New Jersey Funds Association Chair Announced

by Jason Gorringe, Tax-News.com, London

15 August 2007

After three successful and active years as Chairman of the Jersey Funds Association (JFA) Gary Clark has stood down, with advocate and funds specialist Richard Thomas taking the Chair at the JFA AGM in July, the Association recently announced.

Advocate Thomas, a partner at Ogier, brings with him extensive knowledge of investment funds, securitisation, special purpose vehicles and advising on banking and corporate matters, according to the JFA. Prior to joining Ogier, he practised at Slaughter and May in the City. He worked on some of the very first European securitisation deals in the late 1980s and 1990s, and has been actively involved in the creation of Jersey’s regime for protected and incorporated cell companies.

“I am looking forward to continuing the excellent work that Gary carried out ensuring that the Island’s funds industry has developed a highly attractive offering. He and his Committee have worked closely with Jersey Finance Limited and have maintained a great rapport with the Jersey Financial Services Commission to ensure that Jersey is seen as a jurisdiction of choice for fund promoters around the world,” stated Thomas.

The JFA represents the Island’s well-established but growing funds industry. It is a highly influential and informed body, that has been successful in helping to form legislation which has allowed funds business to increase significantly in the Island over the past few years.

Jersey’s funds industry is continuing to experience record levels of business, with Jersey Financial Services Commission statistics showing that the net asset value of funds under administration approached the £200 billion milestone as at 31 March 2007. The net asset value of funds under administration increased by 8.6% to £194.5 billion, whilst the number of expert funds increased by 26 (9.4%) and the net asset value of expert funds grew by £4.6 billion (15.7%) during the first quarter of 2007, according to the JFSC.

“If Jersey’s funds industry is to remain as successful as it is, we will need to ensure that we maintain a competitive offering. We must continue to review both what our competitors are offering and what our clients want. We have an excellent Committee with a significant level of continuity, including Susan Clark who continues as deputy Chairman, strong support from the industry and an excellent working relationship with the legislators and regulators, so I believe that we have the means to achieve our objectives, ” concluded Advocate Thomas.

Recommended