Chief Minister: World's largest fund is to be based in Jersey

Wednesday 15 March 2017

It emerged in the States Assembly this week that a $100billion technology fund, supported by both Saudi Arabia and Apple, is apparently to be based in Jersey.

The Chief Minister, Senator Ian Gorst, said that the Japanese SoftBank Vision Fund had decided to use a Jersey fund structure.

Asked to comment on the subject by Assistant Minister, Deputy Murray Norton, Senator Ian Gorst said:

"It is extremely significant that the operators of that Fund are minded to use a Jersey Fund structure, for what is, or will be, the largest Fund in the world. It's not only important for its pure size, but also what it's going to invest in, and that is technologies of the future; it is innovative, it is exciting, it shows, Sir, that the decisions that this Assembly has made, and the work that Senator Ozouf has undertaken as he's led financial services, the work that Senator Bailhache has undertaken as well in building relationships, has paid, and is paying dividends.

"Good news is not always sung about, but this is a really exciting new venture. Jersey, and it's financial services, has a stellar reputation now right at the front of emerging technology, right into the future."

Next week Jonathan Bullock, Director of the fund and International COO and Managing Director for SoftBank Group International, will speak at Jersey Finance's annual funds conference in London. 

He'll set out how SoftBank see the investments transforming the technology sector.

Last month Bloomberg reported that the initial investments in the fund will likely include $45 billion from Saudi Arabia and $25 billion from SoftBank, as well as $1 billion each from Apple Inc., Qualcomm Inc. and Oracle Corp.

The SoftBank Group was established in Tokyo in 1981, and says it is, "... looking to the next thirty years and beyond with a vision for innovation and growth. Since its establishment, the SoftBank Group has consistently operated under the vision of becoming a company contributing to people's happiness and joy, and to the future of the world, not only pursuing the profit of the company. This vision is a driving force for the SoftBank Group as we continue to pursue growth."