Funds and corporate activity in Jersey’s finance industry remained buoyant and banking business was stable during the third quarter of 2015, according to the latest figures for Jersey’s finance industry.
Collated by the Jersey Financial Services Commission (JFSC) for the third quarter of the year (September 2015), the latest statistics show that the net asset value of regulated funds under administration in Jersey increased to stand at £218.8 billion, the third highest level since December 2008 and 6.5% higher than the figure from September 2014.
Within the funds sector the alternative asset classes continued to perform well, with total alternatives business including hedge, private equity, real estate and infrastructure funds growing by 11.5% year-on-year, and real estate and private equity values both increasing by 4% on the quarter.
The banking sector in Jersey displayed relative resilience against a backdrop of ongoing global pressures during the quarter, with the total value of deposits in Jersey banking institutions decreasing by around 1% to stand at £131.8 billion.
Meanwhile, the corporate market was very active with 717 company incorporations during the quarter, the second highest quarterly rate of incorporation in seven years. There are now 33,739 live companies on the register, the highest total figure since June 2009. Key figures from the latest report are as follows:
- The total value of banking deposits held in Jersey decreased by £1.7bn from £133.5bn to £131.8bn during the third quarter of 2015
- The net asset value of regulated funds under administration increased by £0.1bn from £218.7bn to £218.8bn during Q3 2015
- The total number of regulated collective investment funds increased by 13 from 1,298 to 1,311 over the quarterly period, whilst as at end of the third quarter of 2015 there were 126 active unregulated funds
- The value of total funds under investment management stood at £19.4bn at the end of the third quarter of 2015
- The total number of live companies on the register stood at 33,739 at the end of Q3 2015.
Geoff Cook, Chief Executive of Jersey Finance, commented:
“The third quarter marks another three months of steady performance from Jersey’s finance industry. Currency movements had a positive impact on the total value of banking deposits as a weaker pound increased the sterling equivalent value of foreign currency denominated deposits by around £2.4 billion.
“The funds sector is buoyant and the total number of regulated funds in Jersey rose to 1,311 during the third quarter of 2015. It is worth bearing in mind that our funds statistics do not include very private funds, a flexible solution for small groups of co-investors where a formal offering is not required. This highly effective fund solution continues to be very popular.
“The corporate market saw 717 company incorporations during the third quarter of 2015, the second highest figure since June 2008. At 33,739, the total number of live companies is now the highest since June 2009.”