The value of funds administered in the Island grew by more than £3 billion in the first quarter of 2014.
The increase is revealed in the latest statistics, collated and prepared by the Jersey Financial Services Commission, for the three month period ending 31 March 2014.
The statistics show that the net asset value of funds increased by £3 billion in the first quarter of 2014 to £195 billion and there was a small increase in the number of funds overall, demonstrating Jersey’s continuing attractiveness for fund structuring and administration.
The Chief Executive of Jersey Finance, Geoff Cook, said: “The latest statistics reveal that the number of banking licences has fallen by 8 to 34. This is largely a result of some banking organisations simplifying their operating structures resulting in them needing fewer deposit taking licences and is not a reflection of a significant drop in the number of banking groups represented in Jersey.
“In fact, considering the banking industry is still in recovery following the global financial downturn, it is encouraging that the level of banking deposits we attract has stabilised, with £86 billion of that total in foreign currencies, highlighting once more the global appeal of our financial services industry.”
The statistics also showed that:
Mr Cook added: Generally, the latest figures show a steady position although information from our member firms indicates the new business pipeline is building well and business activity overall is picking up. For example, the latest figures from Jersey’s Business Tendency Survey suggested that the finance sector was positive about its long-term prospects at the start of 2014, with firms reporting the highest levels of optimism about future business activity, profitability and employment since 2011.”
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