Carey Olsen has been confirmed as the leading legal adviser to Jersey’s investment funds sector in the latest edition of independent industry research group Monterey Insight’s Jersey Funds Report.
The 26th edition of the report, which provides a comprehensive analysis of the performance of all funds serviced in Jersey and their primary service providers, shows that Carey Olsen has substantially increased its market share and now advises 33% of all Jersey serviced funds and 35% of all Jersey domiciled funds advised by law firms in the island.
Confirmation of Carey Olsen as Jersey’s leading law firm for investment funds follows 10 years of considerable client growth in the sector, including a 115% increase since 2010 in the number of Jersey serviced funds it provides legal advice to and a 91% increase in the number of Jersey domiciled funds.
Robert Milner, a partner in Carey Olsen’s Jersey investment funds team, said: “We have for many years been working hard to become the ‘go to’ funds team in Jersey. It is a very competitive market and the annual Monterey publication is a hugely valuable tool for clients and fund advisers, providing truly impartial analysis. We welcome the news that Carey Olsen now leads the way in terms of total fund numbers as well as the other categories where we remain in first place.
“This milestone for us has come following an incredibly tough year for everyone. Ensuring client demands are met and maintaining our standards of quality and service when some or all of us are working from home has been challenging. We’re just very grateful for the calibre and professionalism of our team, the quality of relationships we hold with both clients and advisers who continue to select Carey Olsen, as well as the confidence that is placed in Jersey as a funds jurisdiction. We will continue to support our team and serve our clients.”
For the year ending 30 June 2020, Monterey Insight reports that Carey Olsen provided legal advice to 845 Jersey serviced funds, up from 714 a year previously, and 31 more than its nearest competitor.
The firm had already moved into first place among legal advisers to Jersey domiciled funds by number of funds in last year’s Monterey Insight report and retains its lead in this category for a second successive year with advice to 457 Jersey domiciled schemes, up from 378 a year previously, and 97 ahead of its nearest competitor.
Overall, Monterey Insight found that that fund assets serviced in Jersey rose to US$493 billion at the end of June 2020, up 2.5% from US$481.2 billion in 2019. The number of serviced schemes increased to 1,495, up 11.9% and the total number of sub-funds recorded were also up to 1,981 which represents a 9.6% increase (from 1,336 and 1,807 respectively).
Monterey Insight is a leading independent fund industry research company that provides the only comprehensive statistical analysis of service providers for all investment funds serviced in the UK, Luxembourg, Ireland, Jersey and Guernsey. The company’s research covers around 37,000 investment funds and its annual reports are considered to be the reference point for the entire funds industry in each of these five jurisdictions.