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Jersey sees new fund growth despite market conditions

Posted: 26 August 2008

The latest statistics on Jersey's Finance Industry show that new funds continue to be created with a further 37 new structures established in the second quarter of 2008.

There has been a £1.8 billion reduction in the overall net asset value of the funds industry and Geoff Cook, chief executive of Jersey Finance Limited, is encouraged that the decline in value is so limited despite the impact of the credit crunch.

He commented: ‘The global slowdown has seen a 15% reduction year to date in major indices; with larger falls seen in emerging markets. From Jersey's perspective it is therefore encouraging to see that, although the value of funds under administration has reduced in the last quarter to £244.2 billion, the fall of less than 1% in the value of assets within the funds industry in Jersey has been much lower than that seen in the main markets.'

During the same period, 799 new companies were incorporated and the live companies register reached an all time high of 34,372.

Investment Business Assets under management for the period have been re-calculated as a result of a reporting error and currently stand at £18.4 billion. Although a substantially lower figure than previously reported, as a quarterly indicator the actual taxable profits generated by asset management firms will not be affected, as this has been correctly submitted.

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