Director of Funds, Elliot Refson, joined our Business Development lead in the US, Philip Pirecki, this week, to host a successful event for funds professionals in New York. Philip Pirecki also took part in a roundtable event in New York on ‘Investing in and Structuring Debt Instruments’, together with guests including Michael Passmore, Head of Debt, Capital Markets and Corporates at IQ-EQ, and Kareem Robinson, Head of Capital Markets at Ocorian. The event was organised by IFI Global and hosted by CEO Simon Osborn.
Indeed, corporate securitization is a hot topic. The global collateralized loan obligations (CLO) market reached $1 trillion in size in 2021 and it was a record-breaking year in the US, with around $180 billion in primary CLO deals. This was therefore the theme of a US podcast we released last month. Entitled ‘Securitization and Offshore Structured Finance: How Jersey Helps US Managers Bridge the Gap to EU Investors’, the podcast is an interesting conversation between Philip and Amy Demetriou, Mourant LP Partner. Listen here.
We have continued to promote Jersey as ‘a gateway to Europe’ in the US, together with the message that, thanks to our ‘third country’ status, the full scope of the Alternative Investment Fund Managers Directive (AIFMD) need not apply. The National Private Placement Regimes (NPPR) route, which allows non-EU managers and funds to continue to market in Europe without using the AIFMD passport, creates compelling reasons for US managers to choose Jersey as domicile for their funds.
The new set of marketing rules that the EU put into force last year are strengthening Jersey’s appeal further. US fund managers relying on reverse solicitation to reach European investors now risk increased scrutiny from regulators due to changes under the Regulation on facilitating the cross-border distribution of collective investment undertakings. You can read an article from us on this here, which was published by Alternatives Watch, a popular news platform in the US on alternative investments, geared toward institutional investors.
All of these topics will be on the agenda at a series of the events we are currently planning for the US in October, when we will promote Jersey’s offering to finance and investment professionals across the region. We will be travelling to Chicago, New York, Miami and San Francisco between 17 and 27 October. Please contact jasmine.hamilton@jerseyfinance.je if you are interested in participating.
The Monterey Jersey Fund Report 2021, published earlier this year, has revealed that the number of Jersey-domiciled funds by US promoter origin rose by 17.8 % between 2020 and 2021, and that assets by US promoter origin have increased by 22.3% over the past three years. Jersey Finance clearly has a great story to tell.
