* Jersey Funds Industry Continues To Break RecordsJersey’s finance industry has started 2006 in a bullish mood, reporting another quarter of strong growth, Jersey Finance, the government's promotional body for the island's industry, has announced.
The funds sector in particular has continued to perform strongly, surpassing the previous record levels reached at the end of 2005. The Net Asset Value of funds under administration in Jersey has risen by almost 50% compared to the same period last year to reach a new record high of GBP156 billion ($296 billion). Meanwhile, the total number of funds serviced in the Island has broken through the 1,000 barrier.
Over the first quarter of 2006: bank deposits increased by GBP3.3 billion (1.8%) to GBP188 billion; the number of Expert Funds established in the Island increased from 134 to 169; the total value of funds under investment management increased by GBP9.1 billion (18.5%) to reach GBP58.3 billion; and 921 new Jersey company incorporations were registered, an increase of 313 (51.5%) over the same period in 2005.
Commenting, Beverley Le Cuirot, Director of Marketing and Communications, Jersey Finance Limited, said that fund growth is being driven by alternative investment classes, including property, private equity and hedge funds, many of which have been established under the Jersey Expert Fund Regime.
“We believe that the growth in these specialist areas reflects the clear and continuing commitment of the Island’s government and regulatory authorities to support the Industry’s drive to establish Jersey as the European domicile of choice for alternative investment, and as a leading international funds administration centre," she stated.