Jersey Continues To Attract New Funds Business
Figures recently released by the Jersey Financial Services Commission (JFSC)
for the quarter to 30 September have revealed that although the jurisdiction
continued to attract new funds business during the three months in question,
the total value of that business has fallen due to the poor performance of the
stock markets, which has caused the value of the underlying portfolios to drop. The JFSC revealed that although 42 new collective investment funds were authorised
last quarter, the total value of that business has dropped from £107 billion
in March of this year to £97 billion at the end of September. However, speaking to the Jersey Evening Post this week with regard to the figures,
David Hall, president of the Jersey Fund Managers' Association saw no need to
panic, stating that the stock markets had experienced 'a pretty horrible time'
in the last quarter, but that: 'The numbers do not surprise me, neither do they
worry me.' The Financial Services Commission also revealed that Jersey bank deposits have
increased to £136 billion, despite the fact that the number of banking
licences has remained at 62 since last quarter. This represents an increase of
3.1% against the last quarter, and growth of 5.7% against the same quarter last
year. Giving an overview of the three months to September following the release of
the results, JFSC director general Richard Pratt observed that: 'Jersey continued to show its strength as a leading international finance centre
with the increase in bank deposits and the highest ever number of funds. The
value of the funds has held up well against the current volatility in the world
markets. I welcome further evidence that Jersey continues to strengthen its
position in global financial markets.' .
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