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The Island is in an extremely good place to grow its alternative funds sector and assert its position as a leading funds domicile, according to a finance industry leader.
Speaking at this year’s Jersey Funds Association (JFA) dinner, Ben Robins said despite a dichotomy between strong indications of growth in the global asset management industry on the one hand and rafts of new international regulation on the other, Jersey was in a very good position.
The way Jersey’s funds industry has pulled together to overcome global regulatory challenges and open up new opportunities has helped position it strongly compared to competitor jurisdictions, he said. However, he added warned against becoming complacent.
“Despite our unique ‘team Jersey’ approach to confronting global regulatory and political challenges and our strong reputation amongst funds professionals, there is undoubtedly growing competition between domiciles and for that reason having strong local political support behind our industry and a will to explore new products and markets is vital for our long-term success.
“There is also a pressing need to address our domestic funds regime to ensure it is proportionate and competitive, and I am pleased that, in line with the recommendations of the Finance Industry Jurisdictional Strategic Review published last year, there are already moves to make the changes necessary to strike a better balance between appropriate levels of regulation and operational efficiency,” he said.
Held on 4 April at the RHAHS in Trinity, the dinner featured impressionist Jon Culshaw as guest speaker.
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