According to figures published last week by the Jersey Financial Services Commission for the period ended 30th September 2007, the Net Asset Value of funds under administration in the Island has reached record levels of GBP221 billion and has, for the first time, overtaken the level of bank deposits held.
The figures for the third quarter of 2007, which are compiled by the financial services regulator, indicate that all sectors of Jersey’s Finance Industry are continuing to experience steady growth. This is despite difficult conditions across the global financial markets in recent months.
Whilst the NAV of funds under administration in Jersey has risen by 5% over the last quarter and by over 30% over the last 12 months, bank deposits have grown by 3.7% to GBP219.5 billion, and by 17% since the same point last year.
Meanwhile, Expert Funds continue to perform strongly, with the number of Expert Funds being established rising by 9.4%, and the NAV increasing by 13.6% during the quarter.
The headline figures from the JFSC statistics for the July to September 2007 quarter are as follows:
Geoff Cook, Chief Executive of Jersey Finance Limited, observed that:
“These figures show yet another quarter in which Jersey’s Financial Services Industry has reported good growth rates across all sectors, which clearly demonstrates the qualities of Jersey’s products and services. It is significant that these figures are historic in that, for the first time ever, the Net Asset Value of funds under administration in Jersey has overtaken the value of bank deposits, which themselves had an impressive growth rate of 3.7% in the quarter."
He went on to add:
“The number of Companies incorporated in Jersey has now risen to 33,624, the largest quarterly rise for the year, despite the fact that the last quarter encompasses the period when annual strike-offs occur. Over the last 12 months, the value of funds under administration has increased by 30.2% and the amount of money on deposit in Jersey has risen by 17.0%. These growth rates are positive news indeed, especially following the credit crunch earlier in the summer."
"Finally, on an inward investment note, we are very pleased to welcome EFG Private Bank (Channel Islands) Limited to Jersey.”
Nigel Weston of the Jersey Funds Association, concluded:
“It is pleasing that there continues to be strong interest in the Expert Fund regime, which was launched in 2004. The fact that the NAV of Expert Funds has increased by 71% over the last 12 months is indicative of the sustained attractive nature of the Island’s funds services, ahead of the introduction of unregulated funds in 2008. Specialist Funds are also performing strongly, with levels now standing at GBP114 billion, accounting for more than half the total NAV of funds under administration in the Island, and emphasising Jersey’s expertise in this sector.”
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, 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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