Jersey finance firms looking to New York
THE Brexit chaos in the UK is seeing more Jersey-based financial firms look to New York as a hub to source business. Locally headquartered Crestbridge, an independent fiduciary, administration, accounting and professional services provider, has opened its first New York office, at a time when Jersey Finance is about to open its new base there.
Last year, the global financial centres index by Z/Yen, showed New York had overtaken London to take top spot. It based the rankings on factors such as regulation, wages and infrastructure.
More recent research from consultancy firm Duff & Phelps backs up the trend, with a survey of financial professionals showing that more of them now believe New York is the premier global financial hub over London.
The Jersey government has funded a new Jersey Finance office in New York and chief executive officer Joe Moynihan said he was very excited about the opportunities.
‘We are winning some business from the US at the moment, particularly in the funds area and that’s without any presence,’ he said. ‘Any of the CEOs I’ve spoken to in the last few weeks and talked about New York, the vast majority view it as a really positive development. That includes law firms who advise US fund managers who believe that by having a flag in the ground for Jersey, that will drive business.
‘We have quite a number of global trust businesses here who have offices in New York, who don’t get business because Jersey isn’t known, and they believe that by us having someone on the ground, that will certainly be a big help to them.’
The new Crestbridge office will be a representative office initially focused on connecting existing clients and intermediaries with group offices. Commenting on the new office, Graeme McArthur, chief executive of the Crestbridge Group, said: ‘This is a significant achievement in delivering our strategy to widen access to our services, as well as supporting inward investment into North America and access into Europe for our US clients.’
The Crestbridge office will be headed by director, Adam Zivitofsky.