Our credit rating issued by Standard & Poor’s affirmed Jersey’s AA+/ A-1+ long and short-term sovereign credit rating with a stable outlook. And we received various accolades reinforcing our position; Citywealth awarded Jersey ‘International Finance Centre of the Year’ for the third consecutive time, Investor/ISF magazine, one of Euromoney Institutional Investor’s flagship titles awarded Jersey ‘Financial Centre of the Year 2015’ in their annual Investment Excellence Awards and the island also won ‘Best Fund Administration Centre’ at Investment Week’s Fund Services awards.
Our fund industry went from strength to strength reaching a seven year high, as investors saw the growing attraction of Jersey for investment business. In relation to the EU Alternative Investment Fund Managers Directive (AIFMD), further figures from the JFSC showed that 205 Jersey funds are now being marketed into Europe through national private placement regimes (NPPR), an increase of 10% on December 2014, whilst 84 fund managers received private placement authorisation, up 40% over the previous six months. The latest figures for employment in Jersey painted a positive picture too, with overall employment in the island’s finance industry rising again to reach the highest level in four years.
We have continued to broaden and deepen our relationships in our international markets with a series of roadshows covering Asia, the GCC and the positive addition of Africa to the Jersey Finance events programme. Our flagship conferences allowed us to showcase Jersey as both a funds and private wealth destination, with record attendance reflecting the hard work and effort from members and the team here at Jersey Finance.
Throughout the year, Jersey Finance collaborated closely with its members, the regulator and government on global standards on transparency and tax and received many positive endorsements commending our efforts and commitment. During 2015 various initiatives were created with Jersey well placed to deal with any issues thanks to a proactive outlook.
So it was pleasing that Jersey was described as ‘one of the first and best’ in shaping the transparency landscape by Pascal Saint-Amans, Head of OECD Tax Policy at our annual Private Client conference in London. Further praise was bestowed on the island from the European Commissioner for Economic and Financial Affairs for our ‘active engagement’ in combatting tax evasion, fraud and abusive tax avoidance, referring to us as ‘important partners in the EU’.
We extended our library of research with the launch of the latest report ‘Jersey’s contribution to Foreign Direct Investment (FDI)’ highlighting the role Jersey plays in facilitating flows of FDI and contributing to the global economy.
A busy year, full of progress. I very much look forward to 2016 and working with my team, member firms, the government and the regulator on the exciting opportunities that lie ahead for Jersey, the International Finance Centre.
A very Happy Season's Greetings to everyone and here’s to 2016.