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Jersey Financial Services Commission Publishes Quarterly Report

Robert Lee, Tax-news.com, London

30 November 2000


The Jersey Financial Services Commission (FSC) issued its quarterly report last week in which it outlines the level of business in the major sectors of the island's finance industry. The report covers the period July 1 2000 to September 30 2000. One of the most significant trends the report highlights is that new money coming into Jersey is being directed into mutual funds, rather than the more traditional banking vehicles.

The report states that in the three-month summer period the value of funds rose to UK£90.3bn, representing a massive increase of 53.9 per cent on the same quarter last year. Bank deposits rose to UK£115.9bn and assets under management rose to more than £34.3bn, a 3 per cent increase since the last quarter. The FSC said that other offshore financial centres had reported similar increases.

The number of funds in Jersey remains static, but the FSC said that sub funds "have reached a new record high of 1,410." The number of banking licences has remained constant at 73 since the first quarter 2000.

As far as Jersey's investment business is concerned, the total funds under investment management (class B of the Investment Business Law ) show an increase of 43 per cent against the same quarter last year, and stand now at UK£34.3bn. The FSC said that this increase in assets under management was due to both new business and capital growth. Indeed, the number of customers of investment managers rose from 20,598 on July 1 2000 to 21,996 as at September 30 2000.

However, one area which has slowed down in Jersey is new company incorporations. The total for the quarter was 684, although total incorporations for the year to date are 20 per cent up on the same period last year. The FSC noted that approximately one third of all new incorporations use Jersey's fast track method.

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