The latest figures tracing the performance of Jersey’s finance industry indicate a relatively stable picture overall for the year to date, though funds and banking recorded small falls in the second quarter.

The statistics, collated and prepared by the Jersey Financial Services Commission, are for the three month period ending 30th June, 2012. Headline figures across all sectors of the industry include:  

  • The total value of banking deposits held in Jersey decreased by £4.5bn from £154.9bn to £150.4bn during the second quarter of 2012. 
  • The net asset value of funds under administration decreased by £6.8bn from £196.2bn to £189.4bn during Q2 2012.  The total number of regulated funds decreased by 32 from 1,412 to 1,380 over the same period, while the total number of unregulated funds increased by 6 from 166 to 172 during the second quarter.
  • The value of total funds under investment management decreased by £0.3bn from £21bn to £20.7bn during the second quarter of 2012.
  • The total number of live companies stood at 32,938 at the end of June 2012, a small increase on the previous quarter.

Geoff Cook, Chief Executive of Jersey Finance, commented:

"The statistics for 2012 to date suggest that Jersey’s finance industry is maintaining stability during extremely tough trading conditions. While the value of funds fell back slightly in the second quarter the drop was tempered by an increase in the first quarter of the year.

Overall deposit levels are holding up well considering the global conditions, though the gentle easing of aggregate deposits continues, which we are seeking to address through our focus on attracting new high quality banks to the island. In this regard, the number of licenced banks had increased to 41 at the half year.

The same strong focus on inward investment opportunities exists for funds where Jersey is looking to attract niche fund managers with a number of new entrants seen already in 2012. 

Generally there is a pro-active attitude in Jersey focusing on attracting new business especially from growth markets. Jersey is investing heavily in its future to ensure it is in an excellent position to benefit from growth opportunities once the global economy picks up.’’