Jersey's funds sector has grown over 30% during the past 12 months, as the financial services industry on the island experienced a general upswing in growth.
The latest figures from the Jersey Financial Services Commission (JFSC) show the net asset value (NAV) of funds under administration grew by £9.3bn during the fourth quarter to reach a total of £179.1bn.
As a result it says compared to 2005 the NAV of funds on the Island increased by £41.7bn, or 30.3%, while the number of expert funds increased by 39 in the last quarter, which brings the total to 274, a 104% increase from 2005, while the NAV rose by £15bn to £29.5bn.
In addition the figures compiled by the island’s regulator show the total value of funds under investment management increased by £3.9bn to £62.1 billion during the quarter, while bank deposits increased by 2.7% overall to reach an all-time high of £189.7bn.
Geoff Cook, chief executive of Jersey Finance, says the latest figures confirm the industry is in good shape and suggests in the current economic environment there is an abundance of opportunity for Jersey’s Financial Services sector.
He says: “With a supportive States economic and fiscal policy, Jersey is well placed to continue to excel. And while the record figures in the funds sector demonstrate Jersey’s success in attracting alternative investment funds business, and is further recognition that funds business is a major contributor to the overall success of the finance industry, the performance of the banking sector should not be under-estimated.”
And Gary Clark, chairman of the Jersey Funds Association, adds “While we are under no illusion of the competitive nature of the funds business, we set out as an industry in 2004, alongside the launch of the Expert Fund Guide, to seek to establish Jersey as a leading European centre for specialist funds business. These latest figures certainly demonstrate that we are heading in the right direction to achieve that goal.”
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