Regulated funds hits record value of £320bn

Tuesday 19 March 2019

The value of regulated funds serviced in Jersey reached an all-time high at £319.9bn last year.

The figures, which showed an increase of 10% in 2018, came from the Jersey Financial Services Commission (JFSC).

They also showed that, last year, the value of bank deposits also increased by 4% to stand at £122.9bn - the highest figure since 2016.

Within the funds industry, the statistics also reflected strong performances in the alternative asset classes, which now represent 86% of Jersey’s total funds business and recorded a year-on-year increase of 23%.

Pictured: Joe Moynihan, Jersey Finance CEO, described the figures as "really strong".

Specifically, private equity fund values rose by 38% over the year to cross the £100bn mark for the first time ever, finishing the year at £114.5bn.

Meanwhile, the combined total value of infrastructure, credit and debt funds also showed impressive growth, increasing by 28% to stand at £64.8bn, while the value of real estate funds grew by 10% to £41.4bn and hedge funds increased by 3% to £52bn. 

JFSC data also showed that there were 205 Jersey Private Fund (JPFs) registered in Jersey at the end of December 2018, although the value of assets they manage, which totalled £19.4bn according to the latest statistics reported by the JFSC, is not included in these quarterly figures.

Commenting on the figures, Jersey Finance CEO, Joe Moynihan, said: “These are really strong figures for 2018, clearly demonstrating that Jersey is continuing to provide a solid, resilient platform for international investors and an attractive proposition for fund managers.

Pictured: Mike Byrne, the Chairman of the Jersey Funds Association, said that last year's figures were "a fantastic endorsement of Jersey."

"Over the past five years, Jersey’s funds business has grown some 66% to reach a new all-time high at the end of 2018, which is a fantastic achievement and reflective of the fact that managers are finding long-term appeal in Jersey’s regulatory standards, the global market access it can offer, its specialist expertise, and its forward-thinking approach." 

Mike Byrne, Chairman of the Jersey Funds Association added: “The private equity asset class was the stellar performer and the driver of growth in our funds industry last year, with a number of big-ticket fund launches, while we’re also seeing strong performances across the alternatives spectrum.

"It’s a fantastic endorsement of Jersey, particularly in the lead up to Brexit, as we continue to work with managers to give them some much-needed support and certainty.”