Standard Bank has seen assets under management in Jersey surpass the USD 5 billion mark for the first time.
The achievement has prompted Peter Hart, Managing Director of Standard Bank Fund Administration Jersey Limited, and one of Jersey's most experienced fund administrators, to describe this as, 'without doubt', the most successful period of growth for the Island's funds industry.
Hart, has more than 30 years experience in the funds industry, having worked at a senior level in both Jersey and Guernsey and is a former chairman of the Guernsey Investment Funds Association.
'We have seen around 40 per cent growth in the last 12 months and there is substantial additional funds business in the pipeline which would indicate another buoyant 12 months ahead of us,' says Hart, who believes that hedge and property fund administration business was increasingly originating from emerging markets such as South Africa, the Middle East and Russia.
'Standard Bank Offshore is increasingly at the forefront in the provision of administration services generally and our clients include the investment houses of a number of European, Middle Eastern and South African institutions. Recently won fund administration mandates include Jersey's first PCC, a fund of South African hedge funds and a private equity vehicle investing in Libya.
'It is without question the most significant period of growth in the fund administration industry in the Channel Islands that I can recall. The Expert Fund regulations have assisted, helping to ensure that Jersey's funds industry is highlighted in a positive way in centres where most fund promoters are based,' he concludes.
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