Funds under administration in Jersey near GBP200bn
The net asset value of funds under administration in Jersey rose by 8.6 per cent during the first quarter of this year and by nearly 25 per cent over the past 12 months to reach a total of GBP194.5bn, according to the Jersey Financial Services Commission. The regulator also reported that the island's total level of bank deposits is also just under GBP200bn.
According to the commission, the figures for the first quarter of indicate a general upswing in growth across the financial services industry, with the funds and banking sectors again performing particularly strongly.
The net asset value of funds under administration in Jersey grew by GBP15.4bn during the quarter to reach GBP194.5bn. The increase in assets under administration since March 2006 is GBP38.5bn, or 24.7 per cent.
The number of Expert Funds increased by 26 (9.4 per cent) to 300 during the quarter, while the net assets of Expert Funds grew by GBP4.6bn (15.7 per cent) to GBP34.1bn. Over the past 12 months the number of funds has grown by 131 (43.7 per cent) and total assets by GBP16.3bn (47.6 per cent).
Meanwhile, the total value of funds under investment management increased by GBP3.7bn (6.0 per cent) over the quarter and by GBP7.5bn (12.9 per cent) over the past 12 months to GBP65.8bn, and bank deposits grew by GBP8.9bn (4.7 per cent) over the quarter and GBP10.6bn (5.6 per cent) during the year to GBP198.6bn.
Says Geoff Cook, chief executive of the island's financial promotion body Jersey Finance: 'These latest figures show that the island continues to enjoy the confidence of international investors and advisors around the globe.
'All key sectors of the industry continued to report strong growth this first quarter. The funds sector enjoyed another particularly successful quarter, reporting 8.6 per cent growth to reach GBP194.5bn.
'Recent amendments to the funds framework such as the introduction of the listed fund guide demonstrate the island's commitment to innovation and to maintaining and developing reputable funds business in Jersey, and we are confident Jersey will continue to build on these successes in 2007 and beyond.'
Cook adds: 'While we are extremely pleased at these latest growth figures, there is no room for complacency, and Jersey is committed to continuing to work on a number of initiatives with government and the regulator to ensure Jersey remains the top international finance centre.'
Gary Clark, chairman of the Jersey Funds Association, says: 'When we launched the Expert Fund Guide in 2004, we anticipated an impressive take-up. The latest figures, indicating that the net asset value of Expert Funds has increased since March 2006 by 47.6 per cent, demonstrate just how attractive the guide is and how forward thinking we are as a jurisdiction.
'Also particularly pleasing is the increase in specialist funds, including private equity, alternative investment and hedge funds. They have increased on the previous quarter by 13 per cent to GBP97.6bn and now account for more than half the total net assets of Jersey-administered funds.'
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