Posted: 24/02/2015A strong performance in Jersey’s funds sector in 2014 has seen the value of fund assets administered in the jurisdiction increase by almost one fifth year-on-year to reach the highest level in seven years.
The latest figures for Jersey’s finance industry, collated by the Jersey Financial Services Commission (JFSC) for the period ending December 2014, show that the net asset value (NAV) of funds under administration in Jersey grew by £23.5bn over the final quarter of last year to stand at £228.9bn, an increase of 19 per cent compared to December 2013 and the highest level since December 2008. In addition, the total number of regulated funds rose by 19 during the quarter.
This was led by another strong performance in the alternative asset classes, which account for 72 per cent of the total NAV, with the value of hedge fund business growing by 46 per cent year-on-year, real estate business growing by 32 per cent to its highest ever level, and private equity maintaining a steady increase of five per cent in the same period.
Meanwhile, six months after the implementation phase for the Alternative Investment Fund Managers Directive (AIFMD) ended, Jersey’s private placement route into Europe continues to grow in popularity amongst fund managers.
Figures from the JFSC show that 60 alternative investment fund managers (AIFMs) have received authorisation under Jersey’s AIFMD private placement regime, whilst 186 Jersey alternative investment funds (AIFs) are being marketed into Europe through private placement regime. In addition, 14 AIF depositary notifications have now been received under AIFMD from five different Jersey AIF depositary service providers.