Digital Assets Report

Newsletter

Like this article?

Sign up to our free newsletter

Tally of new Jersey fund service providers moves into double figures

Related Topics

With the number of fund service providers that have opened offices in Jersey during the last 12 months moving into double figures, Geoff Cook, chief executive of industry promotional body

With the number of fund service providers that have opened offices in Jersey during the last 12 months moving into double figures, Geoff Cook, chief executive of industry promotional body Jersey Finance, believes the level of growth is boosting the island’s development as a European centre for funds activity.

Alter Domus, a Luxembourg-headquartered provider of outsourced fund administration services, is the latest firm to announce the opening of an office in Jersey. Dominique Robyns, managing director of Alter Domus Group, says the development is ‘the next step in moving us closer to achieving our vision of being a global outsourcer of choice for funds and SPVs of alternative investment firms and multinationals’.
 
According to the Jersey Financial Services Commission, 11 fund administration or fund management firms have obtained licences to open new offices in the island during the last 12 months. The others are AIB Jersey Fund Services, Herald Fund Services, IFG Fund Administration (Jersey), Ipes (Jersey), La Salle Global Fund Services, Orchard Wealth Management, Saltgate, Spearpoint, Vistra (Jersey) and Whitmill Trust.

‘We are delighted that so many firms of pedigree have chosen to expand their businesses by opening operations in Jersey, and I think it reflects the welcoming environment that the authorities have offered to new businesses,’ Cook says.

‘New offices are opening at the rate of about one a month at the moment. It is also encouraging that, even in the current climate, we continue to talk to other firms considering the option of opening locally. In some cases, the question is whether they will relocate their main headquarters to Jersey.

‘The authorities and the industry have worked hard during the past 18 months to enhance the business environment for the fund industry. We have a full suite of different fund regimes, including heavily regulated retail funds, a fast track approval process that is still within the regulated environment, and an unregulated offering for high-value, sophisticated investors.’

Alongside the flexible regulatory environment, Cook adds, Jersey has a skilled infrastructure of finance professionals and close links with the City of London. For individuals and firms considering relocating their main operation, the jurisdiction also offers an attractive island lifestyle and a simple and transparent fiscal regime, factors that are also important when senior fund professionals consider where to base their operations.

Like this article? Sign up to our free newsletter

Most Popular

Further Reading

Featured