Altum Group featured in the exclusive Jersey Finance Roundtable 2025

… what is Jersey’s finance industry doing to support international investors and advisors in weathering the storm, whilst ensuring the jurisdiction maintains its position as a safe and stable premier international finance centre?

Amy Bryant: We are focussing on providing what clients are very much looking for. In what you’ve described as a volatile environment, that means stability and certainty. It’s absolutely essential. So, in terms of Jersey’s proposition, our offering, including our legislative framework, is tried and tested. Our regulatory environment is specialised and has been endorsed at the highest level. The infrastructure works and our expertise is second to none.

In terms of the ecosystem, it’s vital as far as both providing existing users of the jurisdiction and also new clients and new business with confidence. But, at the same time, the international financial services marketplace is increasingly competitive. So it’s important that we maintain a focus on innovation and competitiveness with a view to delivering, on an ongoing basis, cutting-edge solutions that investors, businesses and asset managers, as well as governments, are looking for.

Charles Molteno: In a world of increasing volatility and uncertainty, our banking core strength continues to lie in the stability we offer. At the same time, we need to show we are both adaptable and responsive to global shifts. Stakeholders need to know that we remain focussed – not only on the implications for Jersey today but on how these changes may shape our future.

Aidan McAvinue: Jersey is a safe harbour. Maintaining that in this climate, constantly messaging and re-messaging that, is key. We’ve just going to keep pulling those levers and adjusting what we do but do it better. Composure and consistency are more important now than ever.

In terms of the outflow of entrepreneurial and wealthy talent from the UK and further afield, whether that be Middle East or Asia, Jersey is phenomenally well positioned – particularly for the expats – to benefit from that and to support that type of transition.

So, we should be looking to leverage those inherent strengths as a safe harbour, adapt through cross-industry collaboration to become more competitive without compromising the fundamentals. And get that message out consistently and make it easy for those individuals who want the comfort of this proximity, this geography, this language, expertise and stable legislature, to engage with Jersey plc.

Zena Couppey:

Jersey’s strength lies in its independence, stability and forward-thinking approach, all of which are critical in today’s uncertain global environment. Thanks to the great work of Jersey Finance, the Island has built a strong reputation in key markets like the Middle East, Asia and the US, ensuring we remain visible and relevant where capital is moving. There are big opportunities for Jersey, not just on the fund side but also on the family office side as well.

Jersey’s approach to the way it does business is very innovative. It’s focussed on making sure it stays competitive but also the digital infrastructure is world-class. We’ve got the fastest broadband and can see that in the way that we’re competing with other firms, especially in the US. This gives us a competitive edge, especially when compared to larger jurisdictions. Our approach is proving more progressive.

We’re thinking smarter, acting faster and staying focussed, giving client’s confidence, clarity and continuity, no matter what the global landscape looks like.

Steve Gully: We’re insulated from those macroeconomic elements and impacts that are there. It’s quite right that we should be when these more volatile scenarios happen. What we should be doing is reminding people that we’re here. This is part of the reason why Jersey has attracted business for a number of years and why we’re well-placed to continue to do that.

We’ve got a really good structure. We’ve got a really good product line, whether that’s trust, companies or private wealth funds. We’ve got a really good framework here. We’re good for attracting family offices.

So, when the volatility comes, we need to remind people that we’re set up for this rather than trying to change what we’re doing because it already works. We need to make sure that message is getting out there, loudly and clearly, through all our external stakeholders.

Jill Britton: Reputation and agility are vital. Leveraging Jersey’s reputation internationally and actively engaging in global market development is more critical than ever. We must ensure we have a voice at the table and our presence is felt and recognised.

Being agile and able to respond to opportunities is essential. For example, when it comes to the US or emerging markets in the Middle East, we must have the foresight and readiness to respond with pace.

Because some of these markets offer only a narrow window of opportunity, it’s crucial to establish an early foothold. Pivoting quickly in these circumstances is really important.

Joel Hernandez: From a funds industry perspective, you’re looking for a safe harbour, despite what’s happening in your own jurisdiction. Jersey offers that in spades, with its untarnished stability, reputation, service provision and regulatory framework.

All of those factors, lend themselves well to a fund manager and their investors. That’s exactly what you need when you’re launching a fund.

Aidan McAvinue: There is a risk from within, that we must discuss more. I believe that everyone who works in the finance industry has a responsibility to be sufficiently well-informed to be able to handle objections and educate family and friends about what we do as a jurisdiction to maintain Jersey’s position as a safe harbour and avoid a situation where that status is jeopardised by internal political decisions driven by a public that does not value or understand what we have. We’ve got to collectively speak up for the sector.

Steve Gully: Now people are starting to realise that if you haven’t got the right team driving forward the right initiatives, that is going to have an impact on the finance industry. That is also going to have an impact on people living and working in Jersey.

 … finance, tax, legislation and regulation over the last year and how have you tackled them?

Jill Britton: The global regulatory landscape has shifted dramatically in the last 12 months. There’s an increased level of polarisation and protectionism. What we once considered the global norm no longer holds true. Europe is moving in one direction, the US another and the UK is charting its own course.

The regulator’s role in supporting economic growth has also come under intense scrutiny. Regulators are now navigating how to balance their role as influencers and enablers of growth with protecting both consumers and jurisdictional reputations. This dynamic is unfolding publicly and at considerable speed.

That creates an interesting dynamic, allowing us to select those opportunities which best serve Jersey’s interests. It reinforces the need to remain flexible in adapting regimes, while also considering how we might nuance regulations and legislation to capitalise on competitive advantages without introducing undue jurisdictional risk.

