of planned initiatives achieved
of Members surveyed are favourable towards Jersey Finance
financial services firms with Jersey Finance Membership
global locations, following the launch of our Singapore office
staff and consultants across eight locations, promoting our award-winning international finance centre
2022 saw us continue to make significant headway in meeting the commitments set out in our four-year business plan, which outlines our vision for the Island’s finance sector.
Just as the world emerged from a period defined by the COVID-19 pandemic, geopolitical upheaval and increasing volatility in markets equated to a continuing challenging landscape. Set against this backdrop, however, our business plan remains relevant, with identified objectives around the importance of reputation, growth markets, digitisation and sustainability – to name but a few – rising to the fore.
Our focus on these areas has paid dividends; 2022 saw our funds sector reach new highs in terms of assets serviced, bank deposits remained stable and private wealth activity maintained its strong growth trajectory, all despite such a challenging backdrop.
In terms of sustainability, we made considerable strides progressing our sustainable finance strategy, launched in 2021 to support our aspiration to be recognised as a leading international finance centre (IFC) in this field. We have also evolved our fintech strategy to ensure we can, working with our partners, nurture innovation, enhance productivity and improve efficiencies.
Producing thought-provoking evidence based research is another way in which we have always set ourselves apart from other jurisdictions and, consequently, over the past year we have presented the findings of our major Global Value Chains study to UK parliamentarians, while also supporting research on emerging fund managers, ESG trends, the evolution of fund centres, and family office investment.
The depth and range of such output simply couldn’t reach fruition if not for the hard work of our team, all of whom play a significant role, whether based on Island or further afield.
Their efforts, combined with the collaborative approach we take with the Government of Jersey, the Jersey Financial Services Commission (JFSC) and industry, mean we can maintain our standing as a jurisdiction that is dynamic, growing and adaptable, irrespective of what challenges may lie ahead.
I am pleased to endorse the contents of this year’s Jersey Finance Annual Report.
2022 was a year where we sought to raise the profile of Jersey’s finance sector in new markets while further cementing our reputation in established jurisdictions as the clear leader in global finance.
As an organisation backed by the Government of Jersey and the Island’s financial services industry, for the past two decades we have been specifically tasked with futureproofing the Island’s competitive position. This report provides an update on how we achieved this in 2022, set against our objectives.
Global connectivity is pivotal in differentiating Jersey as an IFC and so we have always understood the importance of evolving and diversifying our overseas engagement and events program to grasp opportunities and keep us on the front foot. Deepening our understanding of the perception of Jersey among these global communities is vital and so with this in mind we re-designed our gatekeeper survey, which pleasingly found that more than eight out of ten global gatekeepers would speak highly of Jersey and Jersey Finance.
Closer to home we endeavoured to deliver greater visibility across our traditional markets through in-person events and targeted use of digital channels while the annual survey of our membership base of more than 170 companies underlined that the choices we’ve made chimed well with those of our Members. Notably, when canvassing our Members’ views, careers, recruitment and skills emerged strongly as a theme and that is why one of our core focuses has and will continue to be attracting, retaining, and developing talent to ensure we cultivate a diverse workforce with the right skills for today but that also meet the needs of an increasingly digital tomorrow.
This applies not only to our industry but also to Jersey Finance as an organisation. We often state that our people and their skills are our biggest asset; they are at the heart of both our vision and our ability to promote Jersey as an IFC of excellence. In 2022, we grew our team to 39 staff across our eight locations and make a continuous commitment to ensuring that we can attract and retain the best people, whose personal values align with our own, and that we have a highly engaged team capable of supporting our ongoing success.
It has been an intensely challenging period in recent years and while the emerging landscape continues to be complex, our future-focussed outlook, combined with our collaborative approach, puts us in good stead to grow our standing on the international stage while supporting the sustainability of the Island life we are proud to be a part of.
It gives me enormous pleasure to approve our 2022 Annual Report.
Chief Executive Officer, Jersey Finance