Ben Robins, Chairman of the Jersey Funds Association, gives his own thoughts on how the industry in the island may be affected by Brexit.
"Jersey's funds industry is increasingly globalised but retains particularly strong connections to the City of London and, to a lesser extent, financial centres in the rest of the EU. The political and market uncertainty and volatility that inevitably follows a Brexit vote will have a significant impact on the global asset management industry, and particularly the UK and EU industry, and is therefore likely to have an impact, in the short term at least, on the transaction flows we experience in Jersey.
"In some areas of investment, transaction activity may be curtailed for a time but in others, currency and asset pricing movements may actually encourage trading activity. Jersey will feel those short term market movements, both negative and positive. Crucially, though, we should remember that Jersey has always been a third country to Europe for the purposes of financial services and remains so this morning.
"The JFA strongly endorses the Chief Minister's statement today that the island's future best interests lie in maintaining the substance of our current relationships with the EU, so we can continue to enjoy the EU market access for financial services our funds industry already enjoys. But it is also a sensible time to re-emphasise the continuing importance of Jersey investing in stronger links with dynamic non-EU markets as an global player in the asset management industry.
"We succeed as a funds centre largely because of the quality of our people, just as the City of London does, and I fully expect Jersey and the City to thrive through and beyond this period of uncertainty."