Jersey’s Finance Sector Roars Ahead

Jersey’s fund sector grew by a stunning 50% in the last year and now services more than 1,000 funds with net asset value of GBP156 billion, reports Jersey Finance.

The key highlights across all sectors are as follows:

• Bank deposits increased by GBP3.3 billion (1.8%) to £188 billion over the first quarter of 2006.
• The Net Asset Value (NAV) of Funds under administration in Jersey grew by GBP18.5 billion (13.5%) to reach a new record high of GBP156 billion.
• The number of Expert Funds established in the Island increased from 134 to 169.
• The total value of funds under investment management increased by GBP9.1 billion (18.5%) to reach GBP58.3 billion.
• The number of new Jersey company incorporations during the first quarter of 2006 was 921, an increase of 313 (51.5%) over the same period in 2005.

Beverley Le Cuirot, Director of Marketing and Communications, Jersey Finance Limited, commented: “During the first quarter of 2006 the Financial Services Industry in Jersey has continued to build upon the successes of 2005, with the funds sector in particular continuing to report strong growth. Not only has this sector enjoyed another buoyant quarter, reporting double-digit growth for the second consecutive period, but year on year, the Net Asset Value of funds in Jersey has risen by almost 50% to reach a new record high of GBP156 billion. The more detailed analyses confirm that this growth is largely being driven by the alternative investment classes, including property, private equity and hedge funds, many of which have been established under the Jersey Expert Fund Regime.

“We believe that the growth in these specialist areas reflects the clear and continuing commitment of the Island’s government and regulatory authorities to support the Industry’s drive to establish Jersey as the European domicile of choice for alternative investment, and as a leading international funds administration centre.”