New research from Lipper reveals that Jersey’s fund servicing industry has grown to US$225.9 billion (GBP112.5 billion) in 1,367 funds and subfunds, as at 30 June 2007. This represents an increase of nearly 150% over five years - up from US$ 91.0 billion (GBP59.7 billion) at 30 June 2002.
The thirteenth annual edition of the Jersey Fund Encyclopaedia provides the Jersey funds industry with a definitive reference work on the market shares for auditors, lawyers, custodians, administrators and fund promoters.
Looking solely at funds domiciled on the Island, the largest asset classes are property/real estate funds (with total net assets of US$69.4 billion, representing 41% of the total for domiciled funds’ assets) and private equity/venture capital funds (US$33.0 billion).
The largest administrator of all funds serviced in Jersey is Mourant International Finance Administration, with US$74.5 billion in assets under administration. Bedell Trust Company (US$26.0 billion) and State Street (US$15.4 billion) are second and third.
BNP Paribas’ acquisition of the Royal Bank of Scotland International has helped in securing its position in terms of assets under custody in Jersey, servicing US$45.3 billion in assets, ahead of State Street (US$14.2 billion).
Among professional firms, PricewaterhouseCoopers (PwC) is the largest auditor (661 funds), with Ernst & Young (214 funds) in second place. Mourant du Feu & Jeune is the largest legal adviser (873 funds), ahead of Bedell Cristin (539 funds) and Ogier (497 funds).
Ed Moisson, Director of European Fiduciary Operations at Lipper, commented: “It is gratifying to record such strong growth in the Island’s fund servicing industry. The attraction of alternative investments has been particularly impressive.”
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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