Delegates at a major financial services conference in Moscow last week heard about the opportunities Jersey offers as a stable international finance centre and the role it plays as a gateway to accessing markets around the world.
Gary Hales, Jersey Finance’s Business Development Representative for Russia and the CIS, attended the two-day Moscow Financial Innovation Forum at the Russian Chamber of Commerce Conference Centre, taking to the stage on 20th March with a talk entitled ‘Jersey: integrity, quality and service’.
Highlighting Jersey’s geographical proximity to Europe but position outside of the EU, Gary outlined the opportunities Jersey offered as a stable finance centre in facilitating investment in and out of Europe. In addition, he pointed to the strong links Jersey has with key growth markets including the Gulf, the Far East, India and Africa.
Emphasising Jersey’s agility in its approach to international business, Gary also reiterated Jersey’s commitment to adopting the highest international standards of regulation, in particular Jersey’s approach to the EU Alternative Investment Fund Managers Directive (AIFMD) which will see Jersey offering a unique ongoing route for alternative fund business both in and outside of Europe.
The Forum, which was attended by a broad cross-section of around 200 senior funds, wealth management and banking professionals, provided an update on Moscow’s development as an international finance centre and addressed some key trends in the international funds, banking, and private wealth sectors and shifts in the regulatory landscape.
Participation in the conference formed part of Jersey Finance’s ongoing work in Russia and the CIS region and built on its strategic programme to promote Jersey as a jurisdiction of choice specifically for high quality private wealth management business.
Commenting on his experience at the conference, Gary Hales said:
“Russia remains one of the best performing markets globally with 3.5% growth recorded over the past five years, and Jersey Finance intends to increase the time and resources devoted to building strong positive relationships in the region this year. It is clear that within Russia there is significant interest in Jersey as a politically neutral, stable, well regulated and firmly established finance centre – particularly against the backdrop of a persistently volatile European market.
“Jersey’s role as a partner jurisdiction for private wealth management business is a major area of potential growth, but we are also seeing opportunities in the funds and banking sectors too. While entering any new marketplace requires due consideration of regulatory and corporate governance issues, the feeling is that the high regulatory standards now expected in Jersey are actually a real attraction for Russian wealth management, funds and banking professionals using Jersey for high quality cross-border business.”