This presents both a challenge and an opportunity. We’re at an inflection point, because we’re beginning to see other jurisdictions taking positions where Jersey seeks to compete. So, perhaps we need to sharpen our focus on where we want to compete. This is where the government’s strategic review on competitiveness is absolutely critical. The timing is ideal and we must move forward with purpose, clarity and unity.

Jersey responds well in challenging circumstances − we’ve proven that time and again. Right now, it’s clear that we must come together collectively and respond with purpose.

Amy Bryant: Our core role is to support and champion the industry. That means when it faces challenges, we help, guide and work collaboratively to position Jersey to overcome them.

We remain an attractive location for asset protection and succession planning. But whenever there’s change, there’s both opportunity and challenge as well. On the opportunity front, we’re seeing continued technological advancements, specifically around AI and the digital asset space. On the digital asset side, particularly tokenisation, we’re well-primed to take advantage of that. We’ve got a regulatory position that supports that and we’ve got the expertise here to deliver on that. There’s also a real opportunity for businesses to grasp the use of AI and take advantage of the technology from a productivity and efficiency perspective and that is also within our scope to shape and respond to.

Steve Gully: From the trust company and the private client side, the most significant change in the last year has been around the changes to the UK tax landscape, the resolution non-dom regime.

There’s quite clear data showing that, in response to that, there have been a number of departures of high-net-worth individuals from the UK, which is probably counterintuitive to the intent of the legislation from their part.

In Jersey, despite there being a small loss of business or outflows of capital, a lot of structures have remained in place. That’s because the structures are generally set up for that long-term succession planning. These are individuals who have got more wealth than they need for their generation and they want to control and manage the way that’s held for future generations, for charitable purposes. This isn’t really a tax tilt on that. So, even with the erosion of certain tax benefits, most of the structures that you thought might have been in scope are still there. Some clients who are still based long-term in the UK will be taking advantage of the temporary repatriation facility to rebalance their own balance sheet from a more efficient tax perspective.

In terms of that main external aspect, it has shown that the industry is well-catered to do that. Anything that needed to be done was done so in good time, despite the fact that the legislation itself was delayed in coming out.

The other part from the regulatory side that we’ve seen, that’s a real positive, is the enhanced level of engagement between industry and the regulator. Just showing that alignment between the regulator and industry and being pro-business and looking for solutions, looking at areas where we can improve and enhance how we’re operating together, is important because it underpins that stability message.

Zena Couppey:

Over the past year, one of our biggest challenges has been navigating rapid growth in a market where expansion hasn’t been the norm. Our business has performed well and Jersey remains our strongest-performing office across all six jurisdictions. A testament to the Island’s resilience and our team’s agility.

MONEYVAL was a turning point for the Island. We’ve had people moving business from other places because of the strong reputation and the rating we received. Our credibility has been a real advantage.

Newer jurisdictions are emerging aggressively, so maintaining Jersey’s competitiveness is critical. We’re going to have to adapt and do so quickly.

Joel Hernandez: Jersey has been at the forefront of funds products for over 20 years. The Jersey ‘Expert Fund’ launched back in 2004 still remains cutting edge, followed by the introduction of the ‘Jersey Private Fund’ in 2017. That being said, a jurisdiction can’t stay still. You have to constantly innovate and having the right ‘toolkit’.

Charles Molteno: Regulatory divergence is both a challenge and a chance to do things differently. As a cross-jurisdictional industry, we often look to the UK, US and Europe – where many of our member firms are based – and naturally lean on their frameworks. When local regulation aligns with those, it makes life easier. We can apply consistent processes without major change.

But when a hybrid model is introduced – pulling in bits from different systems – it can create friction. While the idea of tailoring regulation to our context has its upsides, it also adds layers of complexity. We then have to figure out how to make it work across our existing structures.

Aidan McAvinue: We’ve got an amazing source of that insight and feedback from the banks and the multinational firms and underlying global clients with investment here who have a direct perspective on comparisons with Ireland, Luxembourg and others.

I’ve seen some surveys of the trust company business and wealth management industries from the Big Four, with some exceptional insights and trends for each sector. But what I don’t necessarily see is that collective data being brought together to give us the insights we need from a ‘top down’ perspective. Instead of basing our beliefs and actions on conjecture or subjective views, sectoral agendas, the ‘loudest voice’, we need to be more collaborative and data-driven to truly understand what we need to change. By engaging associations representing sectors, we can combine that information and be clearer on the levers we need to pull.

Amy Bryant: There also needs to be a regular assessment of what the competitive landscape looks like and that should really give us some useful information to then be able to question – within that context – what does Jersey need to do? How can we offer an even more competitive proposition for those clients and those businesses we want to attract?

… from a regulatory standpoint, how is Jersey positioning itself for the future?

Jill Britton: The MONEYVAL outcome was a significant success for the Island. It reaffirmed our position as a leading jurisdiction in the global fight against financial crime and strengthened our international reputation and credibility.

It has been encouraging to see industry leveraging this achievement with promotional activity. However, we cannot be complacent. We must fulfil the commitments made in the MONEYVAL process and build on our momentum.

Zena Couppey:

There was a lot that we had to change in a very short period of time to get to where we needed to be, in order to get the positive outcome. That placed real pressure on businesses during an already demanding period but it was necessary to get the right result. What’s encouraging now is that the regulator is actively listening to feedback from the industry. That kind of collaboration is essential as we continue to strengthen Jersey’s position for the future.

