JFSC reports on fund regimes

Posted: 13/09/2017

The number of alternative fund managers marketing into Europe through Jersey’s national private placement regimes (NPPRs) continued to rise during the first half of 2017 and there’s been a strong uptake in the new Jersey Private Fund (JPF), according to mid-year figures from the Jersey Financial Services Commission (JFSC).

As at 30 June 2017, 131 alternative investment fund managers had been authorised in Jersey to market into Europe through NPPRs under the Alternative Investment Fund Managers Directive (AIFMD) – up 14 per cent on the same time last year.

The total number of Jersey alternative investment funds being marketed into Europe through NPPRs also rose, to 276 – a 10 per cent year-on-year increase.

Meanwhile, uptake of the JPF, launched in April to provide a fast-track investment regime, reached 44 by 31 August. The majority of these were newly created fund vehicles, with just under a fifth being conversions from existing structures.

MikeByrneGeoff Cook, CEO of Jersey Finance, commented: “The clear indication is that, although there is a lot of talk about AIFMD passporting, private placement is giving non-EU fund managers a reliable, straightforward and efficient route for marketing alternative funds into Europe.”

Mike Byrne (pictured), Chairman of the Jersey Funds Association, added: “It’s pleasing that more than 80 per cent of JPFs are brand new funds. At the outset, we felt there was real demand for this type of structure among institutional and professional investors, and the figures support this.

"We've also seen a positive reaction from family offices, who are using the new regime for co-investment purposes and to pool investments from multiple families.”

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