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Jersey’s fund servicing industry reaches 1,688 funds

Jersey’s fund servicing industry rose to 1,688 funds and sub-funds at the end of June 2010 from 1,654 funds a year ago, according to data from Lipper.

Total net assets reached USD232.0bn (GBP155.1bn).

The number of schemes/umbrella funds serviced in Jersey rose by five per cent, from 1,071 to 1,126 schemes.

The largest administrator of funds serviced in Jersey is State Street, with USD76.6bn under administration (GBP51.2bn). Bedell Trust (USD21.5bn) and R&H Fund Services (USD19.8bn) are second and third.

Among professional firms, PricewaterhouseCoopers is the largest auditor (682 funds), ahead of KPMG and Ernst & Young. 

Meanwhile, Mourant Ozannes provides legal advice to 1,134 funds, with Ogier and Carey Olsen in second and third positions for this category.

The largest asset classes of funds domiciled in Jersey are private equity/venture capital funds (USD43.6bn) and real estate funds (USD37.3bn), together representing 57 per cent of fund assets domiciled on the island. 

The rise in interest in ETFs can also be seen with exchange-traded commodity funds reaching assets of USD12.2bn.

Ed Moisson, head of UKI and cross-border research, Lipper, says: “Confidence in the Jersey funds industry can be seen with the rise in the number of schemes being serviced there, despite the continued difficult market conditions.”

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