Funds Europe – Do you think that technology is one area that Jersey could work on to make itself even more alluring, or do you think there are other factors that might be more important?
Macleod – Technology is key. With GPs increasingly going down an outsourcing route, the best administration firms have accelerated their development of technology and I have no doubt that Jersey and its service providers are ahead of the pack in terms of finding innovative technology solutions which help enable GPs.
The pace of innovation can often catch jurisdictions out as their regulatory framework struggles to adapt to a changing world.
We are lucky in Jersey that our regulator has consistently demonstrated its ability to adapt its regulations whilst still maintaining its robustness.
I think this is because in Jersey, the industry bodies, service providers, government and regulators work very well together in quickly finding solutions which balance all stakeholders’ interests. This collaboration will become increasingly important as the pace of technological changes accelerates.
Funds Europe – What are your key takeaways from this discussion?
Refson – That it underpins the joined-up and collaborative approach that we take as a jurisdiction, our resilience and our desire to build on our base of stability in intelligent and innovative ways.
Baird – I come back to the investment in people, investment in technology, and having a robust level of regulation – this is the critical triangle. Shared ownership within industry is also something very close to those who work in my organisation – but it can go beyond that. Jersey could become a place not just known for cultivating a culture of shared ownership – it could become renowned for it. This would be a huge attraction for high-quality people who want to own a part of their business and therefore a piece of the funds ecosystem within Jersey and, potentially, the wider world.
Honeywood – I’d just play on that comment around resilience and how resilient Jersey has been over the past 18 months; it’s still very much attracting institutional-grade managers and clients. It’s been a really exciting time over the last 18-24 months, despite everything that’s been going on.
Macleod – My takeaway is that Jersey will continue to play a really important role as a fund domicile of choice. Its stability and ease of use will continue to make it really compelling. Jersey has always done a great job of staying current, working out key trends and market needs and being nimble in adapting to these. We talked about this in the context of sustainable investment, political changes and technology. If Jersey continues to innovate and be proactive in these areas, it will remain attractive.
Taylor – The collegiate approach that we need to continue as an industry, as a sub-sector of the finance industry, as administrators, pushing in the right direction as a group, continuing to work with our industry bodies – JFL, JFA – working closely with the fellow advisers. We should also take a step back and look at the last 18 months and realise that Jersey’s done extremely well, all things considered, and its reputation has held true. What we need to do now is to push forward, making sure that we’re developing the future of the industry for the next generation and hopefully many generations to come. A rising tide floats all boats, and if we can push Jersey in the right direction, we all stand to benefit.
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