Amy Bryant: Outside of the financial services industry, many people in Jersey don’t know what MONEYVAL is. It’s about protecting and safeguarding jobs in the future and the result that we achieved puts us in the top 10 jurisdictions for compliance with FATF Standards. That is a fantastic achievement and testament to the collective efforts across the industry and the regulator and the government. It’s an independent assessment that validates and endorses the fact that Jersey is a well-regulated, trusted and safe jurisdiction. You can’t understate that, particularly in the volatile world that we’re operating in – it’s absolutely essential.

Steve Gully: We need to take a forward-looking approach now. Much work went into the preparation for MONEYVAL. We had a good outcome from it and that’s a real positive. But what we need to do now is harness that.

Another point is that Jersey was assessed against large onshore jurisdictions as well. So to be rated as we have been and to score as highly as we have done, sets us apart from many other jurisdictions. On the back of this positive endorsement, we need to make clear that we are very much open for business and we are working collaboratively with our regulator, our government and the industry associations as well.

Also, through Jersey Finance, we have an incredible advantage as it’s the leading representative body of any international finance centre and we want to leverage that to ensure that everyone is hearing our story, that we are a safe and secure jurisdiction. Then we layer on with that the innovation, the fact that we are looking at how we can embed AI, that we have the right infrastructure in place for this, then we can start to think laterally about how we can insource other work.

As long as we can make sure we can take on clients, onboard and do our due diligence in a cost- effective and timely way, we can become a leading administration centre, even for entities that are tax resident in the UK or other high-tax jurisdictions. We have all the skills and capability to deliver this.

Charles Molteno: The MONEYVAL assessment has highlighted several opportunities, particularly around how we use data. If we treat data not just as a compliance requirement but as a strategic capability, it could really move the jurisdiction forward. The key lies in collecting and analysing data in ways that are meaningful and effective for all parties. If we can also create mechanisms to share that data efficiently with the right stakeholders – and ensure it delivers tangible value – that could be transformative. But it will take real collaboration and commitment to get there.

… what is Jersey’s finance industry doing to support international investors and advisors in weathering the storm, whilst ensuring the jurisdiction maintains its position as a safe and stable premier international finance centre?

Amy Bryant: We are focussing on providing what clients are very much looking for. In what you’ve described as a volatile environment, that means stability and certainty. It’s absolutely essential. So, in terms of Jersey’s proposition, our offering, including our legislative framework, is tried and tested. Our regulatory environment is specialised and has been endorsed at the highest level. The infrastructure works and our expertise is second to none.

In terms of the ecosystem, it’s vital as far as both providing existing users of the jurisdiction and also new clients and new business with confidence. But, at the same time, the international financial services marketplace is increasingly competitive. So it’s important that we maintain a focus on innovation and competitiveness with a view to delivering, on an ongoing basis, cutting-edge solutions that investors, businesses and asset managers, as well as governments, are looking for.

Charles Molteno: In a world of increasing volatility and uncertainty, our banking core strength continues to lie in the stability we offer. At the same time, we need to show we are both adaptable and responsive to global shifts. Stakeholders need to know that we remain focussed – not only on the implications for Jersey today but on how these changes may shape our future.

Aidan McAvinue: Jersey is a safe harbour. Maintaining that in this climate, constantly messaging and re-messaging that, is key. We’ve just going to keep pulling those levers and adjusting what we do but do it better. Composure and consistency are more important now than ever.

In terms of the outflow of entrepreneurial and wealthy talent from the UK and further afield, whether that be Middle East or Asia, Jersey is phenomenally well positioned – particularly for the expats – to benefit from that and to support that type of transition.

So, we should be looking to leverage those inherent strengths as a safe harbour, adapt through cross-industry collaboration to become more competitive without compromising the fundamentals. And get that message out consistently and make it easy for those individuals who want the comfort of this proximity, this geography, this language, expertise and stable legislature, to engage with Jersey plc.

Zena Couppey:

Jersey’s strength lies in its independence, stability and forward-thinking approach, all of which are critical in today’s uncertain global environment. Thanks to the great work of Jersey Finance, the Island has built a strong reputation in key markets like the Middle East, Asia and the US, ensuring we remain visible and relevant where capital is moving. There are big opportunities for Jersey, not just on the fund side but also on the family office side as well.

Jersey’s approach to the way it does business is very innovative. It’s focussed on making sure it stays competitive but also the digital infrastructure is world-class. We’ve got the fastest broadband and can see that in the way that we’re competing with other firms, especially in the US. This gives us a competitive edge, especially when compared to larger jurisdictions. Our approach is proving more progressive.

We’re thinking smarter, acting faster and staying focussed, giving client’s confidence, clarity and continuity, no matter what the global landscape looks like.

Steve Gully: We’re insulated from those macroeconomic elements and impacts that are there. It’s quite right that we should be when these more volatile scenarios happen. What we should be doing is reminding people that we’re here. This is part of the reason why Jersey has attracted business for a number of years and why we’re well-placed to continue to do that.

We’ve got a really good structure. We’ve got a really good product line, whether that’s trust, companies or private wealth funds. We’ve got a really good framework here. We’re good for attracting family offices.

So, when the volatility comes, we need to remind people that we’re set up for this rather than trying to change what we’re doing because it already works. We need to make sure that message is getting out there, loudly and clearly, through all our external stakeholders.

Jill Britton: Reputation and agility are vital. Leveraging Jersey’s reputation internationally and actively engaging in global market development is more critical than ever. We must ensure we have a voice at the table and our presence is felt and recognised.

