Jersey Fund Industry Benefits From New Regulations

by Christine Herbert, Jersey Evening Post

01 April 2004

This story is reproduced by kind permission of the Jersey Evening Post at http://www.thisisjersey.com

Jersey's funds industry is already benefiting from new regulation. The Expert Fund Guide has attracted a significant number of inquiries since it was introduced over six weeks ago by the Jersey Financial Services Commission (JFSC).

The first fund to be approved under the new system was launched last week and according to the industry another 40 are in the pipeline.

Phil Austin, chief executive of Jersey Finance Ltd, said around 90 specialists attended an evening conference organised by JFL in London last Monday.

'Some of the serious funds players from the City were there and the comments we had after were excellent,' he said. 'The feedback was fantastic. But in funds there's a herd instinct - fund business has been going to Cayman for years - and it will take a lot to break habits.'

Mr Austin chaired the conference, which was held at the Renaissance London Chancery Court Hotel. Speakers from Jersey were Simon Howard, from Bailhache Labesse; Nick Kershaw from Ogier; Edward Moore of Aztec Financial Services; Gary Clark of AIBWorthytrust; and David Carse, JFSC director general.

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