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Jersey sets out agenda for winning new business

One of Jersey's leading Ministers told an audience of London finance and legal professionals that Jersey has reduced the red tape to make it easier for quality, low footprint businesses to re-locate to the Island and is encouraging graduates and professionals to consider Jersey as a location in which they could progress their careers in the Finance Industry.

Senator Philip Ozouf, Minister for Economic Development for the Government of Jersey was speaking at Jersey's Annual Conference in London organised by Jersey Finance, the promotional body for the Finance Industry in Jersey.

He highlighted that on the back of record levels of banking deposits and funds business, a further 1,000 jobs had been added to Jersey's Finance Sector in 2006 and 400,000 square feet of land on the Island's Waterfront development had been set aside for new office development for the Industry.

Geoff Cook, Chief Executive of Jersey Finance, pointed to the numbers now working in the Industry totalling 12,660.  Although some of this number were working in more than one sector, the total number employed in different disciplines was impressive, including more than 6,000 people involved in international banking, some 4,500 qualified trust professionals, more than 3,000 lawyers and accountants, and more than 800 involved with fund administration and investment management.  He also spoke of the Island's commitment to financial services education and training, which now includes plans for a Foundation Degree in Finance that would be available locally.

Representatives from Jersey's Finance Industry have been invited to accompany the Lord Mayor of London on some of his future overseas visits when he promotes the City of London.

Cook described Jersey's Finance Industry as 'a natural partner' for the City of London and Pierre Horsfall, CBE, Chairman of Jersey Finance, said that it would be an honour for Jersey to participate in such international visits.

Speakers at the Conference highlighted a range of measured Company Law, Trust Law and Securities Law amendments that were in train, spoke of the focus on developing Shari'a compliant products to help build business relationships in the Gulf, and the growing number of specialist fund managers and family offices now re-locating business to the Island.

Pierre Horsfall, who hosted the Conference, said that there were no fewer than ten law changes in the pipeline to meet market needs and noted that there was a determination keep the Island as the jurisdiction of choice within Europe for offshore business.

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