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James Coughlan, market head for the British Isles, Ireland and Luxembourg at TMF Group, tells Emily Moore about the diversity of his role and the firm’s focus on business and people growth
AS unemployment and public debt soared across Ireland in the wake of the global financial crisis of 2007-2008, James Coughlan, market head for the British Isles, Ireland and Luxembourg at TMF Group, decided that it might be wise to reconsider his career aspirations.
“When I left school, I was planning to work in architecture or construction,” reflected Coughlan. “However, when the financial crisis hit, I decided that probably wasn’t the best choice at that time, so I quickly pivoted to business and did an honours degree in accounting.”
After five years in audit, Coughlan and his then fiancée, now wife, were looking for a new challenge and, having always lived in Ireland, they were keen to embark on the next chapter of their lives in a different country.
“I was keen for a new challenge both professionally and personally. The scale of the financial services industry had gained my attention, and I was particularly interested in well-established financial hubs. We considered the Cayman Islands and Bermuda before settling on Jersey, primarily due to its proximity to home,” he explained. “The plan was to spend one year in Jersey and then see where the world took us.”
With that year now having grown into almost 12 years, Coughlan and his young family are happily settled in the Island, enjoying both the “safe and outdoor environment” it offers and the career opportunities it has provided.
“I joined State Street Jersey in 2013, working in various roles across that business until 2019 when the State Street Channel Islands’ business was acquired by TMF Group,” he said. “From joining TMF Group at the time of the acquisition to now, I’ve held a variety of roles, initially joining as global operations director for funds services before becoming head of funds, firstly for Jersey and then for the Channel Islands, and then taking on the position of market head for the British Isles and Ireland.”
It is, as Coughlan is quick to acknowledge, a wide role, and one he admits he is only able to carry out because of the “amazing team” supporting him. It is also a role which has recently become even more diverse, following the addition of Luxembourg to the region.
“I’m accountable for all aspects of the market which comprises the five jurisdictions of Guernsey, Ireland, Jersey, Luxembourg and the UK,” he said. “It’s a hugely diverse role, not just because each jurisdiction is different but because we operate multiple service lines in each. As market head, I also have ultimate responsibility for the strategy in each jurisdiction, ensuring that our local activity is aligned to the group’s strategy, while also overseeing every aspect of the business from talent management and performance to client relationship management, service delivery and compliance.
“With so many elements to the role, the adage that you are only as strong as the team you have around you really is true. One person could never manage that workload, especially given the fast-paced nature of the business and the rapid growth which TMF Group is experiencing. Thankfully, I have a strong team, and it is one which I am hoping to embellish and grow during the year.”
Indeed, the Jersey office alone comprises around 250 people, who are part of the over-11,000 employees at TMF Group, which operates in 125 offices across 87 jurisdictions.
And while each office may specialise in different areas, each one, says Coughlan, feeds into TMF Group’s goal of providing critical administrative services to help clients invest and operate safely around the world.
“The aim,” he adds, “is to make a complex world simple for our clients, many of whom operate globally but need to navigate the complexities of each jurisdiction. We partner with them to provide the local services, knowledge and experience that they need. These range from director services and registered office services to full-suite fund services, and private wealth and family office support. In this way, we translate a complex operating environment into a manageable to-do list to ensure that they operate effectively and compliantly.”
While the Jersey office carries out many different service lines, a significant one, Coughlan says, is its fund and related services offering.
“This is a prominent and ever-growing sector for both TMF in Jersey and the Island, driven in no small part by the work done by Jersey Finance to ensure that the Island remains a leading and competitive international finance centre,” he said, adding: “We in TMF are very proud to support and work with CVC Capital Partner on their ninth Europe/Americas private equity fund, which raised in excess of 26bn euros, a major milestone for CVC, Jersey as an international finance centre and also for us in TMF.”
And key to that, Coughlan continues, is the Island’s infrastructure and governance, something which was recognised in last year’s “eagerly anticipated report” which followed the most recent Moneyval inspection.
“While we know that there is still work to be done, everyone in the industry was pleased that the findings showed that our hard work is paying off,” he said. “With any uncertainty caused by the inspection now behind us, it is great that the Island is entering 2025 in a strong position.”
Jersey’s strong reputation in the funds sector has particular relevance for TMF Group, but it is not just funds where Coughlan is expecting to see growth over the next 12 months.
“Adding Luxembourg to our region takes the number of employees within our market to around 1,200,” he said, “and I would expect that figure to rise over the year. We are always keen to bring new business relationships to TMF Group, and we are also very focused on organic growth with our existing TMF Global book of clients, both geographically and in terms of service breadth. That is really important to us because our existing clients know us best and their willingness to engage us to provide additional services is a real validation of our work.”
Growth, as Coughlan adds, is very familiar to the TMF Jersey team.
“Over the past five years, we have grown our revenue in Jersey by well in excess of 100%, and now have circa £75bn assets under administration in Jersey, which accounts for about half of the total assets under administration within the British Isles, Ireland and Luxembourg region,” he said. “With that growth comes the opportunity to bring fresh mindsets and more great people into the operation, and we are always open to new talent and thought processes.”
Indeed, the team is, Coughlan adds, tremendously diverse, with people from as far afield as Zimbabwe and Mauritius based in the Jersey office.
“Not only do these great people bring an important diversity of thought and experience to the business, but it also has been tremendously rewarding on a personal level to see the impact that joining TMF Group has had on these individuals’ lives and the lives of their families,” he said. “This is a real highlight of working with teams in our regional delivery centres across different countries and seeing how employees truly benefit from working with TMF Group.”
Equally rewarding for Coughlan is the work that takes place outside the workplace, with the group playing a strong role in the communities in which it is based. In Jersey, this is perhaps most keenly felt every summer when thousands of Islanders take to the cliff paths to raise money for charity in the Jersey Island Walk, sponsored by TMF Jersey.
“Last year’s walk raised a record-breaking amount of £140,000 and our sponsorship means that every penny of that money goes to charity,” he said. “I also took part last year in a three-day London to Paris cycle challenge, which not only supported various charities but also provided a wonderful opportunity to spend time with colleagues outside the office.”
It is activities such as these, coupled with the team’s service-first approach, which Coughlan says really embody the group’s values.
“We pride ourselves on working as a team, caring for our clients, investing in talent, acting with integrity and creating insight for both our clients and team members,” he said. “By following these values on a consistent basis, we are well positioned for success, providing the best possible service to clients and looking after people to the best of our ability.”
lTMF Group (Jersey) Limited and entities within the affiliation are regulated by the Jersey Financial Services Commission and are part of the TMF Group.