Thursday, September 29, 2011
Jersey has retained its position as the highest rated offshore international finance centre in the latest Global Financial Centres Index (GFCI) published on September 26, 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).
Welcoming the report, Jersey Finance, the promotional agency for the island's financial services industry, noted that Jersey has climbed into the top ten locations in the world for wealth management and private banking services, in eighth place, and is the fifth-highest ranked location overall in Europe, behind London, Zurich, Geneva and Frankfurt.
Jersey has also moved from being categorized as a ‘transnational specialist’ to a ‘global specialist’ centre, becoming the only offshore centre 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.
London is named as the number one centre overall in the rankings again, marginally ahead of New York and Hong Kong.
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".
Geoff Cook, the 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.”