Major boost for finance industry

Tuesday 04 February 2014

Jersey Finance has welcomed the £180 million management buyout of Ogier Fiduciary Services as further endorsement of the Island’s financial services industry.

The deal, which is subject to certain conditions including regulatory approvals, will result in a significant investment in Ogier’s business growth plans, key systems and infrastructure. It is being backed by backed by private equity manager Electra Partners.

The Ogier announcement follows the results of the Jersey Business Tendency Survey, which found that just over half of financial services firms anticipate a rise in employment numbers and expect profits to increase over the course of the whole year. In addition, Apex, one of the world’s biggest fund administration firms, recently opened a local office.

The CEO of Jersey Finance, Geoff Cook, said they had been working hard to ensure that Jersey continues to offer an attractive, flexible and innovative environment.

"The significant investment stemming from the buyout of Ogier Fiduciary Services, which already employs over 330 people in Jersey, will enable real growth and expansion in Jersey and is fantastic news right across our funds, private wealth, capital and corporate services areas.  In addition, Apex’s move to Jersey is a manifestation of the genuine uptick in confidence we have seen in Jersey’s long term future in recent months," he said.