Darren Kelland, head of Private Clients at Hawksford, believes Jersey will come out of the COVID-19 pandemic as a jurisdiction of choice for Private Clients.
Jersey firms are renowned for their personal service, something which many Private Clients have absolutely relied on over the last few months, proving that even at times of crisis there can be some sense of business as usual. Our clients are international and we are used to talking to them on the phone, but now more than ever we can see the value of the island’s first class telecommunications infrastructure and the willingness of local firms to invest in the highest quality technology. We take these things for granted but it is at times of crisis that we are reminded of the strength and stability of the island – key attributes that will see Jersey in a strong position in the future.
Although not a crisis of the same nature, the political instability of the Arab Spring saw many Private Clients make significant business and investment decisions, with the uncertainty of the crisis forcing their hands. We currently see clients who have investment portfolios which have seen significant paper losses but are holding their nerve, clients in the tourism or property sectors also working in unprecedented circumstances, while others are buying investments at a discount with a strong bias towards blue chips and internet retailers in particular. It takes a brave investor to take the plunge in volatile markets but those who do and have the strength of character to take a long-term view, can add significant value to their portfolio. Geopolitical issues and crisis can create uncertainty and caution but they can also create opportunity and provoke a change in mindset.
It is this uncertainty that makes Jersey the ideal jurisdiction for Private Clients who seek the highest quality structuring and investment advice to help build a degree of certainty during difficult times. Jersey’s reputation for philanthropic excellence and delivering the strongest governance, that enables sound decision making and communication, also sets us apart from the others. We may not see the impact of this immediately but longer term I predict that Jersey will cement its reputation as the jurisdiction of choice for Private Clients.
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