Monterey Insight: Jersey fund sector breaks new records

Posted: 23/11/2018

New findings from fund research company Monterey Insight reveal the market shares of all service providers in Jersey’s fund industry.

According to the 24th annual Monterey Jersey Fund Report, fund assets serviced in Jersey rose to US$411.1bn at the end of June 2018, up 18.7 per cent from 2017. The number of serviced schemes increased to 1,279, up 6.5 per cent, and the total number of sub-funds recorded was also up to 1,721 – a 3.5 per cent increase.

For fund administration services across domiciled and non-domiciled funds, Aztec Group maintained the largest market share for fund assets under administration for the third consecutive year, with $126bn in assets. It was followed by Saltgate with $40.2bn and Ocorian with $23.3bn.

Of serviced funds, among transfer agents, Aztec Group accentuated its lead with a total net asset of $129.1bn, ahead of Computershare Investor Services with $21.9bn and Intertrust in third with $20.9bn. 

The custody ranking of serviced funds remained unchanged, with BNP Paribas securing top position as the largest custodian by assets with $22.3bn. JP Morgan maintained its second position with $11.8bn and Link Asset Services came third with $9.7bn.

Among legal firms, Mourant Ozannes kept its ranking as the number one legal adviser, advising on 791 funds, followed as last year in second place by Carey Olsen with 670 funds and Ogier with 372 funds.

Auditor rankings

Among auditors, and as last year, PwC held first position, with 452 funds, ahead of KPMG and EY respectively, with 320 and 199 funds.

Of assets, PwC also led with $105.5bn, followed by Deloitte and KPMG respectively, with $77.2bn and $69.2bn.

Among fund management companies of domiciled and non-domiciled schemes, Ardian was in first position with assets totalling $39.5bn, followed in second position by CVC with $33.5bn.

Most popular fund types for Jersey domiciled funds, private equity/venture capital and infrastructure funds, rose to $143.6bn – an increase of 57.6 per cent, thanks to some large funds launched during the year. In fact, just the top five funds in this category represents a massive $42.7bn.

Overall, more than 110 groups/schemes were launched since June 2017, adding a total of $54.2bn.

Karine Pacary, Managing Director of Monterey Insight, commented: “Another strong and positive year for the Jersey fund industry, which managed to attract a great inflow of new business as promoters choose the island to set up their funds. 

"Specifically, 32 promoters/initiators chose Jersey to set up their funds, while 12 others decided to service their funds in the jurisdiction, bringing a total inflow of $39bn.”

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