Jersey’s success in growing US business flows and its strategy to diversify its proposition for the US asset management market are set to be highlighted at a roadshow in the country next month.
This year marks three years since Jersey Finance opened an office in New York to bolster its visibility in the US market, and since then the number of US- originated fund structures in Jersey has grown 61%, while the value of US-originated fund assets under management (AUM) serviced in Jersey has risen by 22% (Monterey).
That growth has been delivered based on the clear premise that Jersey can provide a gateway into Europe for US managers. Enhancements to Jersey’s Limited Partnership legislation earlier this year and changes to the EU’s rules around reverse solicitation for non-EU alternative funds have also heightened Jersey’s appeal amongst US managers.
Now, Jersey is diversifying its proposition in the US market, with growing interest being shown in its capabilities in the structured finance space.
Over the first half of 2022, Jersey Finance estimates that more than 110 securitization structures, including Collateralized Loan Obligations (CLOs) and Collateralized Debt Obligations (CDOs) were registered in Jersey, including a number migrating from other jurisdictions.
This growth and diversification message will be highlighted at Jersey Finance’s US roadshow series next month, which will include events in Chicago, New York, Miami and San Francisco.
Elliot Refson, Head of Funds at Jersey Finance, said: “When we first established our New York office in 2019, our focus was on delivering a clear message that Jersey could provide a straightforward solution for US fund managers wishing to access EU investor capital. That message has landed extremely well, with funds business from US promoters more than doubling over the past five years.
“We’re now in a position where we can evolve our proposition in the US, and we’re excited to bring our message to new audiences during our US roadshow later this year.”
Philip Pirecki (pictured), Business Development Lead for the Americas at Jersey Finance, added: “The perception of Jersey in the US, and familiarity with what we do, has definitely shifted over the past three years. That, combined with the challenges faced by other jurisdictions that have been blacklisted, have prompted US asset managers to look at Jersey more, as a certain and stable partner jurisdiction.
“That has opened up new opportunities for Jersey in the structured finance space, and we fully expect to see inflows from the US grow further over the second half of 2022 as uncertainty persists in other jurisdictions and as demand continues to grow for these sorts of instruments from EU investors.”
Jersey Finance’s US roadshow will take place from 17th – 27th October, and further details are available on the Jersey Finance events site.