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Jersey has maintained its top ranking amongst offshore jurisdictions in the latest Global Financial Centres Index (GFCI) and is again the only offshore location to feature in the top 30 International Finance Centres (IFCs) around the world.
Jersey continues to be ranked at 28 in the Index which is led by London and New York, retaining the same ranking it had in the previous edition of the Index, ahead of close competitors Guernsey (ranked 36), Cayman Islands (39) and the Isle of Man (41). The Index, published every six months and launched in 2007, was designed as a barometer to track movements in the competitiveness of financial centres around the world.
It reported that overall the offshore sector had performed better in the Index than it did in the previous edition published in March and in respect of Jersey, it stated that other offshore centres along with North America and the Middle East/Africa region rated Jersey more favourably than they had in the previous Index.
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Geoff Cook commented:
“It is encouraging that Jersey continues to be ranked in the top 30 staying ahead of its competitors. A graph published in the Index, illustrating the performance of the offshore jurisdictions, shows clearly how Jersey has consistently maintained its leading position during the six years since the Index was launched. While there have undoubtedly been challenges for many of the niche IFCs including the offshore jurisdictions since the financial crisis of 2007, Jersey’s consistency continues to be evident, while there is also a welcome improvement in our rating from some of the key locations where we are seeking to secure new business.’
Geoff Cook was invited by the GFCI publishers to contribute a Foreword to the report, the first time an offshore jurisdiction representative has been asked to do so. In his Foreword, he wrote that ‘looking to the future, and in common with other leading jurisdictions, Jersey is now fully engaged in enhancing its presence and developing business in key international markets including China, India, the Gulf, Russia and the African Continent. To succeed in these growth activities, we understand that reputation is a key ingredient in attracting new business and believe that the best reputation will stem from stability, experience, quality, innovation, an adherence to global standards and respect for client privacy, all features that Jersey is proud to embrace.’
Jersey has maintained its top ranking amongst offshore jurisdictions in the latest Global Financial Centres Index (GFCI) and is again the only offshore location to feature in the top 30 International Finance Centres (IFCs) around the world.
Jersey has climbed two places, retained its position as the highest rated offshore international finance centre and enhanced its global reputation, according to the latest Global Financial Centres Index (GFCI) released on Monday 26th September 2011.
Jersey has climbed two places, retained its position as the highest rated offshore international finance centre and enhanced its global reputation, according to the latest Global Financial Centres Index (GFCI) released on Monday 26th September 2011.
Overall, Jersey is placed 21st in the competitive rankings, which are published every six months, ahead of Guernsey in 31st, the Isle of Man (40th), Cayman Islands (46th) and Malta (70th).
In addition, Jersey has climbed into the top ten locations in the world for wealth management and private banking services, being named in eighth position, and is the fifth highest ranked location overall in Europe, only behind major city centres London, Zurich, Geneva and Frankfurt.
Jersey has also moved from being categorised as a ‘transnational specialist’ to a ‘global specialist’ centre, becoming the only offshore to achieve a ‘global’ profile, listed alongside centres such as Beijing, Dubai and Geneva. The Index also scores Jersey well in terms of stability and as the 16th highest ranked centre globally in terms of reputation - the only offshore centre to appear in the top 20 centres by reputational advantage.
Noting that confidence amongst financial professionals has risen since the last index for virtually all centres, the report comments that Eurozone centres, such as Dublin, Luxembourg and Malta, have suffered in the rankings. It also states that offshore centres ‘are now recovering’ as respondents ‘recognise the contribution these centres can make to global finance’, and that ‘Jersey and Guernsey are working to change perceptions and to ‘rise above’ the status of offshore specialist centres by being seen as more diversified’.
London is named as the number one centre overall in the rankings again, marginally ahead of New York and Hong Kong.
Geoff Cook, chief executive of Jersey Finance Limited, commented:
“Jersey has performed extremely well in this latest Index, holding on to its position as the top offshore centre, which it has now held for five consecutive Indexes. To be listed ahead of major European centres such as Paris, Munich and Luxembourg, confirms that Jersey is incredibly well regarded on the global stage.
“This is particularly pleasing when you consider that Jersey is one of the only offshore centres to have improved its global ranking and is now referred to as a global player and one of the top centres worldwide for wealth management services. That Jersey’s stability is also emphasised is extremely positive in the current climate, whilst the fact that the Index recognises Jersey’s reputation is testament to the hard work that goes in to promoting Jersey both at home and in key foreign markets.
“It is interesting that the Asian centres are continuing to consolidate their position in the rankings. Both Hong Kong and Shanghai remain in the top five, emphasising how important it is that Jersey continues to maintain its marketing efforts with overseas centres like Hong Kong and Greater China in order to drive Jersey’s future success.”
