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Jersey FSC Issues Quarterly Report

by Jason Gorringe, Tax-News.com, London

09 December 2004


The Jersey Financial Services Commission on Tuesday issued its quarterly report for the July to September period.

According to the report, bank deposits increased by 0.97% during the quarter to £159.17 billion, whilst the number of collective investment funds and COBO (Control of Borrowing (Jersey) Order 1988) funds rose sharply to 769 during the quarter.

The total value of funds under management (Class B of the Financial Services (Jersey) Law 1998) stood at £35.2 billion as at 30 September 2004, representing an increase of 16.5% over the same period last year.

Meanwhile, the growth in company incorporations continued during the quarter, with a 14% increase over the same period last year.

Commenting on the figures contained in the quarterly report, David Carse, Director General of the FSC observed that:

"The main feature of the quarter was the very sharp increase in the number of funds, which is encouraging for the development of the industry in Jersey. Bank deposits continued their steady rise and the volumes of investment business and corporate activity remain well above last year's levels."

A comprehensive report in our Intelligence Report series describing the investment fund sector in most key offshore jurisdictions 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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