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February 06, 2006
Jersey open to hedge funds
With the introduction of the Expert Funds regime, Jersey is all set for a new era in the hedge fund business. In fact, this has served as a clear signal to the industry that Jersey is open to hedge fund business.
The past year has also seen substantial changes in the way that business is conducted here and has therefore increased the attractiveness of the island. So far, setting up a hedge fund in Jersey was a struggle, with the increased flexibility and the new regime, the process has become much easier. Also, there are no restrictions on borrowing or investment anymore. So far, non institutional fund managers were discouraged in Jersey, again the new regime has changed this.
A number of other changes introduced in the regime have remodeled the entire market and created a better platform for hedge funds. Hedge Week reports:
The new regime, which took around a year to draw up from conception to implementation and which involved extensive discussions between industry practitioners, the regulator and the island’s political authorities, represents a big change for Jersey in terms of regulatory mindset. Also, till now it was required that funds use a Jersey custodian, whereas the Expert Funds rules have removed that stipulation provided that the fund has appointed a prime broker.
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