The funds sector is continuing to play a central role in the overall growth of Jersey’s Finance Industry as the latest statistics show that the sector continued to grow apace in the second quarter of 2006.
The Net Asset Value of Funds under administration in Jersey has reached yet another record level of GBP159.7 billion (US$301 billion), whilst the number of new Expert Funds established on the Island increased by more than 26% to 214 in the last quarter alone.
Meanwhile, activity at the Companies Registry remains buoyant, with a total of 875 new company incorporations during the quarter. The number of live companies on the register as at 30 June, 2006 stood at 32,234.
However, the aggregate value of bank deposits decreased by GBP4.3 billion to GBP183.7 billion during the quarter, primarily as a result of a single transaction undertaken by an institution as part of a group re-organisation.
Beverley Le Cuirot, Director of Marketing & Communications of Jersey Finance Limited, commented:
“Whilst total bank deposits decreased by GBP4.3 billion this quarter, this is due primarily to a specific reallocation of certain intra-group currency deposits by a banking institution as part of a wider group re-organisation which had been planned for several months."
"The transaction is not expected to have a material impact on either the scale of the institution’s operational presence in Jersey or the total revenues and profitability of its Jersey-based operations," she added.
However, on the funds side, Le Cuirot noted that there have been encouraging levels of growth across the alternative investment classes.
"Promoters of funds targeted at high net worth specialist investors are increasingly recognising Jersey’s flexible regulatory regime and its depth of expertise in legal & accounting, investment, administrative and custody services," she observed.
“New Expert Fund registrations in particular have continued to show strong growth, with more than 200 such funds now established under the Expert Fund regime. This represents a 26.6% increase from the previous quarter with 45 new Expert Funds established in the last quarter alone," Le Cuirot added.
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