Nigel Strachan, chairman of the Jersey Funds Association, said the funds data was “particularly pleasing” for Jersey fund managers, coming as it did just weeks ahead of the introduction of the Alternative Investment Fund Managers Directive in July.
Deposits held in Jersey banks grew for the second consecutive quarter – by £3bn, or 2% – Jersey Financial Services Commission (JFSC) data reveals, although at £155.1bn, they are still below their all-time peak of £219.5bn, reported at the end of September 2007.
Sterling deposits represent 36% and currency deposits 64% of the total amount, according to the JFSC numbers.
Deposits specifically originating from the Middle East grew by1%, and now account for 14% of the total, the data showed, possibly reflecting Jersey’s efforts to promote itself in the Middle East. Jersey Finance, the marketing arm for Jersey’s financial services industry, opened an office in Abu Dhabi in 2011.
In the funds sector, the total NAV of funds under administration in Jersey surpassed the £200bn barrier for the first time since March 2009, showing a quarterly increase of 6.5%, to stand at £205.3bn.
Other headline numbers, collected by the JFSC and released today by Jersey Finance, include:
- The value of funds under investment management climbed by £1.5bn in the quarter, to stand at £22.7bn, as of the end of March
- The total number of regulated funds increased by seven to 1,395 from 1,388, over the three months; the total number of unregulated funds grew by two, to 184
- The total number of "live" companies operating in Jersey grew by 287, to 32,790
Geoff Cook, chief executive of Jersey Finance, noted that the largest contribution to the funds industry’s growth in the quarter occurred in the private equity and venture capital asset classes, where a £4bn increase was noted, while the hedge funds sector reported a £2.7bn increase.
“These latest statistics are extremely positive,” he said.
The JFA’s Strachan added that "positive performances specifically in the private equity, venture capital, real estate and hedge fund asset classes" showed the international funds community’s confidence in Jersey as" a specialist alternative funds centre".
To read and download the first quarter data on Jersey’s finance industry, compiled by the JFSC and published by Jersey Finance, click here.