The Island’s new single private fund product, which can be marketed to up to 50 professional investors, is more streamlined than its predecessors and can be established within 48 hours. It will ultimately replace all other Jersey private products, although existing private funds can continue until the end of their natural life or alternatively apply to the regulator for a conversion.
The detailed implications were last month issued by the Jersey Financial Services Commission in a Jersey Private Funds Guide, following a joint consultation with the States and detailed feedback from the industry.
JFSC director of policy Mike Jones said the proposal would result in ‘significant streamlining and simplification’ while ensuring that the product remained competitive and continued to meet international standards. The new guide was presented in London at a half-day event held at 8 Northumberland Avenue for up to 400 fund professionals.
Jersey Finance chief executive Geoff Cook told the audience that according to research by Prequin Investor Outlook, asset managers were forecasting substantial increases in their allocation in alternatives, with a 62 per cent rise in private debt, 53 per cent going to infrastructure and 48 per cent to private equity.
US banking giant JP Morgan said 4,000 jobs would leave the UK, Goldman Sachs threatened to move 2,000 roles and HSBC said it would transfer 1,000 positions from London to Paris following the Brexit vote.
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