Download Jersey`s finance industry is highlighting Jersey`s appeal as a base

For distribution to local Jersey media
15th February 2005
Finance Industry to Promote Jersey as Base for Specialist High Value
Business
Jersey’s Finance Industry believes that the Island has the international appeal to
become a location for a select group of international fund managers and wealth
management professionals.
The Industry plans to highlight the advantages of setting up an office presence in
Jersey during its international visits and through a newly published brochure.
The move is in support of the States of Jersey’s agreed Strategic Plan to
stimulate the economy by two per cent per annum in order to generate additional
tax revenue for the Island.
Jersey Finance has been working closely with the Jersey Funds Association in
developing the brochure entitled ‘Jersey – A Centre for Niche Fund Management
and Family Offices’.
Gary Clark, Chairman of the Jersey Funds Association, commented:
“We believe that the successful positioning of the funds industry following the
introduction of the streamlined Expert Fund regulations in early 2004, has
created an opportunity for the Island to attract additional specialist fund providers
or Family Office professionals.”
The industry’s new brochure is designed to assist firms willing to consider setting
up a Fund Management or Family Office operation in the Island. It sets out some
of the key considerations for such firms including current financial and business
regulations, an outline of immigration and housing laws and a summary of the
fiscal rules that apply in Jersey.
However, the brochure also emphasises that Jersey will appeal particularly to
those leading finance professionals that meet a number of defined criteria.
These include a proven track record in a specialist field and the ability to make a
significant contribution to the economy of the Island whilst relocating a small
number of principals and their families to Jersey.
Phil Austin, Chief Executive, Jersey Finance Limited, said:
“Expert Funds have been identified as a suitable vehicle for private investment
and are increasingly being used by professionals to manage private family
wealth. The introduction of the Expert Fund regime in Jersey has generated
significant levels of interest amongst the international fund management
community.
“Since the launch, Jersey Finance and Member Firms have received numerous
enquiries from fund promoters and managers currently located outside the Island
who are now considering using Jersey as a base for their international fund
management activities.
“We need to encourage and foster this interest as ultimately there will be a
significant benefit to the economy should we be able to attract a small number of
these elite fund and family office professionals to the Island.
“Our brochure brings together a number of the regulatory and business
environment factors pertaining to Jersey that such individuals would need to
consider if they were to re-locate, whilst at the same time highlighting the many
strengths that Jersey enjoys as one of the world’s leading international finance
centres.”
(Ends)
For further information, please contact:
Phil Austin or Beverley Le Cuirot
Jersey Finance Limited
Telephone: +44 (0) 1534 836000
Email: [email protected]
Website: www.jerseyfinance.je
Note to Editors
Fund Management operations that might be suitable would typically be those
specialising in the formation of alternative investment funds such as hedge funds,
private equity and property funds.
Family Offices tend to operate on behalf of individual wealthy families and
typically will provide advice on a range of financial services including tax affairs,
wealth transfer and succession planning, private philanthropy, asset specific
strategies and information management technology.