Monterey publishes 29th Jersey Fund Report

Posted: 29/01/2024

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

The 29th annual Jersey Fund Report highlights that fund assets serviced in Jersey increased from $585.2bn in 2022 to $593.5bn at the end of June 2023, up 1.4% in US dollars – a decrease of 3.1% in sterling compared with 2022.

The number of serviced schemes increased to 1,883, up 16.4% and the total number of sub-funds recorded was also up to 2,390, an 11.8% increase (from 1,618 and 2,137 respectively).

The Jersey fund industry is primarily driven by private equity/venture capital funds, the most popular products. These funds account for $424.1bn of assets for domiciled and serviced funds, totalling 1,262 funds and sub-funds. 

Property/real estate funds rank second with $68bn and a total of 350 funds. Private debt funds have seen the highest growth in net assets, with a 21% increase on 2022, for funds with assets over $10bn.

Sub-fund launches

During the period, more than 210 newly launched and newly serviced sub-funds were accounted for, reaching $39.4bn for new products of domiciled and non-domiciled funds. 

Of these newly launched or reported serviced funds and sub-funds, more than 130 were private equity/venture capital products totalling $30.7bn. 

For the Jersey domiciled market share, more than 145 new Jersey funds and sub-funds were launched or newly reported during the year, totalling $14bn of assets.

Service providers

Turning to service providers, among fund management companies of domiciled and non-domiciled serviced schemes, CVC Capital Partners ($77.1bn) takes first position ahead of ARDIAN ($73.8bn) and SoftBank with assets totalling $54.5bn (information publicly sourced).

For fund administration services across domiciled and non-domiciled funds, Aztec Group with $224.8bn in assets maintains the largest market share for fund assets under administration for the eighth consecutive year, followed by Saltgate with $72bn and R&H Fund Services with $29.2bn.

Among transfer agents, Aztec Group maintains its lead with total net assets of $208.1bn. Second spot remains unchanged from last year with Computershare Investor Services ($30.3bn), but EFG Fund Services moves up to third position with $19.6bn.

BNP Paribas again secures top position as the largest custodian by assets with $16bn, followed by Apex Group in second (following the acquisition of Sanne Trustee Services, which was second last year) with $10.3bn.

RBC Wealth Management, also benefiting of the Apex/Sanne consolidation, gains one rank to come in third with $8.2bn.

Legal and audit

Among legal firms of serviced and distributed funds, Mourant remains in the overall top spot in the rankings, advising on 989 funds, followed by Carey Olsen with 941 funds and Ogier with 711 funds.

For the market share of Jersey-domiciled funds, Carey Olsen holds first place for the fourth consecutive year with 610 Jersey funds, while Mourant ranks second advising 405 funds, followed by Ogier with 335 funds.

Among auditors of serviced funds, as has been the case for many years, PwC is the largest auditor with 588 funds, ahead of KPMG with 440 funds. EY remain in third place with 253 funds ahead of Deloitte with 173 funds. 

For assets, PwC also lead with $149.9bn, followed by Deloitte in second with $125.0bn and KPMG jumping to third position ahead of EY.

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