Multi-billion fund to be administered in the Island

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Senator Philip Ozouf, who until recently had a responsibility for finance, digital and innovation, said he could not put a figure on the economic benefits to the Island but described the deal as ‘massive’.

THE largest investor fund in the world – which is one day likely to be worth more than £80 billion – is to be administered in the Island, it has emerged.

Chief Minister Ian Gorst said the deal, which will see the globally renowned SoftBank Vision Fund handled by a Jersey financial services company, was ‘extremely significant’ for Jersey.

Softbank Vision Fund was set up in October last year by Japanese businessman Masayoshi Son in a bid to become ‘the biggest investor in the technology industry over the next decade’.

Already Saudi Arabia and tech giants including Apple, Foxconn and Oracle have invested tens of billions of dollars in the fund, which will be used to buy up and develop technology businesses around the world. Mr Son is a vocal advocate of artificial intelligence and believes super-intelligent robots will in the next three decades surpass humans in intelligence and numbers.

 

 

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