Jersey’s finance industry has reported positive results for first quarter of 2013 across different sectors, with the levels of bank deposits rising and the value of funds being administered increasing to their highest level in four years.
In the first quarter of 2013, bank deposits grew for the second consecutive quarter, increasing by GBP3 billion, from GBP152.1 billon to GBP155.1 billion, with sterling deposits representing 36% and currency deposits 64% of the total amount.
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Since March 2009, the total net asset value of funds under administration in Jersey surpassed the GBP 200 billion barrier, showing a quarterly increase of 6.5% to stand at GBP205.3 billion.
The value of total funds under investment management increased by GBP 1.5 billion from GBP 21.2billion to GBP 22.7billion during the first quarter 2013.
According to the report, during Q1 2013, net asset value of funds under administration increased by GBP12.5 billion, from GBP192.8 billion to GBP 205.3billion, and the total number of regulated funds increased from 1,388 to 1,395 along with the increase in number of unregulated funds from 182 to 184.
Chief executive of Jersey Finance, Geoff Cook, said: "Our funds sector accounted for the strongest growth with a 6.5% increase in the net asset value of funds under administration. The largest contribution came from the private equity and venture capital asset classes where a GBP4 billion increase was noted and hedge funds reported a GBP2.7 billion increase."
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By GlobalDataChairman of the Jersey Funds Association, Nigel Strachan, said: "Particularly ahead of the introduction of the Alternative Investment Fund Managers Directive in July, it is pleasing that our funds industry continues to show strong signs of growth.
"Positive performances specifically in the private equity, venture capital, real estate and hedge fund asset classes reflect the confidence the international funds community has in Jersey as a specialist alternative funds centre in the long-term."
