Funds buoyant despite gloom

Friday 25th July 2008, 3:00PM BST.

JERSEY’S funds sector remains ‘buoyant and active’ despite the global economic downturn, according to a spokesman.

Richard Thomas, chairman of the Jersey Funds Association, said that although some other jurisdictions had a skills shortage, owing to population capping and ‘lack of educational direction’, Jersey had ‘excelled in working in partnership with government in adopting a pragmatic approach to recruitment’, as well as investing in staff training and education.

‘The association recognises that 2008 and 2009 will continue to be challenging times for the industry, but we have a good foundation upon which to deal with issues as they arise,’ said Mr Thomas.

Speaking at the annual general meeting earlier this month he said that the industry had been ‘busy working with the Jersey Financial Services Commission to introduce new statutory requirements into day-to-day business’.

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