Bank deposits hit £143bn

Friday 06 March 2020

Deposits held in Jersey banking institutions hit £143bn, the highest level in five years.

The 16% rise in 2019 was recorded in new statistics from the JFSC, which showed the funds sector also reached a record high with an 8% increase in the value of assets it services.

The net asset value of regulated funds under administration in Jersey grew by £25.8bn annually to stand at £345.7bn. This does not include assets held in Jersey Private Funds (JPFs) - 306 of which were registered at the end of the year. 

The alternatives sector - including private equity, venture capital, real estate infrastructure and hedge - rose by 6% over the year, with private equity and venture capital driving growth, increasing by 19% in 2019 to stand at £136bn.

Corporate activity was also up year-on-year, with the number of company formations 5% higher in 2019 than the previous year.

Pictured: Jersey Finance CEO, Joe Moynihan.

“This is a really positive set of figures for 2019, and it’s really pleasing to see the efforts all of us, across industry, government and regulator, put into positioning Jersey as a centre of quality and excellence coming to fruition," Jersey Finance CEO, Joe Moynihan, said.

"What’s clear is that our forward-thinking strategy of diversifying into new markets is paying dividends, and that our focus on providing a straightforward, high-quality, robust, stable environment backed up by expertise is really resonating with investors.

“We’re not complacent though – we’re continuing to innovate to bring new products and services to market to meet investor needs, and we’re continuing to enhance our proposition for global fund managers, to enable investors to put their capital to work effectively.”

The figures come shortly after the publication of the latest Monterey Insight figures.

They found that Jersey’s funds industry had grown by an average of 17% for the past three years (based on figures at end of June 2019).