Being agile and able to respond to opportunities is essential. For example, when it comes to the US or emerging markets in the Middle East, we must have the foresight and readiness to respond with pace.

Because some of these markets offer only a narrow window of opportunity, it’s crucial to establish an early foothold. Pivoting quickly in these circumstances is really important.

Joel Hernandez: From a funds industry perspective, you’re looking for a safe harbour, despite what’s happening in your own jurisdiction. Jersey offers that in spades, with its untarnished stability, reputation, service provision and regulatory framework.

All of those factors, lend themselves well to a fund manager and their investors. That’s exactly what you need when you’re launching a fund.

Aidan McAvinue: There is a risk from within, that we must discuss more. I believe that everyone who works in the finance industry has a responsibility to be sufficiently well-informed to be able to handle objections and educate family and friends about what we do as a jurisdiction to maintain Jersey’s position as a safe harbour and avoid a situation where that status is jeopardised by internal political decisions driven by a public that does not value or understand what we have. We’ve got to collectively speak up for the sector.

Steve Gully: Now people are starting to realise that if you haven’t got the right team driving forward the right initiatives, that is going to have an impact on the finance industry. That is also going to have an impact on people living and working in Jersey.

 … finance, tax, legislation and regulation over the last year and how have you tackled them?

Jill Britton: The global regulatory landscape has shifted dramatically in the last 12 months. There’s an increased level of polarisation and protectionism. What we once considered the global norm no longer holds true. Europe is moving in one direction, the US another and the UK is charting its own course.

The regulator’s role in supporting economic growth has also come under intense scrutiny. Regulators are now navigating how to balance their role as influencers and enablers of growth with protecting both consumers and jurisdictional reputations. This dynamic is unfolding publicly and at considerable speed.

That creates an interesting dynamic, allowing us to select those opportunities which best serve Jersey’s interests. It reinforces the need to remain flexible in adapting regimes, while also considering how we might nuance regulations and legislation to capitalise on competitive advantages without introducing undue jurisdictional risk.

This presents both a challenge and an opportunity. We’re at an inflection point, because we’re beginning to see other jurisdictions taking positions where Jersey seeks to compete. So, perhaps we need to sharpen our focus on where we want to compete. This is where the government’s strategic review on competitiveness is absolutely critical. The timing is ideal and we must move forward with purpose, clarity and unity.

Jersey responds well in challenging circumstances − we’ve proven that time and again. Right now, it’s clear that we must come together collectively and respond with purpose.

Amy Bryant: Our core role is to support and champion the industry. That means when it faces challenges, we help, guide and work collaboratively to position Jersey to overcome them.

We remain an attractive location for asset protection and succession planning. But whenever there’s change, there’s both opportunity and challenge as well. On the opportunity front, we’re seeing continued technological advancements, specifically around AI and the digital asset space. On the digital asset side, particularly tokenisation, we’re well-primed to take advantage of that. We’ve got a regulatory position that supports that and we’ve got the expertise here to deliver on that. There’s also a real opportunity for businesses to grasp the use of AI and take advantage of the technology from a productivity and efficiency perspective and that is also within our scope to shape and respond to.

Steve Gully: From the trust company and the private client side, the most significant change in the last year has been around the changes to the UK tax landscape, the resolution non-dom regime.

There’s quite clear data showing that, in response to that, there have been a number of departures of high-net-worth individuals from the UK, which is probably counterintuitive to the intent of the legislation from their part.

In Jersey, despite there being a small loss of business or outflows of capital, a lot of structures have remained in place. That’s because the structures are generally set up for that long-term succession planning. These are individuals who have got more wealth than they need for their generation and they want to control and manage the way that’s held for future generations, for charitable purposes. This isn’t really a tax tilt on that. So, even with the erosion of certain tax benefits, most of the structures that you thought might have been in scope are still there. Some clients who are still based long-term in the UK will be taking advantage of the temporary repatriation facility to rebalance their own balance sheet from a more efficient tax perspective.

In terms of that main external aspect, it has shown that the industry is well-catered to do that. Anything that needed to be done was done so in good time, despite the fact that the legislation itself was delayed in coming out.

The other part from the regulatory side that we’ve seen, that’s a real positive, is the enhanced level of engagement between industry and the regulator. Just showing that alignment between the regulator and industry and being pro-business and looking for solutions, looking at areas where we can improve and enhance how we’re operating together, is important because it underpins that stability message.

Zena Couppey:

Over the past year, one of our biggest challenges has been navigating rapid growth in a market where expansion hasn’t been the norm. Our business has performed well and Jersey remains our strongest-performing office across all six jurisdictions. A testament to the Island’s resilience and our team’s agility.

MONEYVAL was a turning point for the Island. We’ve had people moving business from other places because of the strong reputation and the rating we received. Our credibility has been a real advantage.

Newer jurisdictions are emerging aggressively, so maintaining Jersey’s competitiveness is critical. We’re going to have to adapt and do so quickly.

Joel Hernandez: Jersey has been at the forefront of funds products for over 20 years. The Jersey ‘Expert Fund’ launched back in 2004 still remains cutting edge, followed by the introduction of the ‘Jersey Private Fund’ in 2017. That being said, a jurisdiction can’t stay still. You have to constantly innovate and having the right ‘toolkit’.

Charles Molteno: Regulatory divergence is both a challenge and a chance to do things differently. As a cross-jurisdictional industry, we often look to the UK, US and Europe – where many of our member firms are based – and naturally lean on their frameworks. When local regulation aligns with those, it makes life easier. We can apply consistent processes without major change.

