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Jersey Finance Center Grows In Q1

by Mike Godfrey, Lowtax.net, Washington
02 June, 2014

The net asset value of funds under management in Jersey increased by GBP3bn (USD5bn) in the first quarter of 2014 to GBP195bn, according to quarterly statistics from Jersey Finance – the promotional agency for the island's financial services industry internationally.

In the first quarter of 2014 the net asset value of funds under administration rose by 1.7 percent to GBP195.3bn and the total number of regulated funds increased slightly to 1,337.

Over the same period the banking sector saw a 0.5 percent fall in deposits, bringing the amount deposited to GBP139.2bn.

The first quarter also saw the formation of 668 new companies – the best quarterly performance for some years. During this period the total number of live companies increased by 0.7 percent to 32,701.

Geoff Cook, Chief Executive of Jersey Finance, said: "Considering the banking industry is still in recovery following the global financial downturn, it is encouraging that the level of banking deposits we attract has stabilized, with GBP86bn of that total in foreign currencies, highlighting once more the global appeal of our financial services industry."

"Generally, the latest figures show a steady position although information from our member firms indicates the new business pipeline is building well and business activity overall is picking up. "

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