Jersey’s finance industry has reported a steady performance during 2012 with bank deposits rising in the final quarter of the year and the size of the funds administration business increasing year on year.

In the final quarter of 2012, bank deposits increased by 2.3% with sterling deposits representing 36.9% and currency deposits 63.1% of the total amount. The total net asset value of funds under administration stood at £192.8 billion at the end of the year, up from £189.5 billion in the three month period. The value of the funds business has risen overall during 2012 by just over £3 billion.

The latest statistics, collated and prepared by the Jersey Financial Services Commission, are for the three month period ending 31st December, 2012. Headline figures across all sectors of the industry include:

  • The total value of banking deposits held in Jersey increased by £3.4bn from £148.7bn to £152.1bn during the fourth quarter of 2012.
  • The net asset value of funds under administration increased by £3.3bn from £189.5bn to £192.8bn during Q4 2012. The total number of regulated funds decreased by 4 from 1,392 to 1,388 over the same period. The total number of unregulated funds increased by 7 from 175 to 182 during the fourth quarter.
  • The value of total funds under investment management increased by £0.3bn from £20.9bn to £21.2bn during the fourth quarter of 2012.
  • The total number of live companies stood at 32,503 at the end of December 2012.

Geoff Cook, CEO of Jersey Finance, commented:

“Jersey’s finance industry performance remained steady in the twelve months ending December 2012, and with both bank deposits and the total net asset value of funds under administration increasing in the final quarter there are positive signs for the year ahead. The investment management sector is also showing stable business results.

“The majority of Jersey’s depositors (57.7%) are based outside the CI and the UK, with 20% originating from European non-EU countries and 13% from the Middle East. Jersey has a robust long-term strategy in place to reinforce its strong position as a first choice centre for deposits. The focus for 2013 and beyond continues to be on business development in our key markets with a very strong team in place and a healthy pipeline of new business reported.

“In the funds sector, the net asset value of specialist funds saw the biggest increase by £2.3bn, with the value of private equity funds growing by 2.2% and the value of hedge funds increasing by 2%. Jersey is also well on track with the implementation of the AIFMD regime and remains a first choice jurisdiction for fund managers and funds.’’