Multi-billion fund to be administered in the Island

ozouf 4
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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Comments for: "Multi-billion fund to be administered in the Island"

Kaz81

Now this is what you call working for the Island.

Whilst Senator Ozouf gets this mega business in, the likes of Montfort Tadier gets free bus passes.

Bob

You think Ozouf did a single thing to get this business?

Tell that to the hard working people who actually fought to get it instead of some rank politician who hasn't done a thing good for the island.

PeggyP

The article does not say that he had anything to do with bringing this fund to Jersey, he (they) are just announcing it.

Finding Me:Mo

Senator Maclean announced this in 2013 as well.

Senator Maclean said “The creation of the Jersey Innovation Fund is an important element of government’s commitment to support growth and diversification in our local economy. The four non-executive directors will bring considerable private sector knowledge and commercial acumen to the board. They all have first-hand experience of what it takes to start and develop a successful business and between them they have worked in every business sector. This is a very strong board and I am delighted they have all accepted the opportunity, and look forward to working with them on this important initiative.”

Squawkie L Pelican

This happened despite Ozouf, not because of him.

Your fawning does nothing to change that fact.

karaoke joe

Which means what exactly?. Will it bring more health and well being to anyone?. This will be a small brass plate with a name on it .

Bob

Not even that if its simply administered here.

Andre

I agree Joe. What exactly are the actual benefits in this? The company may be worth billions, but will there be any tax revenue coming to Jersey from those billions? Ozouf saying he 'can't put a figure on the economic benefits' leaves us completely in the dark. He must be able to quantify the benefits in some way to give us at least an idea of the worth. Otherwise why try to attract such a company in the first place?

Jersey politicians are fond of sweeping generalisations; marinas are 'good' (except when they run at a loss as the Elizabeth Marina first did), millionaires are 'good' for Jersey (except when it turns out they are not paying any taxes) etc, etc

This story sounds impressive, but without any sound statistics it is meaningless. Come on JEP, dig a bit deeper otherwise this is just spin!

But the bit about super intelligent robots IS rather interesting. Now that may solve the problems of reforming the States!

DiggerBarns

Another reason the SOJ cannot afford to lose people of Ozouf's caliber.

PeggyP

As people have said, it had nothing to do with him and no evidence otherwise has been provided.

Simple sense

Hi guys and welcome to Skynet. Yes the robots will be taking over and they will be cheaper. Coming to a court near you Robo-advocate. Specialises in every branch of the law and costs £25 per hour to consult.

Just scan and send him your correspondence, replies and speak into microphone so he can accept WAV or MP3 files. Out comes reasoned legal advice in less than 30 seconds, but be sure to listen carefully unless you have selected your correct level of sophistication in legal matters from the menu. Now thats what I call progress!

Mickey Mouth

The reason he can't put a figure on the benefits to the island is because it is debatable if there will be any.

Kaz81

Despite the usual Reform Jersey Trolls doing their usual trolling, I say well done Senator Philip Ozouf, your voters and friends in the Finance Industry are once again proud.

Squawkie L Pelican

Yeah! Well done Ozouf. Our very own, rubbish Hilary Clinton. Hahaha. "Once again proud." Pfff....

Kaz81

The man is a genius, get over it.

Finding Me:Mo

But Kaz he is a backbencher and you constantly state that a backbencher is a waste of space and can do nothing of consequence , and that only the Council of Ministers are involved in making meaningful decisions.Please be consistent in your obsession.

Kaz81

He'll soon be back, too intelligent for dopey backbench work.

Squawkie L Pelican

Are you Phil? Is where you release your pent up frustrations on the Reform?

A genius!? An aggressive quasi competent statesman more like. Your view is not widely held.

Oh... and by the way... Perspiration inducing "Backbench Work"... anyone else think that's sailing a bit close to the wind? Bravo Phil, Bravo.

Oldwoman

I do hope he is in charge of it, should be a huge success. (Not)

tony.t.1.

He"s back.....God help us...Now we are waiting for the ex DJ to tell us about the big secret deal he has up his sleeve,job done.

Tim South

If the administration is to be in Jersey then why take out expensive office space with management and staff ?

