthropic foundation and paid out more than £50,000 to local charities as part of the celebrations of 50 years of the finance industry and developed its ongoing partnerships with Careers Jersey, Highlands College and Government departments to support young people considering a career in the finance industry.
Geoff Cook, chief executive officer, Jersey Finance, commented:
‘After four years in which the impact of the global financial crisis has inevitably taken its toll on Jersey’s finance industry, there were signs in 2012 of a corner being turned.
Inward investment by a swathe of new arrivals on the Island was matched by encouraging figures of the amount of business done by the firms in our market leading sectors.’
‘The growth of the world’s emerging markets will outpace that of the developed countries for years to come. There is more to be done in winning a slice of that growth for Jersey, a challenge we continue to focus on, but I am particularly proud of what has been achieved in 2012 in expanding the reach of Jersey Finance’s activities through our representation in key markets such as China, India and the Gulf.’.
Jersey Finance chairman, Jonathan White, highlighted the value of the co-operation with the authorities in Jersey. He added:
‘We benefit enormously from the constructive partnership that we have built with both the Government of Jersey and the Island’s financial regulator. These partnerships have unquestionably supported the growth in scope and reputation of the finance industry and I am most grateful for the contribution made by both.’