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Jersey Welcomes Rise In Company Incorporations

by Jason Gorringe, Lowtax.net, London
07 December, 2015

Funds and corporate activity in Jersey's finance industry remained buoyant and banking business was largely stable during the third quarter of 2015, according to the latest figures from the Jersey Financial Services Commission (JFSC).

The statistics show that the net asset value of regulated funds under administration in Jersey increased to GBP218.8bn (USD329.7bn), the third highest level since December 2008 and 6.5 percent higher than the figure from September 2014.

Within the funds sector, the alternative asset classes continued to perform well, with total alternatives business including hedge, private equity, real estate, and infrastructure funds growing by 11.5 percent year-on-year, and real estate and private equity values both increasing by four percent on the quarter.

The banking sector in Jersey displayed relative resilience against a backdrop of ongoing global pressures during the quarter, with the total value of deposits in Jersey banking institutions decreasing by around one percent to stand at GBP131.8bn.

Meanwhile, the corporate market was very active with 717 company incorporations during the quarter, the second-highest quarterly rate of incorporation in seven years. There are now 33,739 live companies on the register, the highest total figure since June 2009.

Geoff Cook, the Chief Executive of Jersey Finance - the promotional agency on behalf of the island's financial services industry, said: "The third quarter marks another three months of steady performance from Jersey's finance industry. Currency movements had a positive impact on the total value of banking deposits as a weaker pound increased the sterling equivalent value of foreign currency denominated deposits by around GBP2.4 billion."

"The funds sector is buoyant and the total number of regulated funds in Jersey rose to 1,311 during the third quarter of 2015. It is worth bearing in mind that our funds statistics do not include very private funds, a flexible solution for small groups of co-investors where a formal offering is not required. This highly effective fund solution continues to be very popular."

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