Fund assets serviced in Jersey are up 14.7% on last year raising $346.5bn.
The stats come from the latest Monterey Jersey Fund Report, published yesterday (2 November 2017), with its findings demonstrating the continued strength of the Island’s funds sector.
Topping the table for Jersey domiciled funds were private equity and venture capital funds, which totalled $91.1bn, followed by property real estate funds at $53.6bn.
While welcome, the findings highlight what those in the sector already know – that our funds sector is a success, grounded in the stand-out expertise Jersey professionals offer and the flexibility of our regime.
Unlike some other onshore jurisdictions, Jersey has a wealth of individuals who act as professional non-executive directors with extensive experience across a variety of asset classes. This is in addition to the pool of skilled staff available on island. We know this is a huge draw for those searching for where to administer their funds and is borne out by the fact that some funds, while domiciled elsewhere, still choose Jersey for their administration.
Then there is the sector’s flexibility. Marketing into Europe through NPPRs, Jersey’s national private placement regime, continues to prove attractive and has seen more than a 10% rise over the last year. While EU member states must bear the burden of full AIFMD compliance, Jersey does not. And Jersey’s regime can offer fully ‘out of AIFMD scope’ solutions for funds targeting investors outside of the EU.
What’s more, Jersey’s offering will not change as a result of external factors; for those concerned about Brexit, we are not part of the EU and subsequently our financial trade agreements are already established entirely independently of the UK. And, with regards to those concerned about the future of AIFMD passporting plans, our existing private placement regime is burgeoning and very much here to stay.
Furthermore, post-Brexit, Jersey’s strong ties with the City of London will remain, while the same cannot be guaranteed for onshore EU jurisdictions yet to broker a deal.
We are a forward-thinking jurisdiction and yes you might say, ‘of course we would say that’, but this is backed up by relevant statistics from different sources, including these latest Monterey figures.
Our funds sector is strong, stable and ultimately future-proof – whatever that may hold.