Pershing Move Endorses Jersey's High Standards

by Jason Gorringe, Tax-News.com, London

11 August 2011

Pershing, a BNY Mellon company, has announced its intention to establish an office in Jersey later this year, a move which is testament to the high standards of regulation and professionalism that Jersey is able to offer US firms, according to Jersey Finance.

Jersey Finance said Pershing’s arrival would strengthen the outsourcing services the island is able to offer to private banks, private wealth managers and brokers looking to utilize the island as an international finance centre.

Geoff Cook, Chief Executive of Jersey Finance, commented:

“Jersey Finance, along with Jersey Enterprise and the Jersey Financial Services Commission, has been working closely with Pershing for some time to help the directors to make an informed decision about moving to the island. It is testament to the high standards of regulation and professionalism that Jersey is able to offer that Pershing chose Jersey, rather than any competitor jurisdictions that they initially considered.”

“Furthermore, the US is known to be demanding of the highest standards from offshore jurisdictions, so it is particular encouraging that Pershing, a BNY Mellon company, which has its headquarters in New York, has put its confidence in Jersey with its highly transparent and co-operative finance industry credentials.”

Recommended