Fund-Technology.com

Funds business increasing in Jersey despite market conditions

Posted: 05 June 2008

The latest statistics on Jersey's Finance Industry show that the volume of new business in the funds sector is holding up well with at least 59 new funds established during the first quarter of 2008.

The number of Expert funds has increased by a further 18 in the last quarter and the first unregulated funds, though not included in the statistics, have also been established. The total number of funds stands at 1,370, up from 1,311 in December and 170 more than a year ago. However the net asset value of funds during the same period has remained at £246 billion as a result of the inevitable fluctuations in asset valuations, one of the repercussions of the credit crunch.

Similar fluctuations have been experienced in the banking sector in the period January to March 2008 where deposit levels have dropped by £2.4 billion to £209.9 billion, equivalent to a 1.1 per cent fall in the same period.

The headline figures from the statistics compiled by the Jersey Financial Services Commission for the three month period ending March 2008 are as follows:
• Banking deposits decreased by £2.4 billion or 1.13% the first quarter of 2008 from £212.3 billion to £209.9 billion.
• The NAV of Funds as at 31st March 2008 remained stable at £246.0 billion. The total number of Funds increased by 4.5% to 1,370 with a total number of 3,076 separate investment pools.
• The NAV of Expert Funds grew by £1.5 billion (2.6%) to £59.8 billion. The number of Expert Funds increased by 18 (4.6%) to 401 this first quarter.
• The total value of funds under Investment Management decreased by £3.8 billion during the quarter.

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