CI get funds warning over draw of the East

Wednesday 24th August 2011, 3:00PM BST.

Firms are looking to expand into Singapore

THE funds industry has given a strong hint that it could be looking to the East for future expansion rather than in centres like Jersey.

A major survey conducted by finance firm Ernst & Young shows that Asia and the Far East are the places where administrators expect to grow.

However, the survey was conducted before the requirements of a European directive were known which has subsequently led to a reassurance about the future of the Island’s funds industry.

The survey covered 34 leading private equity fund administrators based in Guernsey, Jersey, Luxembourg and London and showed that the Channel Islands dropped down the pecking order as a location for new funds business in the last 24 months.

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1
Michael Eppier

August 24, 2011 at 3:21 pm

Don’t worry folks – Jersey is booming ,with a bright future ahead, our politicians said so – so it must be true !

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2
mo

August 24, 2011 at 6:40 pm

This is the news I have been waiting for. Forty years ago when I took out my pension plan the guy said “Trust me, invest in the Orient. By the time you retire, that’s where the money will be”. I only wanted enough to pay heating bills but it seems I won’t need that as I will be sunning myself in Bali during the winter months.

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3
CORblimeyMISSUS..

August 24, 2011 at 7:13 pm

IT’S NOT THE END OF THE WORLD….. but it’s probably the end of your easy life.. until you start buying turbans and give up alcohol

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4
rolatiier

August 24, 2011 at 7:15 pm

TIME TO SELL OUR HOUSE then..ohh dear, we’ve left it 3 years too late

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5
Pip Clement

August 25, 2011 at 12:13 pm

If most of the future economic growth will be in the East then it makes sense for funds to locate there.
The finance business will grow worldwide but there are more centres chasing the business so I doubt that Jersey will find the easy growth that it had in the past.
If we cannot balance the budget by growing the economy and raising more taxes that way then we will have to increase the rate of GST, etc or cut expenditure to balance the budget.
It looks like hard choices after the next election!

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6
Mim

August 25, 2011 at 2:35 pm

Mo. No. 2. Don’t do that or you will lose your Health care and your Xmas Bonus even though you have paid into the System all your working life.

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7
Adrian

September 2, 2011 at 6:10 pm

China and other countries in the Far East have cottoned on to this capitalistic method of funnelling money.

They also have an advantage in the fact that they have a large industrial base and actually produce real things to sell in exchange for foreign currencies and resources and aren’t reliant on one thing.

Things don’t look good locally no matter what term you use short/medium/long.

Pip GST 20% is my prediction. It will be sooner than later no matter what the likes of Ozouf and co may promise in their next election manifestos. Being dependent on finance will end up costing Jersey dear. Some think it has already.

Mim have tried S.S. about this concern and couldn’t get an answer. Who is best to speak to ref this? I certainly won’t want to be spending winters in Jersey when I am retired. 20% GST is not my cup of tea! Noney also goes further in places like Thailand and people don’t have long sourer faces.

Anyway if a person doesn’t tell them how will they know? If they don’t know then this won’t be an issue will it? Is it indeed a legal requirement to inform them? Do you have any info on all this? I would be very interested to see what you have to say.

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