tax & jurisdiction
Jersey's investment funds business has increased 12% to $102.3bn from $91bn a year ago and is 146% higher than five years ago, according to research by Fitzrovia.
Assets in property funds have increased to $10.5bn from $7.2bn over the year to 30 June 2003. Also, the number of alternative investment funds has grown to 123 funds/subfunds, largely as a result of the activities of Deutsche Bank's Xavex funds and Société Générale's Lyxor Asset Management.
Among other asset classes, assets in private equity/venture capital funds domiciled in Jersey continue to grow, rising from $10bn in 90 funds to $14bn in 108 funds. The largest administrator of all funds serviced on the island is the Royal Bank of Canada, with $26.4bn assets under administration. Mourant International Finance Administration ($17.4bn) and State Street ($11.4bn) are second and third.
Mourant International Finance Administration has captured the largest proportion of new administration business over the past 12 months, with $3.1bn of new scheme assets. Royal Bank of Canada ranks first for custodial services with assets of $26.6bn, ahead of Royal Bank of Scotland International $12bn and Deutsche Bank International $9bn.
Among professional firms, PricewaterhouseCoopers maintains its lead as the largest auditor with 426 funds, ahead of Ernst & Young's 181 funds and Deloitte & Touche's 82 funds.
Finally, Mourant du Feu & Jeune is the largest legal adviser with 576 funds, ahead of Bedell Cristin with 374 funds and Ogier & Le Masurier with 301 funds. Tim Herbert, head of Jersey commercial law at Mourant du Feu & Jeune, said: "Market recovery this summer augurs well for the future. Changes to company legislation encouraged relocation of funds into Jersey."
Acquisition completed earlier this month.
Changes to take place by next year
Launched 18 November
Investment Association to create new labels