The Jersey Funds Association has elected Mike Byrne as chairman. Byrne, a partner at PwC Channel Islands, replaces Ben Robins, whose tenure finishes after three years. Tim Morgan, partner at Mourant Ozannes, will stay on to serve a second term as vice chair.
Byrne has served at PwC for over 15 years, and brings significant experience in private equity and hedge funds to the post. He has been a regular contributor to Jersey Finance’s funds sector promotional activity, including participating in Jersey Finance’s Asia Roadshows in Hong Kong, Kuala Lumpur and Singapore. He also spent two years on secondment in Singapore, leading development of PwC’s alternative fund services.
In a statement, Byrne said Jersey was currently in a strong position in comparison to Europe and North America, due to its relative regulatory and political stability and certainty.
In the first quarter of this year, the net asset value of funds administered in Jersey reached £228.4 billion (€272.84 billion), the second highest level since 2008, with alternative asset classes representing more than 70% of the total. There are now over 200 Jersey funds marketed in Europe via private placement.
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