The number of alternative fund managers choosing to future-proof their EU-focused funds through Jersey continued to grow in the first six months of 2018, according to the latest figures from Jersey’s financial regulator.
Data from the Jersey Financial Services Commission (JFSC) for the period ending 30 June 2018 shows that the number of Jersey-registered managers opting to market into EU member states through the national private placement regime (NPPR) under the Alternative Investment Fund Managers Directive rose eight per cent between January and June 2018. The figure increased 23 per cent year-on-year, to stand at 161.
Meanwhile, the total number of Jersey alternative investment funds being marketed into the EU through NPPR also increased to 306 – a five per cent increase on December 2017 and an 11 per cent rise since June 2017.
Geoff Cook (pictured), CEO of Jersey Finance, said: “Brexit deadline day is less than a year away and it’s looking increasingly like EU market access will prove a key challenge for UK fund managers. Our message is clear: Jersey is ready to play a supportive role in enabling non-EU, including UK, managers to continue to market their funds to EU investors through our tried and tested private placement regime.”
The JFSC also reported that, as at 30 June 2018, it had granted authorisation to 128 Jersey Private Funds – the fast-track regime launched in April 2017 to cater for limited numbers of professional and institutional investors. This represents an increase of 190 per cent since August 2017, with the 100th JPF registered in March.