Alternative fund managers are "putting their faith in Jersey" ahead of the UK's departure from the EU due to its market access certainty and flexibility, Jersey Finance's new CEO has said.
The comments from Joe Moynihan came as new figures from Jersey's financial regulator showed that the number of alternative fund managers choosing to market their funds through national private placement regimes (NPPR) continued to rise in the second half of 2018.
Data from the Jersey Financial Services Commission (JFSC) shows that the number of Jersey-registered managers opting to market into the EU through NPPR rose by 4% between July and December 2018, and by 13% compared to December 2017, to stand at 168.
Pictured: Jersey Finance CEO Joe Moynihan.
Meanwhile, the total number of Jersey alternative funds being marketed into the EU through NPPR increased to 314, representing a 3% increase since June 2018 and an 8% rise year-on-year.
Mr Moynihan said: “We are now just weeks away from the UK’s departure from the EU and the clear evidence is that alternative managers are putting their faith in Jersey and opting for a regime that offers them market access certainty and a welcome degree of flexibility, thereby enabling them to get on with generating returns for investors.
“These are strong figures for the second half of 2018 that sustain a growth trajectory we have been seeing for some time now as we continue to work with the UK and other non-EU managers to provide them with future certainty.”
Comments
Comments on this story express the views of the commentator only, not Bailiwick Publishing. We are unable to guarantee the accuracy of any of those comments.