Jersey sees rapid growth of NPPR industry

There has been a marked rise in the number of Jersey-based alternative fund managers using national private placement regimes (NPPRs) to market their funds in Europe, recent data just released has revealed.

According to figures from the Jersey Financial Services Commission (JFSC), the second half of 2015 saw a 24% increase in the number of alternative fund managers (AIFMs) registering in Jersey. The number of such fund managers now stands at 104.

These 104 fund managers offer a total of 230 funds, a 12% increase on the number that were on offer six months earlier.

The JFSC said that, as at September 2015, the net asset value of all alternative funds administered in Jersey grew by 12% year-on-year to stand at £159bn. That includes a 21% increase in hedge funds, a 2% rise in private equity funds, and a 16% gain in real estate funds.

Jersey Finance chief executive Geoff Cook (pictured) said the growth of sector was “extremely pleasing”, adding: “Backed up by the recommendation by ESMA [the European Securities and Markets Authority] that Jersey should be granted a pan-European passport in due course, managers are clearly finding peace of mind in Jersey’s long-term proposition.”

Ben Robins, Chairman of the Jersey Funds Association,said ESMA’s recommendation was “very welcome” and put Jersey in a “very promising position for future passport marketing”.

ESMA’s recommendation to the European Parliament, Council and Commission that Jersey should be among a group of so-called ‘third countries’ to be granted an AIFMD passport came last July.

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