Jersey Holds City Of London Conference

Tax-News.com, London

27 May 2002

Channel Islands jurisdiction Jersey hosted a City of London Conference last week, attracting 200 professionals to hear speeches from prominent Jersey legislators.

Chief Executive of officially-supported Jersey Finance Ltd, Phil Austin, explained that the City of London enjoys major financial benefits through the success of Jersey as a premier international finance centre: “It is estimated that of the £300 billion or so of funds managed in Jersey, more than £200 billion is invested in or through the City of London,” he told delegates.

Mr Austin said that the Island served to complement many of the financial services provided in the City of London and Jersey was also supportive of European financial centres such as Zurich, Frankfurt and Geneva.

Speakers at the conference included Senator Pierre Horsfall, OBE, President of the Island’s Policy & Resources Committee, Senator Frank Walker, President of the Finance & Economics Committee of Jersey, both senior members of Jersey’s Government and Angela Knight, Chief Executive of APCIMS, the Association of Private Client Investment Managers and Stockbrokers.

In his speech, Mr. Austin outlined the history of the financial services industry in Jersey, which dated back to 1961, and which, he explained, had arisen as a natural development of the Island’s political, economic and fiscal stability. He profiled a number of areas within the finance industry where the jurisdiction was a prominent provider of services, including the capital markets sector, the field of employee benefits, the funds industry and wealth management services for private clients. He also cited e-commerce as a new area of growth in Jersey and one which was now attracting significant investment.

Mr Austin highlighted the success of the Channel Islands Stock Exchange which, in the four years since its launch, had admitted to its official list 270 securities with a market capitalisation of $17 billion and has become, “…an integral part of the financial communities of both Jersey and Guernsey.”

Delegates had the opportunity to exchange ideas and discuss business opportunities with the Island’s political and finance leaders during the course of the half day conference. Subsequent discussion groups which focused on some of the areas of specialisation were also held with a number of the Island’s leading exponents from the banking, investment and legal professions, hosting presentations.

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