But when a hybrid model is introduced – pulling in bits from different systems – it can create friction. While the idea of tailoring regulation to our context has its upsides, it also adds layers of complexity. We then have to figure out how to make it work across our existing structures.

Aidan McAvinue: We’ve got an amazing source of that insight and feedback from the banks and the multinational firms and underlying global clients with investment here who have a direct perspective on comparisons with Ireland, Luxembourg and others.

I’ve seen some surveys of the trust company business and wealth management industries from the Big Four, with some exceptional insights and trends for each sector. But what I don’t necessarily see is that collective data being brought together to give us the insights we need from a ‘top down’ perspective. Instead of basing our beliefs and actions on conjecture or subjective views, sectoral agendas, the ‘loudest voice’, we need to be more collaborative and data-driven to truly understand what we need to change. By engaging associations representing sectors, we can combine that information and be clearer on the levers we need to pull.

Amy Bryant: There also needs to be a regular assessment of what the competitive landscape looks like and that should really give us some useful information to then be able to question – within that context – what does Jersey need to do? How can we offer an even more competitive proposition for those clients and those businesses we want to attract?

… from a regulatory standpoint, how is Jersey positioning itself for the future?

Jill Britton: The MONEYVAL outcome was a significant success for the Island. It reaffirmed our position as a leading jurisdiction in the global fight against financial crime and strengthened our international reputation and credibility.

It has been encouraging to see industry leveraging this achievement with promotional activity. However, we cannot be complacent. We must fulfil the commitments made in the MONEYVAL process and build on our momentum.

Zena Couppey:

There was a lot that we had to change in a very short period of time to get to where we needed to be, in order to get the positive outcome. That placed real pressure on businesses during an already demanding period but it was necessary to get the right result. What’s encouraging now is that the regulator is actively listening to feedback from the industry. That kind of collaboration is essential as we continue to strengthen Jersey’s position for the future.

Amy Bryant: Outside of the financial services industry, many people in Jersey don’t know what MONEYVAL is. It’s about protecting and safeguarding jobs in the future and the result that we achieved puts us in the top 10 jurisdictions for compliance with FATF Standards. That is a fantastic achievement and testament to the collective efforts across the industry and the regulator and the government. It’s an independent assessment that validates and endorses the fact that Jersey is a well-regulated, trusted and safe jurisdiction. You can’t understate that, particularly in the volatile world that we’re operating in – it’s absolutely essential.

Steve Gully: We need to take a forward-looking approach now. Much work went into the preparation for MONEYVAL. We had a good outcome from it and that’s a real positive. But what we need to do now is harness that.

Another point is that Jersey was assessed against large onshore jurisdictions as well. So to be rated as we have been and to score as highly as we have done, sets us apart from many other jurisdictions. On the back of this positive endorsement, we need to make clear that we are very much open for business and we are working collaboratively with our regulator, our government and the industry associations as well.

Also, through Jersey Finance, we have an incredible advantage as it’s the leading representative body of any international finance centre and we want to leverage that to ensure that everyone is hearing our story, that we are a safe and secure jurisdiction. Then we layer on with that the innovation, the fact that we are looking at how we can embed AI, that we have the right infrastructure in place for this, then we can start to think laterally about how we can insource other work.

As long as we can make sure we can take on clients, onboard and do our due diligence in a cost- effective and timely way, we can become a leading administration centre, even for entities that are tax resident in the UK or other high-tax jurisdictions. We have all the skills and capability to deliver this.

Charles Molteno: The MONEYVAL assessment has highlighted several opportunities, particularly around how we use data. If we treat data not just as a compliance requirement but as a strategic capability, it could really move the jurisdiction forward. The key lies in collecting and analysing data in ways that are meaningful and effective for all parties. If we can also create mechanisms to share that data efficiently with the right stakeholders – and ensure it delivers tangible value – that could be transformative. But it will take real collaboration and commitment to get there.

… over the last year and what is the industry doing to continue to meet client and investor requirements?

Aidan McAvinue: The volume of interest from major global players in the tech, banking and payments space to partner with and work with Jersey tech firms, to understand this sector and to try and grow in Jersey, is really striking.

One factor driving that is the amount of US private equity firms’ interest in financial services in Britain, Europe and – as a consequence – Jersey. They might have structures in Jersey but they also have, in their same portfolios, really compelling technology solutions and they want to leverage those. This is one to watch closely as that cohort improves their understanding of our market.

Charles Molteno: Over the past year, we’ve seen steady growth in overall deposit levels and balance sheet strength across the industry, supported by resilient interest rates. But beyond the numbers, the real focus has been on client responsiveness.

Meeting evolving expectations has driven continued investment in automation, digital transformation and more efficient onboarding, which has helped us deliver a smarter, more seamless experience across all segments.

Steve Gully: In terms of evolution, the industry has had to absorb a number of changes around legislation in the local domestic market. It has shown an ability to do that in terms of certain new roles being created and different requirements with certain structures such as private trust companies, for example.

The industry has shown an ability to move when it needs to and to land on that. It’s also helpful to know that we’ve got working groups looking at how we can refine and improve certain elements of that as well. AI is another area where there is a willingness to explore, understand and adopt, where possible, improvements in the technology. This is an area that – across the industry – has been looked at, whether it’s around automation or semi-automation of bookkeeping and bank feeds, through to enhanced review of investment portfolios and performance to onboarding portals and, ultimately, improving the ways in which our clients can access, receive and interpret information. Overall, there’s a real desire and appetite and willingness to explore and progress and enhance and follow the pace of change.

