Welcome message from Joe Moynihan, Chief Executive Officer, Jersey Finance
A Clear Vision for the Future
Welcome to the Jersey supplement to the STEP Journal. We are pleased to have our co-sponsors, JT, partnering with us once again in 2020. Jersey Finance’s strong partnerships, including with the wider international business community, have been vital in the last few months as we deal with the devastating effects of coronavirus. It has been a disruptive and challenging time for us all, but what has become very clear is that it is our shared responsibility as an industry, and our obligation as good citizens, to work together with our partners to support each other and our communities at home and abroad through the pandemic.
‘Making a Positive Impact’
For the last three years, this publication was launched alongside our annual private wealth conference. However, in response to the current situation, our conference will now take place on 14 December 2020, much later in the year than intended. Our theme this year is ‘Making a Positive Impact’, with a clear focus on the next generation of wealth owners.
We have seen investments focused on environmental, social and governance principles expand to reach tens of billions of dollars in the last decade. For Jersey firms, sustainable finance remains a key focus area in which our industry continues to innovate and provide positive support through our expertise, connectivity and relationships around the globe. Amy Bryant writes more about this growing sector on page four.
Jersey’s forward-thinking approach to market development has continued to stand the island in good stead with regard to our main sectors, including private wealth. Our ability to adapt to change sets us apart from other international finance centres. Describing future challenges in the form of disruption led by technology and a new generation of wealth owners, Elliot Wilson’s article (page 14) explores how Jersey firms are dealing with this seismic change, alongside those brought about by the global coronavirus pandemic.
Over the last decade, Jersey has seen a significant increase in the number of family offices not only being established on the island, but also migrating to Jersey from other jurisdictions. Our Global Head of Business Development, Allan Wood, writes about how we are ready to play an active part in ‘the generation game’, attracting family offices around the globe to do business via Jersey (page 18).
One year on since the tenth anniversary of the Jersey Foundation product – a popular structure used for charitable purposes – we look at how philanthropic structures and pursuits are being influenced by the next generation. Speaking to a selection of Jersey-based firms, Lisa Springate, our Head of Legal and Technical, investigates the many reasons Jersey is ready to support the
‘Great Wealth Transfer’ (page nine).
Ahead of speaking at our Private Wealth Conference in London later this year, Tessa Clarke, co-founder of food redistribution app OLIO, shares candid insights into why the service found a natural home in Jersey (page 22).
A focus on the future
While much remains uncertain in the future, for me there is good reason for Jersey to remain positive. We are committed to the communities and clients we work with. We are resilient, future-focused and adaptable. Almost 60 years old, our industry offers a clear vision, not just for Jersey’s future prosperity, but for global economies too. For these reasons I am confident that we can provide a different perspective.