The latest figures analysing the size of Jersey’s funds industry by research company Monterey Insight reinforce the appeal of the jurisdiction as a specialist centre for globally focused alternative funds, in particular in the private equity and venture capital space.
The 26th annual Monterey Jersey Fund Report, published this week, highlights 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, whilst the number of serviced schemes increased to 1,495, up 11.9%.
This increase was driven by further sustained growth in the private equity and venture capital asset classes, which accounted for US$325.9 billion of assets for domiciled and non-domiciled funds with just over 950 funds and sub-funds. Of these, US$210.1 billion are Jersey domiciled funds.
The report also shows that over 120 new Jersey schemes were launched during the year, totaling US$14.5 billion and of these, over 65 funds and sub-funds totaling US$11.1 billion were private equity/venture capital.
Commenting on the figures, Elliot Refson, Head of Funds at Jersey Finance, said:
“In what has been a challenging year for global markets, these positive figures reflect just how strong Jersey’s reputation is in the alternatives space – in fact, over the past three years, our funds industry has experienced double digit growth, which is a real testament to our robust, innovative platform for cross-border funds.
“The main driver of growth in the private equity and venture capital space is something we have been seeing for some time now, and the resilience we have been able to demonstrate to investors and managers in recent months has only served to underline our industry’s excellence and stability. Against the backdrop of Covid-19 and Brexit, those are qualities we fully expect to resonate strongly with investors as we continue to support the cross-border alternatives industry both in Europe and wider global markets in the years ahead.”
The Monterey Insight report can be found here.