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Hawksford, a leading provider of corporate, private client and funds services, has recently seen an increase in business and enquiries from countries all over the world looking to migrate their businesses to Jersey, suggesting now is a time for new opportunity and growth in Jersey’s financial services industry.
“It is a very exciting time for us in Jersey,” said David Carswell, Hawksford Director and Head of Corporate Services in Jersey. “Jersey is a highly reputable, well-regulated jurisdiction. In the past, some may have felt this worked against us but with a growing number of traditional financial centres being added to grey lists and watch lists, attention is turning to Jersey as a trustworthy destination for businesses.
“Jersey’s highly regulated and respected system is now one of its key selling points. In addition, with no political unrest and strong investor due diligence, we are trusted globally and can facilitate cross sector business from all over the world more efficiently than many other financial centres.”
Hawksford has seen this trend illustrated by a growing interest in ESG services from both clients, financial service providers, and multinational corporations in recent years. This focus on ESG is being recognised across the wider Jersey financial industry too, with Jersey Finance publishing an ESG strategy – Jersey for Good: A Sustainable Future – which discusses the growth of sustainable finance and its contribution to environmental and social change.
The ESG interest has been growing for many years and the benefits to businesses are clear - in 2005, the ‘Who Cares Wins’ report and the subsequent ‘Freshfield Report’ showed that ESG makes good business sense, leads to more sustainable markets, better outcomes for societies, and is relevant for financial valuation. Later reports published in 2013 and 2014 showed that good corporate sustainability performance was associated with good financial results.
James Quinn, Hawksford Associate Director, commented: “ESG interest has been on the rise for quite some time. However, whilst ESG reporting previously may have been seen as an expensive, time-consuming, and resource-heavy endeavour, normally only available to large multinational organisations, the recent boom in technological innovation has allowed for a vast increase in ESG related tools and services, meaning smaller organisations now have access to things like ESG reporting tools.
“Clients are now asking for and expecting ESG servicing and at Hawksford we have been onboarding and liaising with numerous organisations offering a vast range of tech and ESG related services including new apps, ESG software solutions, global ethical recruitment, cross border payment services – to name but a few.
“To be successful, these new businesses need to take ESG reporting and good regulation into account in order to attract investors and clients themselves. Jersey is able to offer a trustworthy jurisdiction and an extremely attractive option for those looking to migrate or setup their business.”
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