Towards the end of 2022, Jersey Finance embarked on our first US roadshow, hosting events in Miami, Chicago and San Francisco, as well as New York, where we have had an office for three years.

A number of industry professionals from Jersey firms were involved in the roadshow, including Ian Horswell, Global Head of Business Development for Funds at Suntera Global.

In the following article, first published by the Jersey Funds Association (JFA), Ian reflects on the roadshow and how Jersey is evolving its proposition for US managers…

Q: What sort of business is currently being undertaken between Jersey and US?

Ian Horswell (IH): We continue to believe that Jersey is a fantastic jurisdiction for US managers looking to access European assets or working with European investors – it is well respected, well-regulated and has tax neutrality, all of which is appreciated increasingly by managers we speak to. In May last year, for instance, we acquired US-based fund services provider Socium Fund Services and since then we have seen rising levels of new business flows between both jurisdictions.

Q: Why is the US such an interesting market for Jersey?

IH: The US is the largest funds market in the world and we’ve seen some exciting growth in the US this year. It’s also a market that is experiencing a sharp movement towards the outsourced model – so it’s a space where Jersey can add real value. Against that backdrop we hired a dedicated senior Business Development lead in the US to help tell our and Jersey’s story. The feedback is that US managers are increasingly used to the International Finance Centre (IFC) model and see Jersey as an interesting gateway to Europe.

Q: How is Jersey’s reputation evolving in the US?

IH: I think Jersey’s reputation is growing all the time. Jersey Finance and JFA member firms are more and more active in the US, which is giving Jersey greater visibility, while a number of US law firms have a large presence in London, which means that Jersey is already familiar to them. US managers and lawyers are using Jersey and having a good experience in doing so – that quality of service is a really strong play in the US market.

Q: How useful was the Jersey Finance US Roadshow in getting Jersey’s message across?

IH: The roadshow was really useful, both from a jurisdictional and an industry perspective. Jersey Finance and Suntera are already well known in New York and its surrounding areas, and this series of roadshow events brought our story to a much wider audience and new groups of stakeholders.

Chicago, for example, was a new city for both Jersey Finance and Suntera, but actually Chicago has several managers who use Jersey and we had lots of legal contacts in the area too. The roadshow gave us an opportunity to reinforce our message face to face with a new audience, which was vital, and gave managers a chance to ask questions.

It also gave us an opportunity to really focus and ensure our clarity of message – that Jersey is well positioned to support the US market, with excellent experience in all major asset classes. One important point which we highlighted a lot during the week was our political stability, whilst we also pointed consistently to how, as a small jurisdiction, Jersey punches well above its weight with over 14,000 financial services employees.

Q: How well is Jersey perceived in the US market?

IH: Overall, the Roadshow has really helped move the dial in terms of Jersey’s proposition for the US. What was clear was that those managers and lawyers that use Jersey already are big fans. However, we also need to continue to focus on other groups, those that are less familiar with what we do, and do some educational work to explain our USP over other IFCs – in particular in relation to our responsiveness, pragmatic regulator, and the impressive flexibility and experience we offer. That will be our focus for the US in 2023.

Work
Jersey for US Fund Managers
In this publication we discover why Jersey offers a clear choice for US fund managers.
Read more ›
Work
Jersey: A Gateway to Europe for US Fund Managers
Read more ›
Work
Securitization and Offshore Structured Finance: How Jersey Helps US Managers Bridge the Gap to EU Investors
In 2021, the global CLO market reached $1 trillion in size. And it was a record-breaking year in the US, with around $180 billion in primary CLO deals. This podcast explores this topic in depth, together with Jersey’s long history and expertise in structured finance products. Philip Pirecki and Amy Demetriou discuss the needs of investors, the role of intermediaries and the products involved, as well as the crucial considerations of legislation, regulation and EU blacklisting.
Read more ›
Work
Collateralised Loan Obligations (CLOs): US CLO Managers in Jersey
Read more ›
Work
Video: Jersey for US Fund Managers
An overview for funds, legal and regulatory professionals in the US on the island and international finance centre of Jersey.
Read more ›