Jersey's Stock Rises In Alternative Investment Community

by Jason Gorringe, Tax-News.com, London

06 June 2005

Hedge fund managers with funds valued at more than $900 million have opted to move to Jersey already this year, attracted by the streamlined regulatory environment, an easing of the Government policy toward new business entrants and the quality of life the Island jurisdiction has to offer, according to Jersey Finance.

More fund managers are actively enquiring about a move to the Island and the Jersey Funds Association, who will be exhibiting at this month's Global Alternative Investment Management (GAIM) conference, is keen to build on the initial momentum.

Phil Austin, Chief Executive of Jersey Finance Limited and one of the speakers at the conference puts Jersey's increasing popularity with fund managers, particularly in the alternative investment sphere, down to a number of factors including:

• The introduction of the Expert Fund regime in early 2004 which streamlined the regulatory approval process for funds and provides promoters and other professionals with clear, pragmatic and workable criteria to help them establish funds in Jersey.
• The follow up regulations on non-domiciled funds which enabled promoters to select Jersey based administrators and custodians, even if their materially equivalent Expert Fund is domiciled elsewhere.
• The opinion of specialist fund advisers at some of the UK’s top law firms in a recent survey that placed Jersey as the domicile of choice for Private Equity and Property Funds and second in the world only to Cayman for Hedge Funds.
• The willingness of the Jersey authorities to welcome quality new funds business to the Island.

In addition to the presence of leading accountants, lawyers and administrators, John Harris, Director International Finance, a senior Government representative will be present to meet on a one-to-one basis with any fund manager seeking information on re-location.

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