London Business School Appointed to Research Future of Finance Industry

23 October 2007

The Economic Development Minister together with Jersey Finance Limited has commissioned the London Business School to undertake a fundamental review of the future of Jersey’s finance industry.

The finance industry is currently returning first class results, with 2006 profits up 25% on the prior year and 2007 also looking good. Bank deposits and funds under administration are each at record levels.

Senator Philip Ozouf, Minister for Economic Development says, “Our finance industry is the envy of both smaller and much larger jurisdictions and it would be easy to become complacent. We see considerable opportunities for further growth against a background of fierce competition, whilst also experiencing a number of externally driven changes to our offering. Now is a good time to consider a fundamental review of opportunities and challenges and seek to plan our future more precisely so that we secure the future success of the industry and the benefits it provides for the Island community.”

Geoff Cook, Chief Executive of Jersey Finance Limited, has been in discussion with representatives from a number of potential partners and has selected the London Business School which is consistently ranked as one of the top business schools in the world. He comments, “We have to look to the future and ensure that the current success of our finance industry is sustained, with the aim of securing our position as

one of the global leaders in an intensely competitive market for international finance. In order to ensure a thorough and comprehensive analysis we have commissioned one of the world’s leading business schools with extensive international credentials, who are able to provide an objective view of the threats and the opportunities open to us”.

The review, which will be completed by a team of three, supported by Senior Members of the Faculty from the London Business School, is designed to assist the finance industry in making informed decisions about its strategies for growth in the long term. The team will research and write a report on the future of finance in Jersey.

Working in partnership with key stakeholders, the team from the London Business School will undertake a fundamental reassessment of Jersey as an international finance centre. They will consider its role, character, personality, composition and position in the global financial community, together with formulating a strategic vision for the next decade.

A key objective will be to help Jersey advance its position as a global leader amongst centres of international finance, whilst increasing the contribution of finance to real economic growth, fiscal stability, and the continuing prosperity of the Island community. It will include a comprehensive analysis and comparison of Jersey with its competitor jurisdictions together with a strategic analysis of the future and how the Island can manage the challenges that may arise.