Jersey's Finance Centre Praised By Investment Expert

by Philip Morton, Investors Offshore.com

28 May 2002

The head of the Association of Private Client Investment Managers and Stockbrokers (APCIMS), Angela Knight, heaped praise on Jersey's finance centre at last week's Jersey Finance conference, according to a report in the Jersey Evening Post.

Ms Knight, a guest speaker at the conference, echoed the sentiments of Jersey Finance Chief Executive, Phil Austin, observing that the City of London and the Channel Island jurisdiction have many common interests, and for the most part enjoy a mutually beneficial relationship. However, the APCIMS Chief Executive also stressed that Britain could no longer be seen as the Island's traditional protector in the same way as has historically been the case.

'The position of the Channel Isles is very important for firms based in London who seek to meet objectives of private clients through the construction of wealth structures that often include a mixture of trusts, offshore funds, foundations and tax products. Jersey complements the City - it is not in competition with it,' the newspaper quoted Ms Knight as observing.

She also praised the jurisdiction's 'internationality' with regard to multi-currency portfolio management, and stressed that technical expertise was a great pull for potential clients.

However, according to the JEP, the investment management expert also warned that Jersey is likely to be obliged to bow to pressure from the European Union over certain tax and fiscal policy issues in the future:

'Either you are involved because you have customers or competitors who are affected, or you are involved as inevitably Jersey will be drawn into making some similar changes, or both,' Ms Knight was quoted as observing last week.

She urged the jurisdiction's authorities to make direct representations to Europe on this issue, and in terms of marketing the Island, arguing that:

'To have to make changes without having had the opportunity to express views directly to the decision makers will place the Islands at a clear disadvantage.'

The APCIMS chief concluded her speech on an optimistic note, observing that: 'Stronger ties between the City of London and Jersey can bring benefits to both. We both have our specialities, and long may they live happily together.'

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