In the 10th bi-annual Global Financial Centres Index compiled by London-based consultancy Z/Yen Group and released on September 26, offshore centers have seen considerable gains in their ratings among the 75 financial centers that were assessed in the report.
Financial centers were scored according to a number of indexes as well as surveys of finance professionals. The top center London scored a rating of 774, down one point from the previous report, when it also ranked first; while the bottom-ranked center Athens scored 477 points, up 20 points but down two places in rank.
Among offshore centers, Jersey was the highest ranked at 21st in the overall rankings, up 2 places and 26 points. It was followed by Luxembourg at 29th place, down 8 places. Guernsey rose 28 points and ranked 31st, down 4 places; the Isle of Man, Hamilton and the British Virgin Islands all rose 27 points, ranking 40th, 41st and 45th respectively; while the Cayman Islands ranked 46th.
Jersey and Luxembourg were also upgraded to 'Global Specialists' from their previous designation of 'Transnational Specialists,' the only two offshore centers to be given such a designation, primarily for their expertise in asset management.
The report said that both Jersey and Guernsey are working to change perceptions and rise above the
status of offshore specialist centers by being seen as more diversi?ed, although it said they still have some way to go in changing global perceptions.
However, awareness of Jersey and Guernsey as offshore jurisdictions among respondents to the survey in Asia appeared low, with only 6.2% of Asia respondents offering an assessment of Jersey, and 5.2% doing so for Guernsey. This is compared to around 25% of European respondents offering feedback on the Channel Islands.
In its breakdown of international financial centers into sub-indices, Jersey was the only offshore center to figure in any of the 6 indexes, ranking 8th for wealth management and private banking. It was also the only offshore center to make it into the report's reputational ranking, at 16th place.
ersey has performed extremely well in this latest index, holding on to its position as the top offshore center, which it has now held for five consecutive indexes, said Geoff Cook, chief executive of Jersey Finance Limited, a non-profit making organization that promotes Jersey's finance industry. o be listed ahead of major European centers such as Paris, Munich and Luxembourg confirms that Jersey is incredibly well regarded on the global stage. /p>
t is interesting that the Asian centers are continuing to consolidate their position in the rankings, he continued. oth Hong Kong and Shanghai remain in the top five, emphasizing how important it is that Jersey continues to maintain its marketing efforts with overseas centers like Hong Kong and Greater China in order to drive Jersey future success. /p>
