The most recent figures on the performance of Jersey’s Finance Industry point once more to a stable picture, with funds business up on the previous quarter and banking deposits, which would have shown a small increase but for the strengthening of the pound, reducing in sterling value.
The statistics, collated and prepared by the Jersey Financial Services Commission, are for the three month period ending 30th September 2012. Headline figures across all sectors of the industry include:
- The total value of banking deposits held in Jersey decreased by £1.7bn from £150.4bn to £148.7bn during the third quarter of 2012, due mainly to the effect of a strengthening pound.
- The net asset value of funds under administration increased by £0.1bn from £189.4bn to £189.5bn during Q3 2012. The total number of regulated funds increased by 12 from 1,380 to 1,392 over the same period. The total number of unregulated funds increased by 3 from 172 to 175 during the third quarter.
- The value of total funds under investment management increased by £0.2bn from £20.7bn to £20.9bn during the third quarter of 2012.
- The total number of live companies stood at 32,628 at the end of September 2012.
Heather Bestwick, Deputy Chief Executive of Jersey Finance, commented:
“We have seen a stable performance for the finance industry during the third quarter of 2012. Jersey had a total of 42 deposit-taking licence holders operating from the island as at 30th September 2012 and the banking sector is holding up well in difficult market conditions. Our banking business is internationally focused with more than 56% of deposits originating from abroad. One of our stronger markets continues to be the Middle East, with 13% originating from that geographical region.
“The funds sector continues to do well with the number of funds growing by 12 during the third quarter of 2012. Specialist funds such as hedge, private equity and real estate represented 70% of the total net asset value of funds under administration at the end of the third quarter demonstrating that Jersey’s expertise in these asset classes is widely recognised and reflecting the confidence fund professionals continue to have in Jersey ahead of the introduction of the AIFM Directive.
“In these volatile times international investors are looking for stability, a secure finance environment, innovation in products and a quality service offering and Jersey continues to provide such a combination, which is helping us maintain our appeal to international investors.”