12 June 2008
The Minister for Economic Development has approved a grant of £505,000 to promote Jersey’s finance industry.
The new funding is in addition to JFL’s existing budget and will help deliver a number of important evaluation and promotional initiatives. These are a response to opportunities identified in an independent report by London Business School (LBS) on the future of Jersey’s finance industry.
Economic Development Minister Senator Philip Ozouf stated: “Jersey’s finance industry has done exceptionally well in recent years, but in the face of the credit crunch and uncertainty in the global financial markets we need to ensure that we continue to take advantage of the opportunities open to us – particularly in new overseas markets such as Asia Pacific – while also competing harder in our core London market. We cannot afford to be complacent and must work to ensure that Jersey’s finance industry retains, and indeed expands, its global reach.”
Setting up a permanent representative office for Jersey Finance in London is one of the initiatives being explored. A permanent Jersey presence would enable a much greater penetration of the London market than is possible with occasional visits and would also allow relationships with key professionals to be maintained and developed over a long period. It would also facilitate greater coverage of the Eastern European markets, whose importance was highlighted in the LBS report.
Asia Pacific has also been identified by JFL and the London Business School as a key market for Jersey and feasibility exercises will be carried out in relation to setting up similar offices to cover this important region.
A report will also be commissioned into Islamic finance with a view to ensuring that the Jersey legal and regulatory framework does not create any unnecessary barriers, bearing in mind the specific requirements of Sharia law. A significant proportion of the world’s high net worth individuals are Islamic and this report will enable Jersey to maintain and develop its strength in this important and growing area.
In the first instance, the new funding will cover the appointment of a project manager at Jersey Finance to ensure that each project is properly evaluated and then implemented effectively, ensuring that money is well spent.
For further details please contact Senator Philip Ozouf, the Economic Development Minister, or Martin de Forest-Brown, Director International Finance on 440444.