Mon, 26/11/2007 - 06:00
The net asset value of funds under administration in Jersey has set a new record of GBP221bn at the end of September, for the first time overtaking the level of deposits held by the island's banks, according to the Jersey Financial Services Commission.
While the aggregate NAV of funds serviced in Jersey rose by GBP10.6bn (5 per cent) during the third quarter and by GBP51.2bn (30.2 per cent) over the previous 12 months, bank deposits rose by GBP7.8bn (3.7 per cent) to GBP219.5bn, an increase of GBP31.9bn or 17 per cent from the end of September 2006.
The regulator reports that the Expert Funds sector continues to grow strongly, with the number of Expert Funds established in Jersey increasing by 30 (9.4 per cent) during the quarter and their combined NAV increasing by GBP5.2bn (13.6 per cent) during the quarter. Over the previous 12 months the number of Expert Funds grew by 104 to 349 (up 44.3 per cent) and their NAV increased by GBP18.1bn (71.3 per cent) to GBP43.5bn.
The total value of funds under investment management grew by GBP4.1bn (5.8 per cent) to GBP74.9bn during the quarter. Since September 2006 the total value of funds under investment management has risen by GBP16.4bn (28 per cent).
'These figures show yet another quarter in which Jersey's financial services industry has reported good growth rates across all sectors, which clearly demonstrates the qualities of Jersey's products and services,' says Geoff Cook, chief executive of the industry promotional agency Jersey Finance.
'These figures are historic in that, for the first time ever, the net asset value of funds under administration in Jersey has overtaken the value of bank deposits, which themselves had an impressive growth rate of 3.7 per cent in the quarter. Over the past 12 months, the value of funds under administration has increased by 30.2 per cent.'
Nigel Weston, a partner at law firm Mourant du Feu & Jeune and chairman of the legal, tax, regulatory and compliance sub-committee of the Jersey Funds Association, adds: 'It is pleasing that there continues to be strong interest in the Expert Funds regime, which was launched in 2004.
'The fact that the NAV of Expert Funds has increased by 71 per cent over the last 12 months is indicative of the sustained attractive nature of the island's funds services, ahead of the introduction of unregulated funds in 2008.
'Specialist funds are also performing strongly, with levels now standing at GBP114bn, accounting for more than half the total NAV of funds under administration in the island, and emphasising Jersey's expertise in this sector.'
Thu 15/01/2015 - 08:19
Mon 22/12/2014 - 06:30
Tue 22/07/2014 - 13:01
Tue 22/07/2014 - 12:06
Mon 22/12/2014 - 06:30
Wed, 06/May/2015 - 20:00
Wed, 06/May/2015 - 19:00
Wed, 06/May/2015 - 18:00
Wed, 06/May/2015 - 17:30
Wed, 06/May/2015 - 17:00
Wed, 06/May/2015 - 15:30