Tax haven probes investment funds
A full-scale investigation into seven Jersey-based investment funds has been launched by the Jersey Financial Services Commission, reports the Jersey Evening Post.
The islands financial regulator has appointed a Queens Counsel from the UK, as well as accountancy firm Robson Rhodes, to prepare a report on the actions of the directors and managers of the funds.
‘Investors are entitled to expect that funds meet the terms of their constitutive documents and treat investors fairly,’ said JFSC director-general Richard Pratt. ‘They are also entitled to expect that their advisers provide advice which is consistent with their customers’ needs and circumstances.’
All seven investment companies included in the investigation are managed by Aberdeen Asset Management. Stephen Folland, a director of Aberdeen in Jersey said the company was happy to co-operate and that it had ‘nothing to hide’.