For more than six decades, Jersey has been a leading international finance centre. Its well-established regulatory framework, supportive legal system, endorsements by leading bodies such as the OECD, IMF and World Bank, plus its gateway position to the City of London has long made the island a desirable jurisdiction to work with.
We launched our Jersey office in 2017, which was shortly followed by the acquisition of Helm Trust Company in 2019. This enabled us to provide high net worth families and individuals with trust, company and foundation administration services to even more clients and jurisdictions worldwide. In 2021, this proposition was augmented further when we were awarded a fund administration licence in Jersey.
Jersey has developed a well-respected and forward-thinking funds sector that offers regimes from retail options through to the more sophisticated and institutional end of the market. The island is also a growing hub for fund managers too. At the last count, the value of regulated funds under administration was more than US$537 billion (2021) with 89% of overall funds business coming from the alternatives sector – driven largely by growth in private equity.
This amount does not include figures for the Jersey Private Fund (JPF) of which 403 have been formed since its launch in 2017. Over the years, the JPF has cemented its position as a key structure enabling funds with up to 50 investors to take advantage of a fast-track authorisation process and lighter ongoing regulatory requirements.
With more than US$852 billion in trusts managed by regulated trust company businesses, Jersey has a proven track record in the private wealth sector. Its modern and sophisticated legal framework alongside the range of its offering – from simple trusts and underlying structures for UK families through to high value and complex structures working with trusts, companies, limited partnerships and foundations for international families – make it an attractive jurisdiction with which to do business.
Launched in 2009, an innovative foundations law has led to the growth in the number of Jersey Foundations with more than 400 formed to date. The attractive structure has infinite duration, capacity, and clear and transparent registration with the JFSC. They can also be designated as charitable, non-charitable, or a mixture of both, with approximately one third being used for philanthropic purposes.
A top priority for Jersey is ESG and in March 2021, Jersey Finance, the promotional body that champions the island’s finance sector, launched a new strategy, ‘Jersey for Good: A Sustainable Future’.
The strategy aims to embed sustainability into every aspect of the finance sector and be at the forefront of creating a world-class sustainable finance ecosystem. In the private wealth sector, sustainable finance is influencing decision making for investors and driving discussions especially with younger, more socially conscious high net worth individuals, while in its funds sector Jersey is already structuring investment vehicles for global mangers with environmental, social or governance objectives worth billions of pounds.
One key example of Jersey’s ESG focus is the Jersey Fund for a Wilder World, a new initiative where funds businesses with a sustainable focus can donate a portion of their annual fees to support the Durrell Wildlife Conservation Trust. This will enable the Trust to effect positive change both in Jersey and further afield, as well as aligning finance with global nature initiatives to meet the growing ESG needs of their investors.