Jersey Continues To Evolve US Proposition: An Industry Perspective

• Published date: 08 March 2023
• Subject Matter: Finance and Banking, Financial Services, Fund Management/ REITs
• Law Firm: Jersey Finance Limited
• Author: Jersey Finance

Towards the end of 2022, Jersey Finance embarked on our first US roadshow, hosting events in Miami, Chicago and San Francisco, as well as New York, where we have had an office for three years.

A number of industry professionals from Jersey firms were involved in the roadshow, including Ian Horswell, Global Head of Business Development for Funds at Suntera Global (you can view photos from our US roadshow here:Gallery).

In the following article, first published by the Jersey Funds Association (JFA), Ian reflects on the roadshow and how Jersey is evolving its proposition for US managers.

Q: What sort of business is currently being undertaken between Jersey and US?

Ian Horswell (IH): We continue to believe that Jersey is a fantastic jurisdiction for US managers looking to access European assets or working with European investors - it is well respected, well-regulated and has tax neutrality, all of which is appreciated increasingly by managers we speak to. In May last year, for instance, we acquired US-based fund services provider Socium Fund Services and since then we have seen rising levels of new business flows between both jurisdictions.

Q: Why is the US such an interesting market for Jersey?

IH: The US is the largest funds market in the world and we've seen some exciting growth in the US this year. It's also a market that is experiencing a sharp movement towards the outsourced model - so it's a space where Jersey can add real value. Against that backdrop we hired a dedicated senior Business Development lead in the US to help tell our and Jersey's story. The feedback is that US managers are increasingly used to the International Finance Centre (IFC) model and see Jersey as an interesting gateway to Europe.

Q: How is Jersey's reputation evolving in the US?

IH: I think Jersey's reputation is growing all the time. Jersey Finance and JFA member firms are more and more active in the US, which is giving Jersey greater visibility, while a number of US law firms have a large presence in London, which means that Jersey is already familiar to them. US managers and lawyers are using Jersey and having a good experience in doing so - that quality of service is a really strong play in the US market.

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