Jersey's fund assets pass GBP200bn mark
The net asset value of funds under administration in Jersey rose by 8.2 per cent to GBP210.4bn over the three months to the end of June, according to the latest figures published by the industry regulator, the Jersey Financial Services Commission. Bank deposits in Jersey have also broken through the GBP200 barrier, growing 6.6 per cent to GBP211.7bn in the second quarter.
The net asset value of funds under administration in Jersey grew by GBP15.9bn during the quarter and by GBP50.7bn over the 12 months to the end of June, representing year on year growth of 31.8 per cent.
The number of Expert Funds increased by 19 (6.3 per cent) and their aggregate NAV increased by GBP4.1bn (12.1 per cent) during the second quarter. During the past 12 months the number of Expert Funds grew by 105 to 319, an increase of 49.1 per cent, while their combined NAV rose by GBP16.6bn (76.6 per cent) to GBP38.3bn.
The total value of funds under investment management increased by GBP4.9bn (7.5 per cent) to GBP70.8bn during the second quarter. Since June 2006 the total value of funds under investment management has increased by GBP11.7bn (19.9 per cent).
'All key sectors of Jersey's financial services industry have reported excellent growth rates which are testament to the strength and depth of Jersey's product and service offering provided by our world-class workforce,' says Geoff Cook, chief executive of the promotional body for the island's financial services industry, Jersey Finance.
'In the second quarter of 2007, company formations were up 77 per cent on the same period in 2006. This represents a definite upward trend of Jersey company formations, primarily for property holding purposes. On an inward investment note, we are very pleased to welcome Investec Bank (Channel Islands) to Jersey.
'The Expert Funds sector in particular performed outstandingly well, with 105 new Expert Funds being set up over the past 12 months. We are seeking to build on Jersey's importance as a leading European fund domicile and administration centre, with a new funds product offering that will enable Jersey to retain its status as one of the world's leading international finance centres.'
Richard Thomas, who was recently chosen as chairman of the Jersey Funds Association, says: 'These statistics are particularly pleasing due to the intense competition we are currently seeing in the market place, and are testament to the attractive nature of Jersey's funds offering and the professional expertise in the jurisdiction.
'Not only has the number of Expert Funds significantly increased year on year, but the NAV has also grown by a hugely impressive 76.6 per cent to GBP38.3bn. Moreover, Jersey's focus on specialist funds, including private equity and hedge funds, continues to reap rewards. They have increased on the previous quarter by 12.5 per cent to GBP109.9bn and now account for more than half the total NAV of funds.'
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