A strong surge in applications in the lead up to the end of the AIFMD transitional phase has seen the number of funds notifying the Jersey Financial Services Commission (JFSC) of their intention to privately place into Europe under AIFMD rules break through the 150 mark.
Figures collated by the JFSC show that, as at 22 July, a total of 164 funds had opted to make use of Jersey’s private placement route into Europe.
In addition, 57 alternative investment fund managers have confirmed their authorisation under Jersey’s AIFMD private placement regime, and there are three depositaries in Jersey offering AIF Depositary services as well as others in the pipeline.
Figures from the JFSC also show that the UK remains a key market for Jersey managers. As at 30 June 2014, 32 managers licensed to carry on fund services business in Jersey completed a notification form in which they indicated which of the EEA Member States they intended to market into (which was often more than one EEA Member State). Of the 32 notifications, 28 managers said they intended to market into the UK, 15 into Sweden, 14 into Belgium, 13 into the Netherlands, 11 into Ireland, and 10 each into Denmark, France, Germany and Luxembourg.
Under Jersey’s AIFMD framework, managers can gain regulatory approval to market into Europe through a range of different options depending on the type of fund being established, with those funds benefiting from the market access, subject to the applicable requirements of the relevant EU/EEA Member State, that private placement under AIFMD brings but with minimal additional AIFMD disclosure and reporting requirements.