Speaking at a Chamber of Commerce lunch, James Gaudin, partner at Appleby’s, said there was reason for positivity despite the ‘negative political rhetoric’ surrounding Brexit.
Mr Gaudin, who became a partner at Appleby in 2011, said that despite initial fears that the Island could suffer after the UK opted to leave the European Union last June as business dropped in the immediate aftermath of the vote, the company saw no long-term setback.
He said: ‘We thought it might lead to a full-blown downturn for the jurisdiction. What we got was something quite different.
‘Within two weeks, every transaction that had been put on hold prior to the referendum was put back on. By the end of June, we had returned to normal which shows how quickly, from a seismic event, the markets are able to recover.’
He added that there would be ‘choppy waters ahead’ but that his company had seen an influx of clients from the USA, the Middle East and Asia who were looking to do business in Jersey.
‘The surprise for me is that it is opening their eyes to what this jurisdiction offers them,’ he said. ‘They are experiencing our jurisdiction and seeing the stability.
‘We are already outside the EU so from a financial services perspective are we going to see that much change? I’m not so sure.
‘I take the view that we are an extremely progressive jurisdiction and we are adept at facing challenges. We have to look at this as an opportunity not just to maintain the status quo but hopefully to negotiate a better position for the Island,’ he said.
