Jersey Finance, the globally-focused marketing arm for Jersey’s financial services industry, has officially opened its long-awaited New York office, as it prepares to set out its stall as an efficient gateway between the U.S. and international financial markets.
In particular, it is seeking to help U.S. fund managers to market their funds across Europe.
Among the major companies that cater to American expats which are already making use of Jersey as a launchpad to the rest of the world is listed Australian platform giant Praemium, which bases its international operations on the island.
The opening of the new Jersey Finance office was officially marked by an event on Wednesday evening attended by Ian Gorst, Jersey's external relations minister, and held at the Peninsula Hotel (see photo, below right). The event was attended by around 100 lawyers, intermediaries and other fund professionals.
In its coverage of the event, the UK's ITV television network noted that the new office, "in the world’s largest institutional investment market, [would enable] Jersey to enhance its visibility in the U.S." while at the same time demonstrating to the U.S. "how well Jersey is placed as a gateway to Europe for U.S. alternative fund managers."
As reported here in February, Praemium International is regulated in Jersey and was set up there in 2011, to look after expat investors, international financial advisers and trustees. Among its U.S. client-focused customers are Waverton Investment Management, Vestra and Belgium-based Dunhill Financial, with Dunhill having earlier this year agreed a partnership deal with Praemium, under which it will provide a range of "separately-managed accounts" to other U.S. expat-focused advisory firms.
Heading up the new Jersey Finance office is Philip A. Pirecki (pictured right, between Jersey Finance chief executive Joe Moynihan, left, and Gorst, right). Pirecki, who was appointed to the role in July, is an American who most recently has been a director at Premier Fiduciary Services (Cayman) Ltd.
Pirecki has had more than 20 years of experience in investment banking, investment management, consulting, auditing and accounting, with a track record of having helped businesses in the Caribbean, U.S. and Europe to grow, Jersey Finance said.
The new Jersey Finance office is located at 1185 Avenue of the Americas, between West 46th and West 47th streets.
Jersey, one of the U.K.'s so-called Crown Dependencies (along with Guernsey and the Isle of Man), is located in the English Channel, around 14 miles (22km) off the coast of France. It has been a financial center for more than 50 years.
Jersey Finance, a not-for-profit promotional organization, was founded in 2001, and today, in addition to Jersey and now New York, has offices in London, Hong Kong, Shanghai, Mumbai and Dubai.
Earlier this year, Jersey Finance chief executive Joe Moynihan said the organization saw "developing our footprint in the U.S." as part of its ambition to expand its global reach while diversifying its "proposition in overseas markets."
According to Jersey Finance, a recent report by Monterey Insight, a U.K.-based investment fund research organization, found that U.S. promoters' assets under administration in Jersey had increased by 148% over the five years to 2018.
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