Fund report reveals booming year for Jersey

Posted: 01/11/2017

New findings from fund research company Monterey Insight highlight a booming year for the Jersey fund sector.

The 23rd annual Monterey Jersey Fund Report shows that fund assets serviced in Jersey raised $346.5bn at the end of June 2017, up 14.7 per cent from 2016. 

The number of serviced schemes increased to 1,201 and the total number of sub-funds recorded also showed an increase at 1,686 (compared with 1,162 and 1,662 respectively in 2016).

Company rankings

For fund administration services across domiciled and non-domiciled funds, Aztec Group remains in lead position for the second consecutive year, with $77.5bn in assets, followed by Saltgate with $34.2bn and Ocorian moving up to third with $22.9bn.

For domiciled and non-domiciled funds, the top three remain the same, with BNP Paribas the largest custodian ($22bn in assets), then JP Morgan ($12.6bn) and Capita Trust Company ($9.8bn).

Newly introduced information on transfer agents ranks Aztec Group as the largest transfer agent, with total net assets of $81.1bn, ahead of Computershare Investor Services ($22.2bn) and Intertrust ($18.9bn).

Among legal advisers, Mourant Ozannes maintains its top spot, advising on 790 funds, followed, as last year, by Carey Olsen with 508 funds and Ogier with 367.

The ranking also remains the same for auditors, with PwC as the largest auditor with 432 funds, ahead of KPMG and EY with 309 and 193 funds respectively.

Among fund management companies, for the second consecutive year, ETF Securities remains top among Jersey domiciled schemes, with $17.1bn of assets. CVC Capital Partners takes second place, with $15.3bn, ahead of BlackRock Financial Management, with $13.1bn.

Most popular fund types for Jersey domiciled funds are private equity/venture capital funds, with a total of $91.1bn ($83.7bn in 2016) and accounting for 41.3 per cent per cent of assets domiciled in Jersey. They are followed by property real estate funds, with $53.6bn.

Mergers and name changes

• Intertrust Fund Services acquired Elian Fund Services.
• Bedell Fund Services rebranded as Ocorian after a management buyout.
• SG Hambros Trust rebranded as SG Kleinwort Hambros Trust Company.
• The custodian/trustee business of Kleinwort Benson is no longer providing custody services to collective investment schemes and is working collaboratively with its existing clients to ensure an efficient and timely exit to a new service provider of their choice.

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