Jersey Funds Pass GBP200bn Mark
by Jason Gorringe, Lowtax.net, London
11 September, 2014
The Jersey Financial Services Commission has published figures for the quarter ended June 30, 2014, showing stability and signs of new growth.
The growth is led by the funds sector where the value of funds business passed GBP200bn (USD322bn) for the first time since June last year, an increase of GBP5.1bn during Q2 2014. The most notable increase was for real estate funds, which showed growth of nearly 20 percent during that period.
The corporate services industry also showed healthy growth in the same period with the total number of live companies increasing by 506 to 33,207.
There was a slight drop in the total value of banking deposits held in Jersey from GBP139.2bn to GBP138.9bn and the total value of funds under investment management decreased slightly from GBP22.2bn to GBP21.8bn in the same period.
The Chief Executive of Jersey Finance, Geoff Cook, said: "The latest statistics show another quarter of stability in the performance of the finance industry. The increase in funds business is due to the general improvement in market conditions, specifically in property fund valuations. The increase also takes into account a number of new fund launches established in the last few quarters reporting for the first time, while the reduction in the number of regulated funds relates to relinquished certificates for funds which have become inactive. The small decrease in bank deposits is mainly due to the significant strengthening of sterling, which decreased the sterling value of foreign denominated deposits by around GBP2.2bn."
"It was encouraging to see an increase in the number of Jersey companies, now the highest number of company incorporations since 2008 and with the recent introduction of innovations to our companies law on the statute book, Jersey is an even more attractive proposition for investment structuring, asset holding and a wide variety of other purposes. The strength of the industry continues to be in its diversity and it is very encouraging to see clear signs of recovery across a range of sectors."
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