The statistics show that the net asset value of funds increased by £3 billion in the first quarter of 2014 to £195 billion and there was a small increase in the number of funds overall, demonstrating Jersey’s continuing attractiveness for fund structuring and administration.
The latest statistics, collated and prepared by the Jersey Financial Services Commission, are for the three month period ending 31st March 2014. Headline figures include:
- The total value of banking deposits held in Jersey decreased by £0.7bn from £139.9bn to £139.2bn during the first quarter of 2014.
- The net asset value of funds under administration increased by £3.2bn from £192.1bn to £195.3bn during Q1 2014. The total number of regulated funds increased by 3 from 1,334 to 1,337 over the same period. Consent was granted in respect of 25 COBO only Private Placement funds with a reported total NAV of £458m.
- The total number of unregulated funds increased by 2 from 197 to 199 during the first quarter.
- The value of total funds under investment management remained at £22.2bn during the first quarter of 2014.
- The total number of live companies increased by 222 to 32,701 at the end of Q1 2014.
Geoff Cook, Chief Executive, Jersey Finance, commented:
‘The latest statistics reveal that the number of banking licences has fallen by 8 to 34. This is largely a result of some banking organisations simplifying their operating structures resulting in them needing fewer deposit taking licences and is not a reflection of a significant drop in the number of banking groups represented in Jersey. In fact, considering the banking industry is still in recovery following the global financial downturn, it is encouraging that the level of banking deposits we attract has stabilised, with £86 billion of that total in foreign currencies, highlighting once more the global appeal of our financial services industry.’
“Generally, the latest figures show a steady position although information from our member firms indicates the new business pipeline is building well and business activity overall is picking up. For example, the latest figures from Jersey’s Business Tendency Survey suggested that the finance sector was positive about its long-term prospects at the start of 2014, with firms reporting the highest levels of optimism about future business activity, profitability and employment since 2011.’