Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013

32353

Jersey banking and funds sectors report strong end to 2019

RELATED TOPICS​

Jersey’s financial services industry reported a strong end to 2019 with its funds sector seeing an annual 8 per cent increase in the value of assets it services to reach another record high, and the banking sector reporting the highest level of deposits in more than six years, according to the latest industry statistics.Figures for the fourth quarter of 2019 (ending 31 December 2019), collated by the Jersey Financial Services Commission (JFSC), show that the net asset value of regulated funds under administration in Jersey grew by GBP25.8 billion annually to stand at GBP345.7 billion. This figure does not include assets held in Jersey Private Funds (JPFs), of which there were 306 registered at the end of the year.

The alternatives sector, including private equity, venture capital, real estate infrastructure and hedge, continued to perform particularly strongly, rising by 6 per cent over the year, with private equity and venture capital driving growth, increasing by 19 per cent in 2019 to stand at GBP136 billion.

Meanwhile, the figures also show that deposits held in Jersey banking institutions at the end of 2019 stood at GBP142.9 billion, up 16 per cent annually and the highest level of deposits held in the jurisdiction since September 2013. Some 59 per cent of deposits were held in foreign currency, with 41 per cent held in sterling.

Corporate activity was also up year on year, with the number of company formations 5 per cent higher in 2019 than the previous year.

Commenting on the figures, Jersey Finance CEO, Joe Moynihan, says: “This is a really positive set of figures for 2019, and it’s really pleasing to see the efforts all of us, across industry, government and regulator, put into positioning Jersey as a centre of quality and excellence coming to fruition.  What’s clear is that our forward-thinking strategy of diversifying into new markets is paying dividends, and that our focus on providing a straightforward, high-quality, robust, stable environment backed up by expertise is really resonating with investors.

“We’re not complacent though – we’re continuing to innovate to bring new products and services to market to meet investor needs, and we’re continuing to enhance our proposition for global fund managers, to enable investors to put their capital to work effectively.”

The figures come shortly after the publication of the latest Monterey Insight figures, which found that Jersey’s funds industry has grown by an average of 17 per cent for the past three years (based on figures at end of June 2019).

Jersey’s strengths in alternative funds as well as the latest trends impacting private equity structuring will be explored at Jersey Finance’s next Funds Masterclass in London, to be held on 25 March.
 

Latest News

The trading and investment platform eToro has extended its proxy voting feature to all stocks..
C8 Technologies, the London-based fintech founded by former BlueCrest Capital Management partners Mattias Eriksson and..
DWS has announced the latest development in its strategic growth push in Alternative Credit with..

Related Articles

Pension funds
UK defined benefit (DB) pension plan sponsors could have access to GBP 1.2 trillion in surplus assets over the next decade, industry research reveals...
UK defined benefit (DB) pension plan sponsors could have access to GBP 1.2 trillion in surplus assets over the next..
Tim Crawmer, Payden & Rygel
Tim Crawmer and Frasat Shah of Payden & Rygel write that higher yields are attracting more demand from investors. Also, given that equities had a strong year last year, big funds have taken some chips off the table in equities and put them into fixed income...
Tim Crawmer and Frasat Shah of Payden & Rygel write that higher yields are attracting more demand from investors. Also,..
Lady justice
Top marks for the Pensions Regulator (TPR) whose efforts to improve resilience in the UK pension funds’ liability-driven investment (LDI) strategies received glowing commendations from the Bank of England in its March report...
Top marks for the Pensions Regulator (TPR) whose efforts to improve resilience in the UK pension funds’ liability-driven investment (LDI)..
Pension funds
Four potential operators of pensions dashboards (Just Group, Legal & General, Moneyhub and Standard Life, part of Phoenix Group) are coming together to instigate a new industry coalition...
Four potential operators of pensions dashboards (Just Group, Legal & General, Moneyhub and Standard Life, part of Phoenix Group) are..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by