The Jersey Funds Association (JFA) has elected a new committee, headed by Michael Johnson (pictured) as chairman.
Johnson replaces outgoing chairman Tim Morgan, also partner at law firm Maples, who has completed his three-year tenure with the association.
Investment fund specialist Joel Hernandez will take on the position of vice chairman.
Johnson is group head of institutional services at Crestbridge, while Hernandez is a partner at law firm Mourant.
Remaining on the committee this year is Elliot Refson of Jersey Finance. Refson’s analysis on why some jurisdictions are set to fare better from the upcoming AIFMD II Directive than others can be found in the latest issue of Asset Servicing Times.
At the JFA annual general meeting, Morgan, said: “The Jersey funds industry continues to operate in a fast-evolving market, with regulatory, economic and geopolitical uncertainty continuing to pose challenges – but the fact that Jersey’s funds industry succeeded in reaching new record highs of assets under administration in 2022 and in each of the past three years speaks volumes about the appeal of Jersey’s platform of stability.”
He added: “Reflecting on the past three years, there is no doubt it has been a busy but exciting time to lead the JFA, through a complex period encompassing the implications for Jersey of the effects of Brexit, to the challenges of the global pandemic, to ongoing enhancements to Jersey’s international standing for tax and regulation. It is a credit to the committee and to the wider industry that Jersey’s funds offering has gone from strength to strength throughout this period.”
Johnson commented: “There is no doubt that the landscape continues to pose challenges. Geopolitical developments have significantly worsened since the increased hostilities in Ukraine, and from a macro-economic perspective, inflation rates, interest rate changes and other economic indicators are pointing to a significantly more challenging economic environment.
“But there is plenty for Jersey to be positive about. We have a compelling proposition, an industry that is growing at an impressive rate, and more and more managers of substance looking at Jersey to support their cross-border needs. Private equity, venture capital and real assets are at the heart of global economic rebuilding efforts, and we have precisely the experience and platform here to support that and make a positive impact.”
