The Jersey Funds Association (JFA) has elected its new committee for the coming year as it looks to maintain momentum and continue to champion Jersey as the perfect ecosystem for alternative funds.Elected at the JFA’s recent Annual General Meeting (17 July), the committee retains some continuity whilst also introducing a number of new faces. Tim Morgan remains Chairman and Michael Johnson Vice Chairman, whilst the remainder of the committee now also includes Richard Anthony, Mike Byrne, Steve Cartwright, Ben Dixon, Mark Grenyer, Ben Honeywood, Niamh Lalor, Dilmun Leach, Chris Marshall, Robert Milner, Simon Page, Martin Paul, Tom Powell, Peter Rioda, Ben Robins, Martin Rowley and Sarah Sandiford.
At the AGM, Chairman Tim Morgan also delivered an annual report identifying the key challenges and opportunities for the industry
“Jersey’s funds industry operates in a fast evolving environment, with the ongoing economic and social implications of the coronavirus pandemic needing to being absorbed by a market that was already seeking to plan for and adjust to the political uncertainties relating to the UK’s ongoing Brexit process,” he said. “The pandemic is already proving to affect asset classes and sectors in very different ways, but for Jersey the essential positive message remains that we offer a platform of stability in a rapidly changing market which is borne out through very high levels of activity through the recent period covering the pandemic. This is a message that the new-look JFA committee will continue to champion over the coming year.”
Meanwhile, pointing to specific areas where the JFA had identified opportunities for Jersey, Morgan added: “A trend away from widely-held blind pool structures and towards more narrowly-held joint venture and co-investment vehicles appears to be continuing, particularly in the private equity, real estate and adjacent sectors. The Jersey Private Fund regime continues to provide a popular, cost-effective and strong solution in this space.
“In addition, the trend of inward migration by substance managers, particularly in the hedge fund but also more recently in the private equity and venture capital space, continues and Jersey is an increasingly important hub for managers with a substantive local presence.
“Meanwhile, as the market develops further through the process of Brexit and as EU regulation continues to build, we anticipate increasing opportunities in Jersey for a wide variety of asset classes, transaction structures and investor bases.”
Acknowledging the work and achievements of outgoing committee members, Morgan concluded by thanking all those supporting the work of the JFA.
“I’m really grateful for the efforts of the committee over the past twelve months. We have achieved a lot,” he said “I’m also pleased to welcome some new faces to help drive forward our plans for the coming year across our legal and technical, education and training and communications remit. In particular, I’m delighted that Tom Powell will be leading a new group for us to coordinate a strategy around ESG, an area that is now a fundamental part of our overall proposition as a jurisdiction.”