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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