The team at AP Group says that there are several opportunities to work in this growing industry
THE Jersey funds industry, which now stands at £450 billion assets under management, has experienced significant growth since the UK left the EU.
Since the pandemic, the funds AUMs have averaged and risen by approximately 20% year on year. This confidence in fund investing has been fuelled by a range of factors including favourable regulatory changes, which have also triggered increasing interest from investors, particularly for vanilla asset classes such as real estate and private equities.
As a leading international financial centre, Jersey is also home to a large number of unique funds that specialise in alternative assets such as bonds, capital markets, mezzanine and private debt. However, the largest fund investments appear to be private equity and real estate. All of these funds require skilled professionals to work in areas such as portfolio management, fund accounting and administration, as well as in fund management and marketing.
Professionals working in fund accounting and administration typically handle a range of tasks, including financial reporting, fund valuations and investor relations. There has been a growing demand for these professionals in Jersey owing to the increasing number of funds domiciled in the jurisdiction.
In addition to fund accounting and administration jobs, there are also opportunities in fund management, where professionals are responsible for making investment decisions and managing fund portfolios. This area of the financial services industry has also experienced significant growth in Jersey, as fund managers seek to capitalise on the Island’s favourable regulatory environment and access to a skilled workforce.
The funds industry has also been boosted by regulatory changes in Jersey designed to promote increased investor protection and transparency. The Jersey Financial Services Commission has undertaken a number of reforms aimed at enhancing the regulation of alternative investment funds, such as sharia and hedge funds. The Island continues to have an A* status credit rating, which is very appealing to investors.
The growth of the funds industry in Jersey has created a full range of job opportunities for local professionals, as well as attracting skilled professionals from overseas, although housing licences needed to live and work in the Island are still difficult to obtain and employers are struggling to source these.
As the industry continues to grow and evolve, it is likely that even more opportunities will emerge, making this an exciting and dynamic field in which to work for those interested in finance and investment. To sustain the growth and job opportunities evolving, the States of Jersey will need to work out how the Island can allow more professional experience to be able to work here.
The other alternative is offering jobs to those candidates who are able to work remotely from other locations, a solution which some of our local clients are already implementing. As a global agency, AP Executive has been assisting Jersey clients with finding suitably qualified professional candidates based in other countries who are able to work remotely for them.
This is taking the pressure off our clients who do not have the luxury of housing licences for senior staff and cannot bring any more qualified professionals into the Island.
Overall, the funds industry is a key driver of the Island’s economy, providing employment opportunities and contributing significantly to Jersey’s GDP. With its favourable regulatory environment, skilled workforce and international reputation, Jersey is well positioned to continue to attract funds and investment professionals for years to come.