Jersey fund industry tops 17% growth as assets hit £373bn

Pedro Gonçalves
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Jersey fund industry tops 17% growth as assets hit £373bn

Jersey's fund industry experienced a 17% growth last year, with fund assets serviced in the jurisdiction rising to $481.2bn (£372.69bn) at the end of June 2019, according to an independent fund research company.

The number of serviced schemes increased to 1,336, up 4.5% and the total number of sub-funds recorded were also up to 1,807 which represents a 5% increase, according to the 25th annual Monterey Insight Jersey Fund Report.

For fund administration services across both domiciled and non-domiciled funds, the report showed that Aztec Group maintained the largest market share for fund assets under administration for the fourth consecutive year, with $167bn in assets.

The Jersey fund industry maintains its momentum for three consecutive years enjoying an impressive 17% average growth"

"The Jersey Fund Industry maintains its momentum for three consecutive years enjoying an impressive 17% average growth," Karine Pacary, managing director of Monterey Insight, said.

"As expected, Private Equity products including infrastructure are the main drivers of this asset inflow. They remain a crucial element to the attractiveness of the island's fund business and the consolidation of its fund industry."

In second place was Saltgate with $48.4bn while Intertrust climbed to third position with $26.8bn.

Among transfer agents and of serviced funds, Aztec Group maintains its lead, with a total net asset of $169.1bn. Intertrust took the second spot with $26.6bn ahead of Computershare Investor Services ranked in third position this year with $22.8bn, Monetary Insight revealed.

Private equity/venture capital and infrastructure funds remained the most popular fund types, rising to $320.1bn with a total of 826 funds and sub-funds. A similar trend was seen among domiciled funds, where private equity products reached $194.2bn with a total of 381 funds and sub-funds.  

For Jersey-domiciled funds and for all types of products, 125 new schemes were launched during the year, totalling for $16.0bn.

In custody ranking of serviced funds, BNP Paribas Securities Services secured top position again as the largest custodian by assets with $22.2bn.

Mourant remains the  leading legal advisor in Jersey, advising on 733 funds with an overall value of $381bn, a position now held for 20 years.  

 

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