Aidan McAvinue: I’ve been really struck by – being in this industry on the tech side for almost a decade – the recent shift in quality of digital transformation and the way businesses invest in technological change. To this end, transformation programmes are being done by well-funded, smart people, bringing in best-of-breed talent and partners and being professionally executed and with meaningful, measurable impact.

Zena Couppey:

We’re fortunate that Altum is small and agile and doesn’t have the burden of legacy data, so we’re able to clean and structure data very quickly. You can’t do anything without clean data. From there it’s about digitalising processes and ensuring systems are integrated and aligned, everything needs to talk to each other. That’s where real transformation happens. Looking ahead, transformation and digitalisation is going to be a critical area for Jersey to focus on. You simply can’t transform a business today without investing in both and that comes with a cost but also opportunity.

… and continue to attract business to its shores over the past 12 months? What key events did you hold and what have you got planned for the next year?

Amy Bryant: Here at Jersey Finance, we’re hugely proud to lead the promotion and representation of our finance industry, because working with our 180-plus members and championing their businesses and encouraging new clients to the Island is a real privilege.

Over the past 12 months, we’ve maintained our busy global events and market development programmes and we use the experts that we have in the overseas markets to ensure that both the content and the communications are relevant to the markets in which they are operating and servicing.

So, during 2025, we’re going to be doing nearly 200 events across 16 different locations in our key markets. Those events will range from a small roundtable right through to large conferences within excess of 500 attendees.

In terms of key events and key activities, we run an annual programme ‘Perspectives: Women in Leadership’. That’s a lovely opportunity to work with not only our Jersey-based members but key intermediaries in London and the Middle East. It’s a roadshow where we are looking at the role of women in leadership and business. We do three events across the course of the week and we’re delighted that Jill Britton’s going to be joining us this year on our travels. So we’ll be in Riyadh, Doha and Dubai.

We’re also excited that this year we are expanding our operations in the US to cover not only the funds sector but private wealth as well. We see plenty of opportunity in that space and we are building up our footprint there to meet that demand. A key highlight of the year for Jersey Finance is the Private Wealth Conference that we run in London and Dubai.

But it’s not just overseas events either. We spend much time and effort on our local events as well. We also have our Rising Stars Celebration which is about showcasing the young talent that we have within the industry and celebrating their success. As part of that, we also have our Future Connect programme which is about providing networking opportunities for young members of the finance industry. For our junior members, it’s fantastic to be able to provide them with the opportunity not only to network but also to develop softer skills that come alongside roles in financial services.

In terms of location, we are truly global. We’ve got two market development directors in the UK providing support for funds and private wealth. We’ve also got a market development lead for the US, broadening out from just solely funds to private wealth in that region.

We’ve also got our Middle East hub. That complements our director on the ground in South Africa. Then we’ve also got a presence in Singapore as well and our CEO and global head of markets have done a couple of substantive trips to Hong Kong this year.

Alongside all of the events that we do, we have a comprehensive thought leadership plan and strategy as well.

… what is Jersey doing in terms of its own strategy and policies?

Amy Bryant: Jersey’s finance industry administers approximately £1.4 trillion worth of international assets. That’s a great opportunity but also a great responsibility in terms of driving forward positive change in the global financial landscape with regards to sustainable finance and sustainable investing.

Last year, the Government of Jersey undertook a consultation to understand industry’s hopes and ambitions in relation to sustainability. Coming from that and based on the feedback received in November last year, they launched Jersey’s Sustainable Finance Action Plan.

That underlined our commitment as a jurisdiction to spearheading international best practice and expectations. From a Jersey Finance perspective, in 2021 we laid out an ambitious industry-led vision to be recognised as a leading centre for sustainable finance in the markets that we serve, by 2030. Now we’re five years away from realising that vision.

This year we also held a Sustainable Finance Summit. It was a week-long series of events featuring a fantastic international speaker delegation. We heard from leading experts and used the opportunity to showcase to the broader industry both the opportunity but the imperative as well. We closed it off with a volunteering day on the Friday, focussing on how the finance industry connects with the community through enhancing our natural environment. So we are doing a great deal in the sustainable finance space.

Jill Britton: Jersey’s position has been to take a balanced, flexible and thoughtful approach to sustainable finance. Globally, standards continue to evolve and shift and we should remain open to adopting the most effective approach.

We’re fully aligned with the government’s Sustainable Finance Action Plan. We should all have a focus in this area but our response needs to be balanced and proportionate.

Charles Molteno: It’s important that we stay broadly aligned while also recognising the need for pragmatism. There’s been a collective pause to reassess, acknowledging that while our ambitions around ESG and net zero remain strong, the path forward is complex. What matters now is that we approach this in a balanced, realistic and thoughtful way and that in itself is a very positive step.

Steve Gully: The Island is certainly well-positioned and has shown some proper intent to explore, understand and put the right infrastructure in place in terms of investing time and effort and knowledge into the sustainability mandate. Jersey Finance is certainly leading within the industry in terms of driving that forward.

They have a dedicated individual who’s clearly passionate about this area. That’s extremely helpful for us in terms of knowing that we can take this forward in a sensible and proportionate way. We need to have our own mandate and vision in place and not get drawn into whether other jurisdictions are speeding up or slowing down their own initiatives.

There’s also now less divergence between ESG focussed investment portfolios and non-ESG focussed investment portfolios. In terms of businesses that clients invest into through their investment portfolios, you will see now that, in terms of looking at factors such as governance, sustainability and the environmental considerations, those businesses have transitioned themselves more to a midpoint.

If you look at an asset allocation for an ESG portfolio versus a non-ESG portfolio, the differences are now far less profound than they once were, which shows that, in that wider investment space, there is more commonality now.

