Jersey funds under administration grow 3.5% in Q1 2012

The Jersey fund industry saw a 3.5% increase in the net asset value of funds under administration in the first quarter of 2012, figures from the Jersey Financial Services Commision have shown. Meanwhile, the total sterling value of banking deposits held in Jersey fell by 2.6% (£3.2bn) from £158.1bn to £154.9bn, largely as a result of currency movements.

A total of 1,412 funds were registered in the period, an increase of 1.4% and the highest figure since 2009. The total number of unregulated funds, geared towards sophisticated, professional and institutional investors, also increased by an impressive 8.5%

The statistics, collated and prepared by the Jersey Financial Services Commission, are for the three month period ending 31st March 2012. Headline figures across all sectors of the industry include:

The value of total funds under investment management increased from £20.8bn to £21bn (0.9%) during the first quarter of 2012.

Geoff Cook, chief executive of Jersey Finance, said: “There is no doubt that 2012 will be a decisive year.  Market participants are preparing for the worst with the Eurozone crisis taking on worrying proportions and economic uncertainty continuing to have a negative impact on growth.  

“The first quarter of 2012 saw banking deposits decrease by 2.6%, although this decrease can largely be explained by currency movements, with a relatively stable underlying position.

“The funds sector, meanwhile, performed well and saw a 3.5% increase in the net asset value of funds under administration, the total number of regulated funds grew by 1.4% and the total number of unregulated funds increased by 8.4%. Regulated fund stocks at 1,412 registered the best performance since 2009.

The investment management sector saw a 1% increase in the value of assets under investment management during the first quarter of 2012 and 646 new companies were formed.”

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