The launch last year of the Expert Funds Guide has given a massive boost to Jersey’s hedge fund industry by removing a number of key constraints on the domiciling and servicing of funds on the island.
But it has also proved the catalyst to set right a number of important misconceptions that have dissuaded promoters from using
First, it has been a perception that
Société Générale, Liberty Ermitage, Deutsche Bank and Standard Bank have had hedge funds for many years. Now, with the Expert Funds regime as well as the nondomiciled fund rules that provide the opportunity for administrators to service funds from other jurisdictions, increasing volumes of new hedge fund business are coming to the island.
In fact, this huge influx of new business has created a perception in the
While there’s always a difficult balancing act to match resources with the flow of new work, efforts are already underway to ensure that the capacity exists to accommodate more hedge funds and other alternative investment vehicles on the island. One way of resolving this issue has been found by administrators on the island who can call on extra resources through ties with very substantial hedge fund administration operations in
As a result, Jersey is now very much in the minds of lawyers in
It’s also been necessary to overcome misconceptions in order for
But there are a lot of other considerations, including schooling. The education system here is excellent, but there has been the perception that it’s very difficult for new arrivals to find places for their children. In fact this is not the case – hedge fund managers have found no problem in getting their children into schools. This all goes to make relocation a very attractive proposition for managers currently based in the
By Andrew Dann
Managing Partner, Ernst & Young