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."
Has been cold-calling consumers
New shares admitted to London Stock Exchange
Slow and steady growth
Missed funding target by £240,000