… significant change, where do product diversification and tokenisation fit in and what alternative and emerging markets outside of traditional investment is Jersey targeting?

Joel Hernandez: Alternative investment for the funds space is our core area. Nearly 90% of Jersey’s funds under administration are in alternative investments. So it’s an absolute key area for us and it’s one of our key areas of expertise.

We are also really blessed with the fact that through the efforts of the regulator – the Jersey Financial Services Commission – we have produced guidance on tokenisation, which very few jurisdictions have We are at the cutting edge of that because very few jurisdictions understand that type of product, let alone are able to provide guidance to industry.

Added to that, the developments of the likes of ELTIFs and LTAFs in the UK and Europe, means that Jersey can serve that industry by providing what we do best, which is the ‘undercarriage’ for those vehicles, being the holding structures that will hold alternative investments. There have been recent examples of structures being established to support these products. So we are finding ways where we can service or add value to the alternative investment space.

Zena Couppey:

Retailisation is one of the most significant shifts we’re seeing in the alternatives space. Ultra-high-net worth allocation to alternative investment is currently around 2%. If they moved that to 5%, it would unlock a massive amount of new capital.

One of Blackstone’s fastest-growing funds is its retail fund and it’s attracting substantial capital. Beyond that, product diversification is accelerating. We’re seeing new types of fund structures like natural capital and life sciences, it’s no longer just about real estate. These are more sustainable, forward-looking initiatives and Jersey is well-positioned to support them thanks to the flexibility of our funds’ legislation. That adaptability is key as we look to growth markets outside traditional alternative investments – and this is what will allow Jersey to continue attracting innovation and capital from across the globe.

Steve Gully: It’s an area, from the private client side, where there’s still a need for more knowledge, understanding and acceptance of whether this can work within a structure and, if so, what the legal solution would need to be around that.

Before firms start to heavily invest in that area, they will be looking for more clarity as to whether this is something that they can get comfortable with from a money laundering perspective. There will be solutions but it’s working out the time and appetite for that. That’s also something that, whether it’s from the government and a regulator perspective, there probably needs to be that cross collaboration and understanding.

Alex Wright: Is the Island’s finance sector looking to advanced digital solutions such as AI driven tech to improve its systems and products and if so, how?

Aidan McAvinue: The incentives are there and they’re fully aligned. Because, even from a talent, cost of talent and cost of production point of view, the impact of service on the underlying users and the demands for more instant service and immediate service are too great. There’s absolutely no choice. I see a big problem with the bridge between that aspiration and all the incentives to get there and knowing how to get there. That’s a huge challenge.

Most businesses are grappling with the fact that they have to go back to fundamentals before they can get any real leverage from adoption of AI. Adding machine learning, optimisation, even old fashioned data and technology efficiencies, goes back to the same basics it always has, which is, is your house in order?

Whether it’s the complexity of dealing with a MONEYVAL review and everyone having to down tools for six months because they’re trying to get the data, whether it’s the regular national risk assessment endeavour, whether it’s just trying to plug one system into another for efficiencies and straight- through-processing, it goes back to those fundamentals of quality of data and then maintaining the quality of that data.

Everyone I talk to is grappling with exactly the same challenge. It’s not just about AI. It’s every single tool and the integrity of the underlying data. The incentives are massive.

… for the breadth and depth of talent in its financial services sector. What sets the Island apart in attracting and developing high-calibre professionals? How has the industry continued to build on this strength to remain competitive globally? Amy, maybe you could kick us off on that?

Amy Bryant: We’ve got the largest financial and professional services workforce in Jersey of all the Crown Dependencies and overseas territories, with more than 14,000 people working within our industry. So it’s absolutely vital that we continue to nurture that next generation of talent coming through and leaders and succession planning and really develop a resilient, sustainable, highly-skilled local workforce.

At Jersey Finance we have an active future-fit workforce programme and a long-term industry strategy with talent as one of four key focus areas. This is looking at how we can make Jersey somewhere that’s attractive, not only to our home-grown talent to stay and work within our industry but also attract that important talent to the Island.

We’ve ramped up our engagement with local schools. We visit every secondary school setting on the Island. We did that last year. We’ll do that again this year. We’re talking to students proactively about the diverse opportunities within financial services, so that they don’t come away with this impression that we just sit, tapping on a keyboard, in a darkened room somewhere.

We also run a Life in Finance work experience scheme. That really encourages that next generation of talent to think about whether a career in finance is right for them. We’re absolutely delighted that, this year, we’ve doubled the number of students interested in taking a place on that programme, which is absolutely fantastic.

Then, when young talent enters our industry, we support it through our Future Connect programme, with the opportunity also to participate in our Rising Stars Awards. In addition, we run a Future Leaders Forum which invites all those winners of the Rising Stars Awards to come and work together collaboratively, to think about the future direction of Jersey as an international finance centre.

We’ve also developed a Reconnect programme that supports those who might be either thinking about a career switch into the industry or maybe returning to the industry after a period away. It supports them through that process.

Charles Molteno: We work closely with Jersey Finance to amplify the Island’s strengths but we also recognise that we need to keep pushing further – telling our story more effectively and showcasing the breadth of opportunity within the sector.

At an organisational level, firms are doing a lot to attract and develop talent. And at an industry level, we’re collaborating too – our Future Leaders subcommittee, for example, is focussed on targeted initiatives to support career development. So it’s very much a dual approach: individual action and collective momentum.

