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Jersey Releases Q3 Report On Finance Industry,
by Jason Gorringe, Tax-News.com, London
Monday, December 21, 2009
The level of specialist funds business in Jersey has shown an increase during
Q3 2009, although overall funds business has decreased. Banking
deposits remained relatively stable compared with recent quarterly reports.
Bank deposits decreased by only 2% during the third quarter, from GBP174.6bn
to GBP170.6bn. The net asset value of funds under administration is down from
GBP198bn in the second quarter to GBP163bn in the third quarter, although most of this
decrease is pinpointed to one fund promoter firm, which has restructured some
of its business.
Specialist funds, including private equity and venture capital, hedge and real
estate, have shown increases over the quarter ranging from 9% to 12.9% over the
figures for the previous quarter, even though the overall value of funds under
administration has declined.
The statistics collated and prepared by the Jersey Financial Services Commission
for the period ending September 30, 2009, also show that while the number of
funds created was down by 2.6%, company formations were up 17% and the value
of funds under investment management increased by 7.4% during the same period.
Company formations were up 17% compared to Q2 2009. The total number of
live companies on the register decreased by 624 during the last quarter from
33,811 to 33,187.
Geoff Cook, Chief Executive of Jersey Finance, said: “As anticipated, banking deposits have remained relatively stable during
the third quarter of 2009, once again demonstrating the attractiveness of Jersey
as a banking center in uncertain times. Whilst the reduction in the headline
figure for funds is disappointing from a marketing perspective, there is minimal
impact from this change in economic terms. The reduction in the figures is directly
attributable to a large promoter taking the decision to restructure certain
functions carried out in relation to its funds. As a result, certain functions
that were previously being performed for the promoter’s non-Jersey funds
have been transferred out of Jersey. This is not reflective of Jersey’s
strong fund offering and has no effect on levels of employment nor on the profitability
of our funds business. Without this one-off adjustment, the overall fund performance
would have been marginally positive, with increasing numbers of new fund enquiries
being received and specialist funds business showing an increase.”
“Overall, despite a difficult and challenging climate this year, Jersey
has enhanced its reputation as a leading international finance center with ringing
endorsements for the quality of its financial services from bodies such as the
IMF, STEP, the Global Financial Centres Index and OECD. These results do however
highlight the need for Jersey to continue to market itself vigorously in a very
challenging and competitive market place.”
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