The level of funds business in Jersey’s finance industry continued to rise in the final quarter of 2015, according to the latest figures.
Collated by the Jersey Financial Services Commission (JFSC) for the fourth quarter of the year (December 2015), the latest statistics show that the net asset value of regulated funds under administration increased to £225.8 billion, a £7 billion increase on the previous quarter, while the value of total funds under investment management stood at £21.6 billion up from £19.4 billion on the previous quarter. More companies were incorporated in Jersey during the quarter than in any quarter since June 2008. Key figures from the latest report are as follows:
- The net asset value of regulated funds under administration increased by £7bn from £218.8bn to £225.8bn during Q4 2015.
- More companies were incorporated in Jersey during Q4 2015 than in any quarter since Q2 2008. During the three months to December 2015, 786 companies were registered. The total number of live companies on the register stood at 33,063 at the end of Q4 2015.
- The continued low rate of interest and propensity for investors to reduce their cash holdings meant that the total value of banking deposits held in Jersey decreased by £5.3bn from £131.8bn to £126.5bn during Q4 2015.
- The total number of regulated collective investment funds increased by 9 from 1,311 to 1,320 over the quarter whilst, as at end of Q4 2015, there were 126 active unregulated funds.
- The value of total funds under investment management stood at £21.6bn at the end of Q4 2015. These figures do not include the total assets under management within the qualifying segregated managed accounts (QSMA) which increased by 3.6% from £1.7bn to £1.8bn at the end of the quarter.
Geoff Cook, Chief Executive of Jersey Finance, commented:
“We can be pleased with the relative strength of the industry as a whole, particularly the fund sector which continues to be Jersey’s star performer and where our offering has been further boosted by the European Securities Markets Authority confirmation that Jersey is passport ready, ahead of most other ‘third country’ jurisdictions competing for EU business.”
“The figures generally reflect our strong market position and resilience to global pressures. While the drop in banking deposits was anticipated, especially given the strengthening of sterling and the propensity for investors to reduce their cash holdings and increase their investment in real assets.”