Channel Islands To Argue Hedge Fund Case In Brussels

Jul 2 2010 | 10:50am ET

The Channel Islands, which house two major hedge fund centers off the French coast in the English Channel, aren’t going to take it anymore.

Jersey and Guernsey, worried about the impact of proposed European Union alternative investments and banking regulations, and worried also about the British government’s ability to protect the islands from them, have decided to do so themselves, establishing a joint diplomatic mission to the EU in Brussels. The islands—which are not part of the United Kingdom and therefore not part of the EU—will do their own lobbying on matters affecting them. And, if successful, they could expand their diplomatic endeavor to Washington, D.C., and elsewhere, Jersey Chief Minister Terry Le Sueur told Reuters.

“Clearly what is uppermost in our minds is maybe background in [the U.K.’s] minds and they’ve got a thousand and one other things to worry about,” Le Sueur explained. “If..the U.K. government is generally cutting back on expenditure wherever it can, I think we’ve got to accept the fact that they will have less resource to direct—be it manpower or time—towards looking after the interests of a whole variety of dependent territories.”

The Channel Islands are the last British-controlled remnants of the Duchy of Normandy, the rest of which was conquered by the French in 1204. Technically, they are crown dependencies, like the Isle of Man, not represented in the British Parliament but relying on the U.K. for diplomatic and defense purposes.


In Depth

'Smart Beta' Funds In Regulators' Sights, Hedgies May Be Next

Mar 26 2015 | 11:11am ET

Funds that mimic strategies used by active managers for a fraction of the cost could...

Lifestyle

Study: Both Marriage and Divorce Lead to Negative Hedge Fund Performance

Mar 25 2015 | 6:51pm ET

Trouble at home leads to trouble in the market for fund managers, according to researchers...

Guest Contributor

Concerned About Your HFT Exposure? Hedge It!

Mar 26 2015 | 1:06pm ET

High-frequency trading has been a persistent storyline for several years. The trading...

 

Sponsored Content

    Mar 9 2015 | 6:35am ET

    Kelly RodriquesKelly RodriquesAs more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…

Editor's Note