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Jersey Showcases Finance Industry To Venture Capitalists

by Jason Gorringe, Tax-News.com, London

01 March 2007


A group of finance industry professionals from Jersey have travelled to Frankfurt this week to highlight to private equity leaders the Island’s specialist skills and expertise as a centre for funds.

Delegates from the Jersey Funds Association, supported by Jersey Finance Limited, the representative body of the Finance Industry in Jersey, are currently attending the Super Return European Private Equity & Venture Capital Summit 2007 in Frankfurt, which began on 26th February and concludes today (1st March 2007).

They are supported by a range of specialist professionals from across Jersey’s funds sector, including representatives from Barclays Offshore Financial Markets, EFG Fund Administration, Ernst and Young, KPMG, Mourant, Northern Trust and Walkers.

Jersey’s presence at the Summit has been boosted by the news last week that the number of Expert Funds registered in Jersey has more than doubled from 134 to 274, and that the Net Asset Value of such Funds more than doubled to GBP29.5 billion in the 12 months up to the end of December 2006. The total value of the Funds Industry has also risen by 30% during the same period, reaching a record high of GBP179.1 billion.

The latest figures provided by the Island’s financial services regulator, the Jersey Financial Services Commission (JFSC), have confirmed the significant growth in funds business driven by Jersey’s Expert Funds regime.

In addition to highlighting the record figures, the team attending the Frankfurt event are also outlining a number of new measures introduced already this year, designed to enhance the regulatory platform and make the Island a more attractive jurisdiction for a range of funds business.

The Jersey delegates at the Summit are also explaining the various options available to private equity fund managers who are considering setting up operations in Jersey, emphasising that the Island can be an attractive jurisdiction for private equity funds due to its flexible, responsive regime, high levels of service and expertise, and attractive taxation approach.

Gary Clark, Chairman of the Jersey Funds Association, commented:

“Whilst we are under no illusion of the competitive nature of the business, we set out as an Industry in 2004, alongside the launch of the Expert Fund Guide, to seek to establish Jersey as a leading European centre for specialist funds business. These latest figures certainly demonstrate that we are heading in the right direction to achieve that goal."

“The Super Return event is another excellent platform in which we can highlight the strength in depth of our Funds Industry. We are also keen to talk to delegates about the recent changes to the Island’s regulatory regime including the new streamlined authorisation process for closed ended funds and the recognition by the Dutch Financial Markets which enables Jersey funds to be listed on the Euronext Exchange without the need for a licence."

"A third development which will be of interest to delegates is the recent change in the Island’s Income Tax Law, which ensures that Jersey companies are treated as non-resident for tax purposes if certain conditions are fulfilled. It is felt that this move will encourage more promoters of UK based structures to consider Jersey as the domicile of choice.”

A comprehensive report in our Intelligence Report series examining tax-sheltering arrangements for investors, including Venture Capital, Forest Finance, Film Finance, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report5.asp

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