Monday, April 25, 2011
New quality business is ripe for the picking in Russia as growing numbers accumulate wealth, according to Jersey Finance, the government's financial services industry promotional body.
Christine Whitfield, Head of Special Projects, Jersey Finance Limited, has returned from a major conference in Moscow in which wealth preservation outside of Russia together with succession planning were acknowledged as key considerations for Russian High Net-Worth Individuals (HNWIs) who have established successful businesses.
“Jersey is ideally placed as a leading international finance centre to provide high quality financial services. Jersey’s trust law is extremely well regarded and offers asset protection for international assets together with estate planning, which Russians now seek. In this post-financial-crisis environment, it is not only about the products but also about the reputation of the jurisdiction so Jersey’s high standing in respect of regulation and corporate governance is an attractive aspect to advisers and intermediaries representing Russian clients.”
“We know for instance that there is increasing interest from Russian family offices in using private trust company ownership as part of a wealth management strategy and Jersey offers this.”
The event, the 2nd Adam Smith International Conference ‘Wealth Management and Private Banking, Russia and CIS,’ was held in Moscow earlier this month. It attracted finance professionals in private banking and wealth management, family office representatives and advisers to wealthy Russian individuals. Carey Olsen, Equity Trust (Jersey) Limited, Horizon Trustees (Jersey) Limited and Investec Trust also sent delegates to the event from Jersey.
The programme of engagement with Russia continues later in the year when a further visit is planned by Jersey Finance and consideration is being given to extending the visit to include St. Petersburg.