Buoyant Monterey Figures Reflect Global Traction for Jersey’s Funds Industry
Figures in the latest analysis of Jersey’s funds industry by research company Monterey Insight paint a buoyant picture of the sector and reflect Jersey’s increasingly global appeal, pointing in particular to the traction the jurisdiction is gaining in the US and Asian markets.27 February 2020
The 25th annual Monterey Jersey Fund Report, published this week, highlights that fund assets serviced in Jersey rose to US$481.2bn at the end of June 2019, up 17.1% year on year, the highest figure ever recorded.
This increase was driven by sustained growth in the private equity and venture capital asset classes, which grew by 37% annually to reach US$185.5bn, whilst real estate funds grew by 6% to stand at US$63.5bn.
The statistics also show that, whilst the value of Jersey-domiciled funds with UK promoters grew by 13.5% annually (US$110.5bn), the value of fund assets originating from the US rose by 20% year on year (US$53.8bn), and fund assets with Japanese promoters almost doubled (14% in 2018 and 23% in 2019).
Commenting on the figures, Elliot Refson, Director – Funds at Jersey Finance, said:
“The Monterey figures provide a comprehensive analysis of the state of play of Jersey’s funds industry and the overall picture, with 17% average growth over the past three years, is buoyant and very positive. It’s reflective of the perfect eco-system Jersey provides for alternatives and the expertise Jersey has gained over decades in this space.
“Particularly interesting though is the diverse global appeal Jersey has earned. In an increasingly complex cross-border funds environment, the clear evidence is that Jersey provides a robust, straightforward and cost-effective platform for global fund distribution, helping managers to get their funds to market, regardless of their geography. The fact that we are seeing such good growth in the US also reinforces our strategy to position Jersey as the gateway to Europe for US managers, having opened an office in New York last year.”
The figures come shortly after a busy period of activity for Jersey Finance in the US, having formed a partnership with the CFA Society Stamford, hosted a roundtable for legal experts, investment advisors and US fund managers, and supported an event in New York looking at the evolving environmental, social and corporate governance (ESG) investment landscape.