Jersey’s proposition for supporting the ambitions of Asian fund managers has been showcased this month, with Jersey Finance recently ramping up its alternative funds-focused activity across the Asia region.
More than 200 funds professionals registered for the series of ‘Spotlight on Funds’ events across Dubai, Hong Kong and Singapore earlier this month (8 – 15 June), with events in Singapore and Hong Kong held in partnership with NatWest and Ogier respectively.
Attendees at the events heard from Jersey Finance Head of Funds Elliot Refson as well as a number of expert industry speakers who explored the evolution of Jersey’s ecosystem for alternative fund structuring, and discussed how Jersey is seeing increasing flows of private equity, venture capital and real asset business from an increasingly diverse pool of global fund managers.
In particular, speakers highlighted the clear advantages Jersey’s well-established model offers Asia-based fund managers as a gateway into Europe, the structuring opportunities available through Jersey for alternative funds, and the application of Jersey’s new Limited Liability Company (LLC) vehicle.
The series of events follows on from the launch of Jersey Finance’s refreshed Asia market strategy earlier this year, and the establishment of a permanent presence in Singapore, including the appointment of Yiow Chong Tan as a dedicated regional business development director.
Yiow’s appointment complements Jersey Finance’s existing presence in China through Shanghai-based Business Development Consultant Maria McDermott.
While Jersey’s reputation in the Asian market is well established for corporate structuring and private wealth management on behalf of individuals and families, these events reflect the growing appeal of Jersey amongst Asian alternative fund managers, particularly in accessing EU investor capital. Recent figures show that more than 200 non-EU managers and almost 400 funds are currently being marketed into the EU through Jersey in this way (March 2023).
Commenting on the events, Elliot Refson, Head of Funds at Jersey Finance, said: “Jersey has earned a well-deserved reputation as a leading European hub for cross-border funds activity, particularly through its position as a gateway to EU capital. Assets under administration in Jersey have grown by 72% over the past five years and today, Jersey services fund assets valued at around US$700 billion. The clear trajectory is that our funds proposition is becoming increasingly global.
“This series of events focused on clearly articulating our offering to the Asian fund manager community. Already Jersey supports a considerable amount of Asian funds business – the largest private equity fund in the world, backed by an Asian manager, was established in Jersey. We firmly believe, however, that recent enhancements to our framework, including around Limited Partnerships and Limited Liability Companies, combined with the EU’s rules around reverse solicitation for non-EU alternative funds, have heightened Jersey’s appeal among Asian managers looking for stability and certainty from their jurisdictional partners.
“It’s an evolution for our funds sector, aligned with our recently refreshed Asia strategy and reflecting our ambition as an IFC to continue to push boundaries.”
As well as Elliot, other speakers at the event series included Maria McDermott, Business Development Consultant – Asia, Jersey Finance; Yiow Chong Tan, Business Development Director – South East Asia, Jersey Finance; Christopher Griffin, Partner, Carey Olsen; Dilmun Leach, Partner, Walkers; and Wee Hwee Teo, Partner, Head of Real Estate and Asset Management (Tax), KPMG Singapore.
Pictured: Jersey Finance Singapore-based Business Development Director Yiow Chong Tan speaking at one of the events in Singapore.