Jersey's Finance Industry has started 2006 in a bullish mood, reporting another quarter of strong growth, with the funds sector in particular continuing to perform strongly.
Beverley Le Cuirot, Director of Marketing and Communications, Jersey Finance Limited, commented: 'The more detailed analyses confirm that this growth is largely being driven by the alternative investment classes, including property, private equity and hedge funds, many of which have been established under the Jersey Expert Fund Regime'.
'We believe that the growth in these specialist areas reflects the clear and continuing commitment of the Island's government and regulatory authorities to support the Industry's drive to establish Jersey as the European domicile of choice for alternative investment, and as a leading international funds administration centre.'
The funds sector has surpassed the previous record levels reached at the end of 2005. The Net Asset Value of funds under administration in Jersey has risen by almost 50 per cent compared to the same period last year to reach a new record high of GBP156 billion. Meanwhile, the total number of funds serviced in the Island has broken through the 1,000 barrier.
The key highlights across all sectors are as follows:
- Bank deposits increased by GBP 3.3 billion (1.8%) to GBP 188 billion over the first quarter of 2006.
- The Net Asset Value (NAV) of Funds under administration in Jersey grew by GBP 18.5 billion (13.5%) to reach a new record high of GBP 156 billion.
- The number of Expert Funds established in the Island increased from 134 to 169.
- The total value of funds under investment management increased by GBP 9.1 billion (18.5%) to reach GBP 58.3 billion.
- The number of new Jersey company incorporations during the first quarter of 2006 was 921, an increase of 313 (51.5%) over the same period in 2005.