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Jersey Becomes Favoured Jurisdiction For Fund Service Providers

by Robert Lee, Tax-News.com, London

30 October 2008


The number of fund service providers to have opened offices in Jersey during the last 12 months has passed double figures and Jersey Finance chief executive, Geoff Cook, believes such consistent growth is helping Jersey in its efforts to develop as a European centre for funds activity.

Alter Domus, which has its headquarters in Luxembourg, is the latest firm to announce the opening of a new office in Jersey. Alter Domus is a provider of outsourced administration services. Dominique Robyns, Managing Director of Alter Domus Group, described it as "an exciting development" and one which was "the next step in moving us closer to achieving our vision of being a global outsourcer of choice for funds and SPVs of alternative investment firms and multinationals."

According to figures recorded by the Jersey Financial Services Commission (JFSC), 11 fund administration or fund management firms have sought and obtained licences to open new offices in Jersey during the last 12 months.

Geoff Cook, chief executive of Jersey Finance Limited, commented: "We are delighted that so many firms of pedigree have chosen to expand their businesses by opening operations in Jersey. New offices are opening at the rate of about one a month at the moment. It is also encouraging that, even in the current climate, we continue to talk to other firms considering the option of opening locally. In some cases, the question is whether they will re-locate their main headquarters to Jersey.

"The authorities and the industry have worked hard during the last 18 months to enhance the business environment for the funds industry. We have a full suite of different fund regimes from the heavily regulated designed for retail funds, a fast track approval process, still within the regulated environment and an unregulated offering for high value, sophisticated investors."

Jersey Finance also cites the jurisdiction's skilled infrastructure of finance professionals, close links with the City of London and transparent fiscal regime as important factors in its attractiveness to the funds industry.


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