Giving Clients Tools To Do The Job In Jersey

Tom Burroughes

14 September 2022

The “wealthier end” of clients continue to be interested in private trust companies and other structures offered in Jersey, with Middle East-based clients an important business driver for the jurisdiction, a senior figure says.

“Jersey has done a great job of increasing the product shelf over 25 years, starting with limited partnerships suitable for the professional industry, moving through cell companies for fund structures and white-labelled fund platforms, though foundations,” Mike Rothwell, director and country manager, Channel Islands, Pershing Limited, BNY Mellon | Pershing, told this news service.

The ability of the island to rapidly develop structures which are useful for international families and businesses is particularly important, he said.

“Jersey is a naturally responsive jurisdiction, gearing its regulatory and legislative development to develop solutions for its prime industry. It’s common sense really – Jersey doesn’t need to extensively legislate, for example, around automobile safety, or healthcare, and can focus the legislative programme on the industries that really matter – like financial services,” Rothwell continued.

As this news service has spoken to a variety of firms and individuals in Jersey and Guernsey, a common theme has emerged of how these places stress their ability to innovate and bring out structures such as trusts and companies that give HNW clients the tools they need. (See here for an overview of developments in these islands.)

“Jersey has done a great job of increasing the product shelf over 25 years, starting with Limited Partnerships suitable for the professional industry, moving through cell companies for fund structures and white labelled fund platforms, through foundations. Jersey is a naturally responsive jurisdiction, gearing its regulatory and legislative development to develop solutions for its prime industry,” he said. “It’s common sense really – Jersey doesn’t need to extensively legislate for example around automobile safety, or healthcare, and can focus the legislative programme on the industries that really matter – like financial services.”

And, as they themselves work with. For many, managing multiple vendors is time-intensive and costly; creating a `one-stop shop’ suite of holistic solutions that meet the spectrum of a company’s needs has led to the creation of more valuable relationships between Pershing and its clients,” he said.

What of the future?
“Pershing Channel Islands has had a great decade, initially building a client book based on UK wealth firms and recently adding local Channel Island businesses as clients,” Rothwell said.

“We see the next five years as consolidating our position as provider of choice to Channel Islands firms, provider of choice for offshore solutions to UK wealth management firms and moving on to new markets beyond.”