In the second quarter of 2013, bank deposits held in Jersey decreased by around 2.8% to stand at £150.8bn, with sterling deposits representing around 36% and foreign currency deposits 64% of the total amount. The value of deposits emanating from the Middle and Far East remained strong, representing 17.5% of total deposits held in Jersey.
Within the funds sector, despite the total net asset value of funds under administration in Jersey falling by just under 2% to stand at £201.3bn, levels remained above the £200bn barrier for the second consecutive quarter for the first time in three years. There was also a marginal decrease of £0.2bn in the value of funds under investment management, to stand at £22.5bn at the end of the three month period.
Meanwhile, there were 658 company incorporations in the second quarter of 2013, with 33,037 live companies on Jersey’s company register, the highest number since 2011.
The latest statistics, collated and prepared by the Jersey Financial Services Commission, are for the three month period ending 30th June 2013. Headline figures across all sectors of the industry include:
- The total value of banking deposits held in Jersey decreased by £4.3bn from £155.1bn to £150.8bn during the second quarter of 2013.
- The net asset value of funds under administration decreased by £4bn from £205.3bn to £201.3bn during Q2 2013. The total number of regulated funds decreased by 58 from 1,395 to 1,337 over the same period. The total number of unregulated funds increased by 5 from 184 to 189 during the quarter.
- The value of total funds under investment management decreased by £0.2bn from £22.7bn to £22.5bn during the second quarter of 2013.
- The total number of live companies increased by 247 to 33,037 at the end of Q2 2013.
Geoff Cook, Chief Executive of Jersey Finance, commented:
“The second quarter of 2013 saw a slight drop in overall industry performance compared to the first three months of the year. Looking at some of the underlying factors, the continued weakness of sterling had a marginal effect on the total value of banking deposits this quarter, while the 2.8% decrease in total deposits is in part due to rationalisation of business across the Crown Dependencies, a change that was not unexpected as it followed on from rationalisation effects seen in the first quarter of 2013.
“For the funds sector, the total number of funds remained stable, while the decrease in the net asset value of funds under administration can be linked to the world-wide fall in the price of gold and other commodities. As part of a diversified portfolio approach, Jersey is home to a number of funds that invest in these sectors and the figures at the end of Q2 reflect the overall performance of individual markets. The investment management sector also reported stable performance showing a modest 1.1% decrease.
“Overall, the figures highlight the gradual nature of global economic recovery and the need to maintain a strong focus on managing the costs of doing business in Jersey, whilst continuing to develop new business opportunities, especially from fast growing international markets.”
Click Here to view the report and statistics.