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58% increase in new business for Jersey fund industry

58% increase in new business for Jersey fund industry

Monday 23 January 2023

58% increase in new business for Jersey fund industry

Monday 23 January 2023


New research from Monterey Insight has revealed the market shares of all service providers in Jersey’s fund industry.

The 28th annual Monterey Jersey Fund Report has found that among fund management companies of both domiciled and non-domiciled schemes, SoftBank maintained their first position with assets totalling US$77.9bn. CVC Capital Partners with US$72.7bn stay in second position.

For fund administration services across both domiciled and non-domiciled funds, Aztec Group with US$213.5bn in assets, maintain the largest market share for fund assets under administration for the seventh consecutive year. They are followed in second place by Saltgate with US$75.7bn.

Among transfer agents, Aztec Group also maintain their lead, with total net assets of US$208.0bn and BNP Paribas, once again secured top position as the largest custodian by assets with US$18.1bn.

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Pictured: Monterey Insight have revealed the market shares of all service providers in the Jersey Fund Industry. 

Simon King, Aztec Group - Head of Jersey, said: “This year’s report reinforces the significance of the fund industry to the island’s financial services sector and, as the leading fund administrator in this market, we’re very proud to continue to contribute to its success.” 

Among legal firms of serviced and distributed funds, Mourant secured the overall top spot in the rankings, advising on 939 funds.They are followed by Carey Olsen with 847 funds and Ogier maintaining third position with 593 funds.

For the market share of domiciled funds, Carey Olsen continue in first place for the third consecutive year with 544 Jersey funds.

Joel Hernandez, Jersey Funds Practice Leader, Mourant said:  "We are proud to have once again been recognised as the overall leading funds adviser in Jersey... Despite the unprecedented disruptions in the market, we have experienced strong growth in new work and are looking forward to a number of key fund launches in 2023."

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Pictured: Mourant was revealed to be the leading fund advisor in Jersey. 

Among auditors of serviced funds, as has been the case for many years, PwC are once again the largest auditor with 609 funds ahead of KPMG with 404 funds. For assets, PwC lead this year with US$154.2bn followed by Deloitte and EY.

Mike Byrne, Partner and Asset Management Leader at PwC Channel Islands, said:  I'm delighted that we have retained our market-leading position in Jersey yet again as the largest auditor of Jersey serviced funds... I’m also confident that Jersey will continue to play a really important role in providing top quality advice to both local and global organisations across all sectors of the financial services industry."

Karine Pacary, Managing Director of Monterey Insight, commented: Following on the strong performance of last year, the Jersey Fund Industry demonstrated again the resilience face to the turmoil in Europe and the various market’s challenges. Despite these difficult and uncertain market conditions, Jersey managed to increase of 58% the inflow of new business. Private equity/venture capital funds remain as ever the main driver and the trademark of the Jersey Fund Industry.”

The full list...

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Pictured top: Mike Byrne Partner and Asset Management Leader at PwC Channel Islands.

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