Mon, Dec 5, 2022
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Jersey’s finance industry’s €188bn foreign investment into EU found to support 330,000 jobs

Wednesday, October 19, 2016
Opalesque Industry Update - Jersey’s finance industry facilitates almost €190bn of foreign investment into the European Union (excluding the UK), supporting in the order of 88,000 jobs across those same member States, according to an independent report launched today. Jersey also supports an estimated 250,000 British jobs.

A Jersey Finance-commissioned report, entitled ‘Jersey’s Value to Europe’, has been published by Capital Economics, and demonstrates the vital contribution the jurisdiction makes to the economies of the European Union. Meanwhile, a separate report, also launched today from Capital Economics and entitled Jersey’s Value to Britain, builds on previous research undertaken in 2013 to outline the current value of Jersey to the UK.

Taken together, they provide a comprehensive summary of Jersey’s total value to the EU, be it in terms of jobs, investment or extra tax income. The reports’ main findings are:

  • Jersey is a conduit for €188bn of foreign investment into the European Union (excluding the UK), equivalent to 4% of the bloc’s total net international investment
  • That investment supports in the order of 88,000 European jobs, in addition to those created solely in the UK
  • Around one third of all fund assets administered and managed in Jersey are located in EU countries other than the UK
  • Looking at the UK, Jersey is estimated to be a conduit for almost £500 billion of foreign investment into the country, equivalent to 5% of the total stock of foreign owned assets in the country
  • Jersey supports an estimated 250,000 British jobs, of which 190,000 are from foreign investment alone, and adds £14bn to the UK economy
The reports also reinforce how Jersey’s benefit to the UK and the rest of the EU far outweighs any potential costs in terms of foregone tax revenues to the continent.

Geoff Cook, CEO of Jersey Finance, said: “Jersey has the flexibility and freedom to provide the taxation, regulatory and supervisory regimes required by clients with cross-border asset portfolios. That is why Jersey has become a leading international financial centre. And even though its footprint is nowhere near as large as centres such as Luxembourg and Switzerland, the Island has attracted a mix of skills and financial businesses that account for a quarter of its 59,000 jobs and two-fifths of its economic activity.”

Mark Pragnell, Head of Commissioned Projects at Capital Economics, said: “Jersey is unambiguously European, with unique relationships with the United Kingdom and the rest of the European Union. Jersey’s freedom to legislate and govern, and determine its own taxes, has allowed it to become established as a leading centre for international financial services, one whose expertise benefits all the constituent countries of the EU.”

Jersey was also featured in an Opalesque Roundtable, which can be downloaded here:

Article source - Opalesque is not responsible for the content of external internet sites

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Marks delves into what really matters[more]

    B. G., Opalesque Geneva: Howard Marks, co-founder and co-chairman of Oaktree Capital Management, weighs what should and should not matter for investors in his latest memo last week. Among the things t

  2. Legal: British fund manager Jeremy Leach and his firms settle fraud litigation for $11.5m, DOL slams lawsuit seeking to overturn crypto guidance[more]

    British fund manager Jeremy Leach and his firms settle fraud litigation for $11.5m From Offshore Alert: Four days before a trial was due to start in the Cayman Islands, British fund manager Jeremy Leach and eight of his firms settled a fraud complaint by agreeing to pay $11.5 million o

  3. Family offices upbeat on private assets, reduce public assets exposure[more]

    Laxman Pai, Opalesque Asia: Family offices are investing more in private assets and cutting back on investments in public markets, with higher risk-adjusted returns cited as the main driver, said a study. According to the survey findings by German digital private equity firm Moonfare, and the

  4. Opalesque Exclusive: A Swiss managed futures strategy that can offer diversification to any portfolio[more]

    B. G., Opalesque Geneva for New Managers: TARO (R) Diversified is a Swiss algorithmic and systematic investment strategy that offers diversification benefits to almost any professionally managed portfolio through it

  5. Alts manager Medalist Partners acquires a minority stake in Semper Capital to tap opportunities in structured credit[more]

    Laxman Pai, Opalesque Asia: Medalist Partners, which specializes in private credit, has acquired a minority stake in Semper Capital to extend its offerings to the mass market. Medalist currently manages approximately $2.2 billion in assets across strategies in asset-based private credit, struc