Jersey’s economic stability, approach to client confidentiality and commitment to service and product innovation are ensuring that Jersey is seeing tangible success in the Russian wealth management market, according to Jersey Finance.
Gary Hales, Jersey Finance’s Head of Business Development for Europe and Russia, has spoken at and attended a raft of events this autumn as Jersey Finance has embarked on a ramped-up schedule of activity focused on the Russian market. In the past two months, Jersey has been represented at five events in Moscow and London, attended by a total of more than 1,000 Russian tax experts, wealth advisors, bankers, portfolio managers and high net worth individuals.
Most recently, Gary spoke at the three-day Adam Smith Private Client Russia and CIS Conference, held in London from 8th – 10th October. His talk, entitled ‘Jersey: integrity, quality and service’, was heard by over 200 wealth management professionals from Russia and the CIS. Highlighting Jersey’s commitment to meeting international standards of regulation, Gary also explained Jersey’s approach to information exchange and client confidentiality. He also discussed how Jersey’s focus on corporate governance and substance has created an enhanced financial services trading environment between Jersey and Russia, specifically in the banking, private wealth, capital markets and funds sectors.
In addition, in September, Gary also spoke to large audiences at the Moscow International Financial Forum, which concentrated on the family office sector, and the tax-focused INTAX Expo. Jersey Finance has also had a presence at recent networking events held by the Russo British Chamber of Commerce (RBCC), Chambre de Commerce et d’Industrie Franco-Russe (CCIFR) and British Business Club in Moscow, attended by a range of business heads, Russian representatives of British businesses and expatriates.
Commenting on Jersey Finance’s ongoing efforts to promote Jersey to the Russian finance and advisory community, Gary Hales said:
“Jersey Finance is increasing its efforts this year to build positive relationships in Russia and the CIS, and this busy period of conference activity is a reflection of that. From the people we have spoken to at these events, it is clear that wealthy Russians are actively considering which jurisdictions to use for their wealth structuring and Jersey is very much part of their thought process. These events have given us the opportunity to talk in depth about Jersey’s key strengths as a wealth management centre and we are now seeing tangible results from these discussions.
“The Russian market continues to grow at around 3.5%, but recent volatility within the EU is still evidently in the minds of the Russian finance and business community. For that reason, Jersey’s political and economic stability and robust regulatory environment are proving particularly attractive to them. Jersey’s strong links with the City of London is also a major draw, and we are seeing a growing amount of interest in Jersey’s robust and flexible corporate and trust structures to protect assets, access major markets and undertake high quality cross-border business.”