The value of funds administered by Crestbridge in Jersey grew by almost a third year-on-year, according to figures in the latest Monterey Insight Jersey Fund Report.
The report, published earlier this month for the period ending 30 June 2021, shows that Crestbridge increased the total value of assets under administration in Jersey by 31% annually and by more than 150% over the past five years to stand at US$25bn in 2021. This sustained positive performance places Crestbridge well inside the top ten administrators (6th) in Jersey as the business continues to grow with its key clients.
The number of funds Crestbridge administers grew by 29% over the year to 119, ranking the business fifth in Jersey. In addition, it was particularly successful in onboarding new business, adding US$1.57bn of new Jersey registered schemes and sub-fund business to its books in 2021, placing it inside the top five administrators in Jersey.
In particular, the figures show a sharp increase in private equity and venture capital fund activity, with Crestbridge now servicing more than 90 funds in the asset class, with a combined net asset value of some US$17.2bn. The report also evidences that Crestbridge is supporting an increasingly diverse global manager and investor base, with Jersey-domiciled and non-domiciled funds administered by the firm investing in assets across the UK, Europe, Asia Pacific and the US.
Overall for Jersey, the report reflects an extremely buoyant funds industry. Total funds business grew 23% year-on-year to stand at US$605.4bn, with private equity and venture capital leading the drive to represent almost 70% of the value of all funds business in Jersey.
Alex Di Santo, Group Head of Private Equity at Crestbridge, commented:
“These positive figures continue to reflect the considerable and consistent growth in our funds business in Jersey over the last five years. To have more than doubled the value of our funds under administration over that period, and against the recent backdrop of the pandemic, is testament to our strength as a leading service provider in the funds space. It’s also a reflection of our commitment to quality and the expertise of our experienced team in supporting fund managers in what is an increasingly complex fund structuring landscape.