TORA, a technology and financial services company focusing on the investment management space, is the latest company to relocate to Jersey this summer and underlines Jersey’s position as a centre for financial services and an attractive proposition for innovative technology businesses.
Having been founded in 2004, TORA has grown a strong international institutional client base and is now establishing a presence in Jersey in order to build out its European business. The new business in Jersey will be looking to offer a number of employment opportunities to local residents.
Commenting on the move, Chris Jenkins, Managing Director of Asia who is moving to Jersey as part of the expansion, commented: “Having built a successful and comprehensive technology platform supporting asset managers across Asia and the US, we were focused on expanding into the European marketplace.
Having met with Jersey’s Economic Development Minister and officials from Locate Jersey in Hong Kong over the past couple of years, we were impressed by the capabilities, expertise, support and potential Jersey could offer us. In establishing our new presence in Jersey, with its good connections to the UK and Europe and fantastic reputation as a centre for the alternative funds business, we now have a strong base from which to access the European asset management market.”
Initially, from its new office TORA will offer a range of specialist software solutions to its client base of asset managers, hedge funds and brokerage houses, including an Order and Execution Management system and a Portfolio and Risk Management system.
Jersey’s Economic Development Minister, Senator Lyndon Farnham added: “As well as offering exciting growth potential right across Europe, I am pleased that TORA’s Jersey business will also provide innovative support to the growing asset management community in Jersey, and offer employment and training opportunities for local people.”
Beyond Jersey, TORA also offers trading, brokerage and back office systems, as well as a ‘Hedge Fund Hotel’ which it is currently launching in Hong Kong and runs in the US. TORA also has offices in Singapore, Tokyo, Sydney and San Francisco as well as a development centre in Romania.
Senator Philip Ozouf, Assistant Chief Minister responsible for Financial Services and Digital, commented: “As a cutting-edge financial services and digital business, TORA is a shining example of the kind of firm Jersey is keen to attract as we forge ahead and cement our position as a leading centre specialising in FinTech. I am delighted they have chosen Jersey as part of their significant European expansion plans.”
Wayne Gallichan, Director of Inward Investment at Locate Jersey, who were instrumental from the initial contact to fruition, said; “TORA is very much a leader in its field, so for it to select Jersey in order to realise its growth objectives in Europe is a strong endorsement of Jersey as a specialist funds, digital and business-friendly location. With a minister and government representatives having met with TORA in Hong Kong and Jersey on several occasions over recent years, this is also an excellent reflection of the value of Government engaging consistently with the Asian market which supports the excellent work undertaken by Jersey Finance in that region.”
In recent years, Jersey has established its position as a leading European funds centre with particular capabilities in the alternative asset classes. Figures for the end of 2014 show that the value of funds administered in Jersey reached their highest level in seven years to stand at almost £230bn, whilst the alternative asset classes, including hedge, real estate, private equity and infrastructure funds, account for almost three quarters of Jersey’s total funds business.
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