Standard Bank's fund administration business, based in Jersey, has passed the $10bn milestone for assets under management.
He said: “We are seeing considerable amounts of repeat business from institutional clients but no one alternative fund sector has dominated,” he said. “Particularly encouraging however is the amount of work originating from the emerging markets of the Gulf and Russia.”
The Bank witnessed growth of more than 40% during 2005 and 2006 and this growth has been surpassed during the past year.
Hart said the increased assets were from a range of fund schemes and not from one major fund launch, a further indication that business was developing consistently. He added that there was also substantial additional funds business in the pipeline, including a number of new property funds investing into certain emerging markets such as China.
He added: “Jersey has been sending delegations to the Gulf region regularly and with great success. In more recent times, the island has focused also on the Far East particularly Hong Kong and China. In my view, we should channel further time and resources into these markets because the economic conditions in these regions are right and the potential to win business and boost our economy is immense. Equally, the competition from other jurisdictions can only increase.”
Head of UK intermediary distribution
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