Innovation In Action: Jersey's Edge In The US Market

This year marks five years since Jersey Finance launched its New York office. Here's an interview with the organisation's lead in the Americas, Philip Pirecki, about how the Island of Jersey's proposition for US managers has gone from strength to strength.

Q: What kind of growth have you seen in private fund offerings in the island over the last few years?

Philip Pirecki (PP): Overall – and despite challenging market conditions globally – our funds sector has performed well. The latest figures for midway through 2024 show that regulated funds business has grown by 4% year-on-year and by some 40% over the past five years. Overall, around 88% of Jersey's funds business is in alternatives - and private equity and venture capital has been the stellar performer, growing 20% annually and a staggering 63% since 2019.