Jersey figures show upbeat H1

Posted: 11/10/2018

Jersey H1 2018 reportLatest figures on the size of the finance industry in Jersey show banking deposits are rising and the value of the funds industry is at a record high.

The net asset value of regulated funds under administration grew by £15bn during the second quarter of 2018 to stand at £296bn at 30 June 2018, the highest recorded figure to date. Banking deposits are also higher, at £121.2bn, the most since March 2016 and £5.7bn more than in March 2018.

The statistics, collated by the Jersey Financial Services Commission and published by Jersey Finance for the period ending 30 June 2018, also show that all the alternative asset classes, which are central to the success of the funds industry, have recorded an increase since the start of the year. 

Private equity fund values rose by nearly £4bn to £86.5bn and real estate increased by £2bn to £39.5bn. Hedge funds values increased by nearly £4bn to £54bn and the combined total of infrastructure, credit and debt funds was nearly £10bn higher at £59.6bn.

NPPR progress

The latest figures on funds business complement the data issued by the JFSC in the summer, which showed that the number of Jersey alternative investment funds being marketed into the EU through national private placement regimes (NPPRs) continued to increase – up five per cent since December 2017.

The number of Jersey-registered managers opting to market into the EU through NPPRs under the Alternative Investment Fund Managers Directive (AIFMD) also increased – up eight per cent. 

The number of live companies on the JFSC's register has also climbed by more than 500 since December 2017 to 32,618 companies.

Signs of resilience

Jersey Finance CEO Geoff Cook commented: “These latest figures offer clear evidence of the industry’s resilience during challenging times and demonstrate its ability to grow and thrive. 

"It is also worth noting these figures do not include the Jersey Private Funds, a fast-track regime introduced in 2017, and as at 24 September 2018, the JFSC had granted authorisation to 167 JPFs. This figure represents an increase of 280 per cent since August 2017.

“When reviewing the figures during the first six months of the year, there are a host of positives to acknowledge and, with finance employment figures approaching the highest ever level, and more than 50 per cent of business flows now coming from emerging markets, the industry is on a strong footing, while making a vital contribution to tax revenues.”

• The full set of quarterly statistics is available here

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