Zena Couppey:

We are intentional about outreach. I am an advocate for woman and education and do regular motivational talks in our local schools. We also attend the career fairs and run a very focussed graduate training programme as well. Over two years, we’ve placed graduates in every area of the business, from operations to tech to private equity and private wealth. They also spend a day with the CEO to understand leadership at the top level.

We also believe in reverse mentoring, where the younger team members give us feedback. Our board apprentice is a graduate who sits on our main board to give us direct feedback. That kind of insight is invaluable, it helps us stay connected to the next generation and continuously evolve how we lead and grow.

… areas of greatest success over the past 12 months and looking ahead, which areas can it capitalise on in the coming year?

Amy Bryant: In a really complex macroeconomic and geopolitical environment, we’ve done really well and we should have confidence in the future from that perspective. We’ve really benefitted from our strong regulatory standing. We should be really pleased with that and it should give us confidence for the future. In order to give local industry confidence that we’re investing in the future of Jersey’s financial services industry, there are two things that really stand out as critical to get right and make noise about.

First, there is the Government of Jersey’s Financial Services Competitiveness Programme. That is a fantastic initiative to identify opportunities to build on the already-successful platform we have here and to make sure that we are ready for the future and what the clients’ businesses are looking for going forward.

Then, to complement that, there’s the work the industry is doing with us at Jersey Finance around our Vision2050, which has more of an industry-led sense of focus and purpose around initiatives that can drive Jersey forward as an international finance centre.

Those two pieces, working hand-in-hand, are going to set us on the right path to success going forward.

Zena Couppey:

We see a real opportunity in building deeper relationships with capital coming out of the Middle East and the US. That could drive tremendous growth for not only the funds industry but also in the family office space, there’s huge potential for Jersey.

We also need to keep pushing forward on digital progression, because that will be a leading advantage if we can demonstrate that we are better than some of the innovative firms coming out of other jurisdictions. That means we’ll need to take an even more forward-thinking approach to digitalisation, tokenisation, crypto and the broader wave of innovation the world is rapidly adapting to.

Ultimately, if we maintain our agility, protect our reputation and continue investing in great talent, Jersey will be in a very strong position to lead in the year ahead.

Aidan McAvinue: I’ve been doing a bit of extra research on some of these Big Four surveys I’ve seen, which are very granular. It really struck me that, in both wealth management and in trusts and corporate businesses, they’re talking about double digit-teens growth in revenues and profits year-on-year and a compounded growth over five years of 5%. That speaks to a healthy demand industry at large but one also wonders at the sustainability of fee levels, charge-out rates and how competitive Jersey firms are versus other locations. This is a premium product but the experience needs to justify the price against stiff competition. Talent is hard to find and keep, therefore I think this is a driver for recent increased investment in technology and evidenced in the data. Lastly, cybersecurity has climbed right to the top of everyone’s list in the past year in particular – quite rightly.

Jill Britton: We need to build on the strong fundamentals we’ve already established – Jersey has a solid foundation. There’s clear opportunity in areas like private wealth and funds but we have to think about the markets we target. What sets Jersey apart is our collective strength. How we showcase that on an international stage is a really powerful thought for consideration.

Joel Hernandez: Given the turbulent market conditions, the fact that the Jersey funds industry has managed to grow in the last 12 months is testament to Jersey’s resilience. It has grown in the last 12 months. Not all international finance centres have benefitted from that level of growth. In fact, some international finance centres’ numbers have declined. Jersey Private Funds continue to be a success too, with a total of 750, which is also another 5% increase on last year.

But looking forward, while Jersey Private Funds have been the real focus and success story, there are some challenges involved. There is growing international competition to attract private capital. Jersey Private Funds have been aligned with the market because, over the last, I would say, 10 years, we’ve gone from many funds having lots of investors, to fewer funds but with high tickets being written by a smaller number of investors. I would say the JPF was the right type of fund regime for the right time and still is. We’d love to get to 7,500. Jill would love it as well.

Charles Molteno: The banking sector has delivered strong performance and growth over the past year, which is encouraging. But what’s even more exciting is the collective momentum we’re seeing from government, Jersey Finance and the regulator around competitiveness and future-readiness.

The alignment across these stakeholders is exactly what the industry needs and it’s something we fully support. Of course, there’s still work to do. We need to stay agile, improve responsiveness and keep evolving. But the building blocks are in place and with that foundation, Jersey’s finance sector is well positioned to capitalise on new opportunities in the year ahead.

Steve Gully: Look at MONEYVAL, for example. We’ve had some really good, positive endorsements. We’ve heard, in terms of a data perspective, that the business and the respective industries have all been growing. We continue to have a really good reputation in the international scene. We’ve got lots of capability. We’ve got inflows in terms of capital into the private wealth industry, into the banking and into the fund sector.

So the success is clearly there. The opportunities really are to market that as collaboratively as we can do to show that there is a joined-up approach between the complementary industries that we have on the Island, from funds, from banking and from the trust and company side, to show that we’re well plugged in with our regulator, which is really good and also at a government and a Jersey Finance level.

We want to really recognise what we do well and make sure that we can publicise that with that mandate about being open for business and open for growth. We’ve got everything that we need to do that, in terms of the qualitative and quantitative measures that sit behind that and the continued adoption of technology – which isn’t just AI – while using it to improve our processes and make sure we are deploying people within our workforce in a cost-efficient and effective way.

Client service has been at the forefront of what we do and we continue to build out on that. So there’s many positives that we have here and we just really need to be very public in making sure people hear that message, that they know that we want to continue to evolve and we’re well positioned to do that in the current global landscape.