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Jersey Reports Five-Year High For Funds

by Jason Gorringe, Lowtax.net, London
10 December, 2014

The latest figures for all sectors of Jersey's finance industry reflect an overall good performance, led by the funds sector, where the value of funds business in Jersey reached the highest level in five years.

The statistics, published by the Jersey Financial Services Commission, are for the three month period ending September 30, 2014.

Headline figures include:

  • The net asset value of regulated funds under administration increased by GBP5bn from GBP200.4bn to GBP205.4bn during Q3 2014 – the highest figure since March 2009;
  • The total number of regulated collective investment funds increased by 21 from 1,283 to 1,304 over the same period;
  • At end of the third quarter of 2014, there were 204 unregulated funds of which 133 were active;
  • The value of total funds under investment management decreased slightly by GBP500m, from GBP21.8bn to GBP21.3bn, during the third quarter of 2014;
  • The total value of banking deposits held in Jersey decreased by GBP2.3bn from GBP138.9bn to GBP136.6bn during the third quarter of 2014. Despite this slight fall, deposits remained stable with over 18 percent of deposits now emanating from the Middle and Far East; and
  • The total number of live companies increased by 207 to 33,414 at the end of Q3 2014, its highest level for four years.

Geoff Cook, Chief Executive of Jersey Finance, said: "The total value of banking deposits dropped by GBP2.3bn in 2014 Q3. This was the result of an underlying decrease of GBP4.6 billion, partly offset by the impact of sterling weakness. The underlying decrease was due mainly to a significant one-off decrease in intra-group balances, whilst one banking group consolidated internally and as a result there are now 33 deposit-taking licence holders."

"The increases in fund statistics were generally even across the board. The total number of regulated funds increased by 21 over the period and there was a GBP5bn increase in the NAV of funds under administration. For the investment management sector, whilst one entity has transferred its business to another part of its group, part of that loss in the value of funds under investment management has been mitigated by an increase in funds reported by most other investment managers."

"Overall these figures highlight good performance from our finance industry sectors. Jersey's funds sector is doing particularly well and the private placement route into the EU remains a very attractive option for Fund Managers based outside the EU. ESMA recently issued a consultation paper on whether the AIFMD passport should be extended to third countries and Jersey Finance is co-ordinating a response to the paper with the Jersey Funds Association."


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