After Senator Ozouf's and CM Gorst statements to the public, there need's to be clarification as to what exactly are the benefits to Jersey ( how many new jobs ) how much take in tax receipts otherwise Deputy Tadier and others may ask questions in the States that Chief Minister Gorst cannot answer … yet again ?

Bloomberg:

The SoftBank Vision Fund has opened offices in West London’s Mayfair, at 69 Grosvenor Street. Surrounded on all sides by luxury art galleries in one of the English capital’s most upmarket areas,

The giant tech fund, revealed by Tokyo-based SoftBank in October, has hired 10 people for its London office and may hire several dozen more, according to a person familiar with the recruitment drive.

https://www.bloomberg.com/news/articles/2016-12-09/softbank-s-100-billion-tech-fund-opens-hq-in-london-s-mayfair

Financial Times

SoftBank and Saudi Arabia plan $100bn tech fund

Partnership to be based in London will be investing over 5 years

https://www.ft.com/content/0370a5f4-9191-11e6-8df8-d3778b55a923

Kaz81

For what Tadier knows about the Finance Industry it can be written on the back of a matchbox.

Kaz81

Just read on the Brat's Blog (well somebody has to) that he reckons we won't make any money out of Senator Ozouf's work in drawing in this massive Fund.

Well that proves once again that Reform Jersey haven't got a clue about the Finance Industry.

What a Party of dopes they are.

Bob

In this case, Mezec is 100% right, We will *not* make any money out of Senator Ozouf's work in drawing in this massive Fund.

Simply because Ozouf did *zero* work to gain this fund.

All the work was done by hard working people in the finance industry, - which clearly, you also know nothing about. Why are you ignoring the hard working people of this island and giving the criminal fool all the credit?

Only an idiot would think Ozouf was a relationship manager who worked in a finance institution to gain clients...... But you have already proven your worth, claiming he is "a genius" despite his illegal actions over the investment fund.

And amazing, considering you must be the only person to even know about Mezecs blog, let alone read it..... Im surprised you can read, seeing you spend all your time on here trolling.

Kaz81

You sound like the little fool.

Of course they are going to make money out of it. Get Richard Murphy to explain to you how,

Idiot.

Squawkie L Pelican

T&C Violation

But you're definitely a bigger idiot Cambox.

Bob

Cant read?

Let me repeat, No one in Jersey will (your own words) "make any money out of Senator Ozouf's work in drawing in this massive Fund."

Because Ozouf did *no* work to get this fund.

I know the company that *will* make money. I work in funds myself.

I know the people who *did* the actual work to get this fund here.

I know how frustrated they are that Ozouf is taking credit for other peoples work, yet again.

I know what they think of idiots who believe Ozouf did a single thing to help them.

But, as you have proven, you cannot handle a rational thought, let alone do anything other than fantasise about mezec.

Kaz81

No point answering this rubbish. Ian Gorst said in the States that it was thanks to the likes of Ozouf and Bailhache that this Fund has come into Jersey.

So you argue with them because frankly your obsession with trying to discredit them for all the economic prosperity and good news is BORING.

Squawkie L Pelican

Uh Oh. CAPITALS = another sock in the bin.

Bob

Wow, you really are entirely clueless.

IF Gorst really said that, and I doubt he did, he lied! Surprise, Politicians lie! Even Bailhache has distanced himself from any involvement in this.

You really are pathetic trying to discredit the good work that the people of Jersey are doing. The economic prosperity is happening DESPITE what the likes of Gorst, Ozouf and Bailhache have done.

And whilst Ozouf is currently under criminal investigation by the police for his involvement in the Innovation fund (Which those involved ignored very basic anti-money laundering and due diligence laws), Here you are, claiming his alleged involvement in the biggest fund in the world.

Not the cleverest thing you have done, promoting confidence in Jersey’s biggest industry by screaming about how you think – despite all evidence - that a known criminal suspect is involved with it

As ItIs

For sure we're not going to make a fortune; however, there is a bigger picture. Whether or not it attracts others the fact remains that for a fund this size it will required dedicated staffing, which will mean recruitment, more employment, at a level that attracts income tax, social security and other payments which benefit us all.....or perhaps I'm being a bit naive?