Monterey unveils 2020 Jersey funds report

Posted: 15/02/2021

BL71_Karine PacaryNew findings from Monterey Insight reveal the market shares of all service providers in Jersey’s fund industry.

The 26th annual Monterey Jersey Fund Report highlights that fund assets serviced in Jersey rose to $493bn at the end of June 2020, up 2.5% from $481.2bn in 2019. 

The number of serviced schemes increased to 1,495, up 11.9% and the total number of sub-funds recorded were also up to 1,981 – a 9.6% increase, from 1,336 and 1,807 respectively.

For fund administration services across domiciled and non-domiciled funds, Aztec Group maintained the largest market share for fund assets under administration for the fifth consecutive year, with $174.7bn in assets, followed by Saltgate ($46.3bn) and R&H Fund Services ($28.8bn).

Among transfer agents of serviced funds, Aztec Group also maintained its lead, with a total net asset of $175bn. Computershare Investor Services and Intertrust swapped positions in this category, with Computershare Investor Services climbing to second with $29bn, ahead of Intertrust in third this year with $27.4bn.

BNP Paribas Securities Services again secured its top position as the largest custodian by assets with $18.7bn, followed by Sanne Trustee Services in second place with $12.7bn, and JP Morgan in third with $10.9bn. 

Legal firms and auditors

Among legal firms of serviced and distributed funds, Carey Olsen took the top spot in the rankings, advising on 845 funds. For the market share of domiciled funds, Carey Olsen maintained its lead with 457 funds. 

In both tables, Mourant came in second place, advising 814 funds and 360 funds respectively, with Ogier remaining in third position with 516 and 295 funds respectively.

Among auditors of serviced funds, PwC again ranked as the largest auditor, with 467 funds, ahead of KPMG with 406 funds and Deloitte with 245 funds.

For assets, Deloitte leads the table again this year with $128bn, followed by PwC, with EY climbing to third place.

Fund managers

There was no change in 2020 from the previous year among fund management companies of domiciled and non-domiciled schemes. SoftBank maintained its first position, with assets totalling $77.8bn, followed by Ardian with $45.1bn and CVC Capital Partners with $41.5bn.

Private equity/venture capital, the main driver of the Jersey fund market industry, accounted for $325.9bn of assets for domiciled and non-domiciled funds, with just over 950 funds and sub-funds, and of these $210.1bn are Jersey-domiciled funds. 

More than 120 new Jersey schemes were launched during the year, totalling $14.5bn and, of these, more than 65 funds and sub-funds totalling $11.1bn were private equity/venture capital.

Karine Pacary (pictured), Managing Director of Monterey Insight, commented: “In the three years from 2017 to 2019, Jersey enjoyed a double-digit increase of growth. 

"Looking at this year's results, and considering the climate around Brexit and Covid-19, Jersey demonstrated a resilient performance and again shows a positive return. 

"We can clearly see that although 2020 was challenging, especially due to lockdowns in most countries, the funds industry has not been too severely impacted thus far. The positive results in Jersey once again demonstrate its appeal for asset managers, particularly of alternative funds.”

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