A Crown dependency that styles itself as an international finance centre, Jersey has traditionally adopted a future-focused view – a philosophy that could prove to be a winning formula given the uncertain world we live in.
As the new chief executive of Jersey Finance, Joe Moynihan, tells me, “we operate in an environment and world that is changing on a continuous basis” (see pages 12-13). In these tenuous times, having a niche can separate the leaders from the laggards. Jersey has opted to take a broader focus than at any point in its history, as evidenced by its setting up shop across the pond in New York – a stance that could prove to be vital.
The island has read the global political climate and gone from being a bystander in the Brexit negotiations to proactively positioning its funds regime to stay unaffected by the UK’s withdrawal from the EU. At the same time, it is making itself a gateway into Europe for US fund managers.
It has also recognised its position as a good testing environment in the digital space and is aiming to attract firms and talent to Jersey to develop their products and services.
But Jersey has been in the spotlight too, having had to grapple with questions around legal substance requirements. The island looks to have addressed these swiftly and is now, after a period of screening, regarded as a cooperative jurisdiction by the EU. It’s one more demonstration that staying relevant is key to the bailiwick’s success.
Romil Patel, editor, Jersey Report
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