The funding will cover a full-time Business Development Director based in New York, as well as office accommodation, associated marketing and central support expenditure.
The project is one of 11 that have been granted additional funding from 2018 contingency by the Treasury Minister, Deputy Susie Pinel, for a total of £2.2 million.
Pictured: Joe Moynihan, CEO Jersey Finance.
In her Transition Report for 2019, the Treasury Minister had mentioned the establishment of a Jersey Finance New York office as one of the priorities for Financial Services and Digital Economy.
Jesrey Finance CEO Joe Moynihan said that they have seen clear growth in high quality financial flows between Jersey and the US in recent years, in particular in new fund and corporate activity emanating from US alternative investment fund managers. He also explained that a number of key financial institutions in the US are also present in Jersey.
“We’re pleased that we are now in a position to progress establishing an office in New York,” he said. “It will give Jersey’s financial services industry added visibility and a fantastic platform to capitalise on an anticipated future uplift in business from the US and play a vital role in supporting US investors looking to access Europe.”
Last year, Jersey Finance opened a new office in Dubai.