As published on bailiwickexpress.com, Friday October 18, 2019.
Jersey Finance has officially opened its new office in New York as part of plans to increase its visibility in the US and promote the island as a gateway to Europe for US alternative fund managers.
The launch of the office comes after Jersey Finance announced the appointment in July of Philip Pirecki, who has 20 years of professional experience spanning investment banking, investment management, consulting, auditing and accounting, as its Business Development Lead in the US.
The new office is located at Jersey Finance Limited, Suite 341, 1185 Avenue of the Americas, New York.
“As a forward-thinking jurisdiction, we remain committed to supporting high-quality global investment flows and, to that end, the launch of this office in the world’s largest institutional investment market is hugely significant for us," Joe Moynihan, CEO of Jersey Finance, said.
“We strongly believe that Jersey offers a compelling proposition for US managers who are seeking a stable, reliable platform to support their European strategies. We already have good familiarity among the US funds community, with the value of US promoter assets administered in Jersey more than doubling over the past five years, and our new office will be vital in building on that success.”
Senator Ian Gorst added: “Jersey has an extremely positive relationship with the US, with a rich history of trade and cooperation, and growing business ties. This new office represents a significant milestone in our friendship, cementing that relationship further, as we look to work closely together for our mutual future success.”
Mr Pirecki also commented on the launch, saying: “Being outside of the EU but within the European time-zone, Jersey offers a straightforward, efficient option for US managers, backed up by decades of experience in alternatives, a world-class regulatory framework and an impressive range of structures. As highlighted at our event, this new office represents a really exciting development for Jersey, but also a fantastic opportunity for US managers with European ambitions.”
The number of managers accessing EU investor capital through Jersey’s private placement regime grew to more than 172 at the midway point in 2019, according to the Jersey Financial Services Commission, whilst Monterey Insight figures show that the number of US-based promoters grew by 164% over the past five years.