Jersey Finance is looking for a new chief executive officer as the current head of the island’s promotional body for its financial industry said he is stepping down.
After 12 years in the role Geoff Cook (pictured) is to move on from Jersey Finance after working a notice period.
“I am so proud to have been at the heart of this great organisation for the past 12 years, working with a fantastic team, key partners and members to grow our finance industry, an industry that is now recognised globally as a leading international finance centre,” Cook said.
It is an opportune moment for a new leader with a “fresh perspective to help shape the future direction of our industry”, he added.
Cook plans to start a non-executive career in financial services as a board director and adviser.
Jersey’s assets under administration total £281.1 billion (€311.8 billion).
During his career at Jersey Finance, the island was rocked when the EU overhauled how alternative investment funds could be managed and distributed within mainland Europe. Jersey had to lobby for recognition as a ‘third-country’ in order to protect its funds industry which predominantly consists of real estate vehicles.
The European Securities and Markets Authority twice gave a positive assessment of Jersey as a third-country, which should mean Jersey’s funds have unfettered access to the EU once a ‘passport’ is given.
Meanwhile, the island utilises the ‘national private placement regime’ (NPPR) to gain access to European clients and saw the amount of funds distributed by NPPR increase 5% this year to 306.
Cook told Funds Europe recently that he did not believe rumours that NPPR would be disbanded.
“Our competitors have tried to put across the view that NPPRs will be replaced. They would say that. We’ve seen no indication from the capitals – Brussels, Berlin – that there’s any appetite to do so,” he said.
Gunther Thumann, chairman of Jersey Finance, said Cook had “played a pivotal role in shaping our future through his expertise, commitment and passion”, while Minister for External Relations, Senator Ian Gorst, wished him “every success with his new business venture”.
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