1. How would you assess Jersey’s global position today as a premier jurisdiction for private wealth management, and how has it evolved in recent years?
Jersey has undergone significant transformation over the past decade. Today, it stands among the world's leading international financial centers. The jurisdiction has shown remarkable adaptability to shifting market needs and enjoys strong endorsements from global regulatory bodies such as the IMF, MoneyVal, and the OECD. These recognitions affirm Jersey’s ability to deliver world-class private wealth services.
2. Praxis has an established international footprint. Could you give us an overview of your private wealth division and the role of the Jersey office in serving high-net-worth clients globally?
Praxis is a global network with 13 offices worldwide. While we do offer corporate, yacht ownership and pension-related services, we’re fundamentally a private wealth-led business. That remains our core identity. Our presence spans key jurisdictions, including the UK, Jersey, Guernsey, Isle of Man, Malta, Hong Kong, and the UAE, allowing us to provide tailored private client services and wealth structuring solutions across multiple regions.
3. And more specifically, what is the role and legacy of the Jersey office?
Jersey was actually our first office, established in 1972. The roots trace back to a London-based firm of chartered accountants that expanded into the Channel Islands. Over time, with the evolution of Jersey Trust Law and the broader wealth management landscape, the office became a full-service trust and fiduciary provider. Today, we employ around 85 people in Jersey, a team that includes chartered accountants, bankers, and trust professionals. We provide the full spectrum of wealth services, from trustee services and trust formation to company administration, compliance, corporate governance, and Jersey foundations. We also administer foreign companies. We typically work closely with large families and their advisers to design and implement robust structures for estate and succession planning.
4. What key factors continue to attract private clients, families, and their advisers to Jersey for wealth structuring and fiduciary services?
It begins with Jersey’s long-standing experience in this space. Our trust law, established in 1984, has evolved into one of the most respected in the world, it has even served as a blueprint for other jurisdictions. The island also benefits from a strong legal system and deep expertise across law, accounting, and fiduciary services. The regulatory environment here is rigorous but fair. The Jersey Financial Services Commission maintains excellent working relationships with the professional community. Additionally, the island’s infrastructure, its banking system, access to global fund managers, and connectivity to major jurisdictions, makes it a uniquely trusted hub for private wealth management.
5. With clients becoming increasingly global, how does Praxis support complex cross-border needs in terms of regulation, compliance, and multi-jurisdictional asset management?
Most of our clients today operate globally, with assets and touch-points across multiple jurisdictions. Praxis is well-positioned to support them through our international network of offices. Where we don't have a direct presence, we work in close collaboration with trusted legal and tax advisers worldwide. Our approach is about creating a seamless, integrated experience for clients, offering fiduciary services and cross-border solutions through a strong ecosystem of professionals.
6. There's been a growing demand for bespoke family office solutions. How does Praxis support ultra-high-net-worth individuals in building long-term governance frameworks and succession strategies?
Our role is to support, rather than manage, family offices. These entities are deeply personal and typically self-managed. What we provide is the infrastructure and expertise to ease their operational burden. That includes administration, compliance, regulatory support, and transaction execution. This enables family offices to focus on strategy and asset deployment. Praxis also has deep experience with ultra-high-net-worth families, helping them work toward long-term succession and governance goals in collaboration with their advisors.
7. Are there any expansion plans on the horizon for Praxis, and how do you see the group evolving in the coming years?
We’re focused on consolidating and enhancing our core services, but we are actively exploring strategic expansion. Southeast Asia, particularly Singapore, is a region of interest, given the rapid generation of wealth in places like Malaysia, Indonesia, and Vietnam. We also see growing demand for structuring services in the U.S., particularly for large, onshore trust work. While we already have a Caribbean presence through our BVI office, exploring an expansion into these two areas, Southeast Asia and the U.S., would strengthen our offering further and support our Hong Kong office’s reach in the region.
8. In terms of innovation, what is Praxis doing to improve the private wealth experience for clients?
Enhancing the client experience is a top priority, especially during onboarding, which is often seen as laborious across the industry. We’re investing in the digitalization of onboarding and KYC processes to make this stage more streamlined and user-friendly. Beyond that, we’re expanding our client portals to provide secure, real-time access to key information. The goal is to work smarter, not harder, by using technology to create smoother, more efficient client interactions from the outset and throughout the relationship.
9. What opportunities and challenges does the private wealth sector face in Jersey, and how do you see the landscape evolving?
Jersey has historically been aligned with the UK non-domicile market, which is currently undergoing significant legislative change. For businesses without a diverse client base, this presents challenges. However, Jersey remains attractive to global families—many still view the UK as a key destination. That said, I believe Jersey’s future growth will be fueled by increasing demand from regions like Southeast Asia, the Middle East, and the U.S. These are the areas where new wealth is emerging and where Jersey and Praxis’ sophisticated services can add real value.
10. A final message to Newsweek readers considering Jersey for investment or tourism, and one about why Praxis remains a trusted partner?
Jersey has come a long way. Once known for agriculture and UK-focused tourism, it has reinvented itself as a world-class financial centre. It’s a dynamic place, offering professional opportunities and an exceptional quality of life. As for Praxis, we’ve been part of this story for over 50 years. Our values, We Trust, We Listen, We Inspire, We Succeed Together, are embedded in everything we do, from how we support our clients to how we treat our people. For us, it's simple: happy staff and happy clients equal a successful business. We’re committed to delivering excellence, aligned with our clients’ evolving needs.
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