A New Era in Wealth Management
Welcome to the Jersey supplement to the STEP Journal. For the past four years, this publication has launched alongside our annual private wealth conference, which I am pleased took place once again as an in‑person event in London. This year is a special one for Jersey – it is our 60th anniversary as an international finance centre (IFC). Celebrating a milestone such as this often brings with it an opportunity to reflect, as well as plan for the future.
The Next 60 Years
Globally, we’ve seen a seismic shift in the way people live, work, travel and interact. For the private wealth community and IFCs like Jersey, now is an opportune time to reflect on the impact of reputation, embrace new thinking and prepare for a new era.
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. Our lead feature on page four explores how Jersey has remained a beacon of stability – from adapting to new ways of working with clients and employees, right through to dealing with major global tax harmonisation measures.
Thinking about Jersey, a key message to emerge from our IFC’s private wealth sector in the past year has been the increasing shift among private clients toward sustainable investment objectives – designed to make a positive difference in the world – particularly in response to the effects of the pandemic. On page 20, David Postlethwaite, our Sustainable Finance Lead, provides an overview of our vision as an IFC, with insights from leading experts in this field.
Next-gen clients are very much fuelling environmental, social and governance (ESG) and sustainable finance trends across the globe. Jersey Finance’s Global Head of Business Development, Allan Wood, writes about this on page 11, and our UK Director, Robert Moore, hears similar views from Jersey experts when it comes to family offices on page 17.
Philanthropic giving is closely linked to our conference theme of ‘purpose’. Speaking to a selection of Jersey‑based firms, Lisa Springate, Jersey Finance’s Head of Legal and Technical, explores how the pandemic has impacted the global philanthropic agenda. Interestingly, firms on Jersey are seeing pronounced differences in giving across regions and cultures. Find this article on page 18.
We often write about the expertise found on‑island, with one of the largest and busiest STEP branches among IFCs. Supporting the digital skills of our flourishing finance industry workforce is our island’s robust digital infrastructure – which will set us apart from other IFCs when overcoming the challenges presented by a new era of digitalisation. Karolina Pilcher, Senior Strategy and Research Manager at Jersey Finance, writes about this and more on page 22.
Ready for the Future
There is no doubt that world economies are set to face unprecedented challenges as a result of the coronavirus pandemic, and reputable IFCs like Jersey, with their expertise, infrastructure and specialist skills, will be vital to the global economic and social recovery from the pandemic. Jersey is indeed ready to support a new era in wealth management.