Jersey Finance used their annual GCC Roadshow in Abu Dhabi and Dubai to focus on the impact of the global transparency and information exchange agenda on the banking, private wealth management and international finance landscape.
Investors in the GCC are increasingly diversifying the allocation, location and structuring of assets, including Islamic Finance, and moving in to European debt and distressed real estate. The value of Jersey funds invested in alternative asset classes such as private equity, property and commodities rose 17% in the first quarter from the same period last year.
The roadshows explored how the automatic exchange of information and increased sensitivities to reputational issues, might prompt a reconfiguration of the International Finance Centre (IFC) landscape.
Speakers, panellists and roundtable participants highlighted Jersey’s already strong position in facilitating Middle Eastern private wealth management and investment ambitions and capturing new wealth from the Gulf.
Jersey has been a long standing participant in the OECD Information Exchange programme and was recently praised by Pascal Saint-Amans, Director of the OECD Center for Tax Policy and Administration for the “tremendous job Jersey has done contributing to the international tax agenda”.
Geoff Cook, CEO, Jersey Finance, said: “The international financial landscape is evolving at a fast pace, driven by the emergence of new regional markets alongside an increasing political focus on transparency, information exchange and tax policy. Against this backdrop, it’s important that private client and fund professionals alike have accurate, robust and impartial information to help them make their decisions and plot a safe path for the future.”
“Jersey has invested a significant amount of time and energy into positioning itself right at the cutting edge of information exchange and for that reason we feel we are more agile than other jurisdictions in our ability to help investors successfully diversify.”
“The certainty that Jersey can offer the private wealth community will be a real competitive advantage for the jurisdiction as investors increasingly seek centres that can offer high standards and effective asset protection capabilities.”