Ogier partner and funds specialist Richard Thomas has succeeded Gary Clark, who has stepped down as chairman of the Jersey Funds Association after three years.
Thomas, who practised at Slaughter & May in London before joining Ogier, has extensive knowledge of investment funds, securitisation, special purpose vehicles and advising on banking and corporate matters. He worked on some of the first European securitisation deals in the late 1980s and 1990s and has been actively involved in the creation of Jersey’s regime for protected and incorporated cell companies.
‘I am looking forward to continuing the excellent work that Gary carried out, ensuring that the island’s funds industry has developed a highly attractive offering,’ Thomas says. ‘He and his committee have worked closely with Jersey Finance and have maintained a great rapport with the Jersey Financial Services Commission to ensure that Jersey is seen as a jurisdiction of choice for fund promoters around the world.’
The association, which represents the island’s funds industry, has helped to shape the legislation that has allowed funds business to increase significantly over the past few years, with net assets under administration approaching GBP200bn at the end of March.
According to the regulator, the net asset value of funds under administration increased by 8.6 per cent to GBP194.5bn during the first quarter of 2007, while the number of expert funds increased by 26 (9.4 per cent) and the net asset value of expert funds grew by GBP4.6bn (15.7 per cent).
‘If Jersey’s funds industry is to remain as successful as it is, we will need to ensure that we maintain a competitive offering,’ Thomas says. ‘We must continue to review both what our competitors are offering and what our clients want.
‘We have an excellent committee with a significant level of continuity, including Susan Clark who continues as deputy chairman, strong support from the industry and an excellent working relationship with the legislators and regulators, so I believe that we have the means to achieve our objectives.’