Jersey Finance has formally opened its office in New York, as the jurisdiction looks to promote itself as a gateway to Europe for US alternative fund managers.
The launch event, held at The Peninsula New York on 16 October, was attended by about 100 lawyers, intermediaries and other US fund professionals, who heard from Senator Ian Gorst, Minister for External Relations for the Government of Jersey, and Joe Moynihan, CEO of Jersey Finance, about Jersey’s ties with the US.
Philip Pirecki, who was appointed Jersey Finance's Business Development Lead in the US this summer, also spoke at the event to highlight Jersey's position as a specialist funds centre to support US private equity, real estate and hedge fund managers by providing seamless access to European investor capital.
Joe Moynihan commented: “As a forward-thinking jurisdiction, we remain committed to supporting high-quality global investment flows and, to that end, the launch of this office in the world’s largest institutional investment market is hugely significant for us.
“Jersey offers a compelling proposition for US managers seeking a stable, reliable platform to support their European strategies. We already have good familiarity among the US funds community, with the value of US promoter assets administered in Jersey more than doubling over the past five years, and our new office will be vital in building on that success.”
Senator Ian Gorst added: “Jersey has an extremely positive relationship with the US, with a rich history of trade and cooperation, and growing business ties. This new office cements that relationship further, as we look to work closely together for our mutual future success.”
The number of managers accessing EU investor capital through Jersey’s private placement regime grew to more than 172 at the midway point in 2019, according to the Jersey Financial Services Commission, while Monterey Insight figures show that the number of US-based promoters grew by 164% over the past five years.
Pictured (l-r): Joe Moynihan, Philip Pirecki and Ian Gorst at the launch event