Jersey Finance has announced that some 205 Jersey funds are now being marketed into Europe via national private placement regimes that are run under the Alternative Investment Fund Managers Directive (AIFMD).
The data suggests that this represents an increase of 10% in the number of funds being marketed this way since December 2014. The number of managers that have received private placement authorisation is up 40% to 84 in the past six months, Jersey Finance added.
The net asset value of all regulated funds under administration in Jersey grew by about 9% in the year to June 2015, to stand at some £218bn. Alternative assets grew by 15% over the period, with hedge fund business up 31%, property funds business up 16%, and private equity business up 2% on this basis.
“Whilst Jersey’s current marketing route into Europe via private placement regimes looks likely to remain in place until at least 2018, the European Securities and Markets Authority announced in July that it was recommending Jersey should be included in the first wave of ‘third non-EU countries’ whose managers could seek authorisation for a passport to market their alternative investment funds to professional investors throughout EU member states,” Jersey Finance said in a statement commenting on the latest industry figures.
Geoff Cook, chief executive of Jersey Finance, added: “Whilst of course the endorsement from ESMA in July was a significant development for Jersey’s funds community, it’s extremely pleasing that at the same time managers and promoters are continuing to find appeal in the ‘business as usual’ private placement route. With private placement expected to remain in place until at least 2018 and the potential to activate the AIFMD passport in Jersey in due course, the evidence all points to genuine confidence in Jersey for the management, domiciliation and servicing of funds across a range of strategies and target markets.”
Firm to clawback $174m from executives