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Jersey’s leading service providers, most popular products and market share figures have been revealed in the latest Monterey Insight report on the funds industry.
The independent fund research company has released the thirtieth edition of its Jersey Fund Report.
Shared exclusively today by Express, the research revealed that fund assets serviced in Jersey grew from $593.5bn at the end of June 2023 to $630bn during the same period in 2024. This represents a 6.1% increase in US dollar, or 6.8% in pound sterling.
Private equity and venture capital funds remained the most popular products among domiciled and serviced funds, while property and real estate funds came in second and exchange traded commodity products in third.
Pictured: The number of fund assets serviced in Jersey grew by 6.1% between June 2023 to June 2024.
Private equity and venture capital funds also demonstrated the most growth – a 9% increase compared to 2023 for funds with assets over $20bn.
During the period,145 newly launched and newly serviced sub-funds were recorded, reaching $25.4bn for new products of domiciled and non-domiciled funds. Of these, over 90 were private equity/venture capital products, totalling $21.2bn.
Eighty-nine new Jersey funds and sub-funds were launched or newly reported during the year, totalling $14.3bn in assets.
For the second consecutive year, CVC Capital Partners was named the top management company for both domiciled and non-domiciled serviced schemes, with $94.4bn total net assets.
ARDIAN achieved second place with $86.7bn, while SoftBank maintained third position at $53.9bn (based on publicly sourced information). Nordic Capital’s $36.4bn total net assets earned it fourth place.
Aztec Group edged closer to double figures as the fund administrator with the largest market share; 2024 being its ninth year in the top position with $253.2bn total net assets.
Saltgate took second place with $87.8bn and IQ-EQ moved into third position, overtaking R&H Fund Services, with $29.3bn.
Aztec Group also led among transfer agents with $243.7bn total net assets. Computershare Investor Services remained in second at $29.8bn, while IQ-EQ again moved up to third with $22.1bn.
BNP Paribas remained in the top spot for largest custodian by assets, at $13.6bn. Apex Group followed with $11.3bn and CACEIS earned third with $8.1bn.
Simon King, Head of Jersey at Aztec Group (pictured top), said that the “notable increase in fund assets underscores Jersey's position as a leading financial centre.
"We are proud to play a role in this success, maintaining our leadership in fund administration and transfer agent services for the ninth consecutive year.
“This achievement is a testament to the dedication and excellence of our teams, and we are deeply grateful to our clients for their trust and support.”
He added: “We look forward to continuing to contribute to the ongoing success and innovation within Jersey's thriving funds industry."
Mourant held onto the top spot for legal firms of serviced and distributed funds with 1,114 total funds. Carey Olsen closely followed with 1,031 and Ogier came in third with 738.
Carey Olsen maintained its position as having the largest market share of Jersey domiciled funds for the fifth consecutive year, with 679 funds. Mourant took second position with 427, while Ogier earned third place with 338 funds.
Joel Hernandez, Jersey Funds Practice Leader at Mourant, said: "At Mourant, we have been at the forefront of the Jersey funds industry for over 20 years and are delighted to have once again maintained the leading position as a top funds adviser in 2024.
“The report illustrates our firm's exceptional growth in 2024 and reaffirms our commitment to delivering excellence in a highly competitive and dynamic market."
Pictured: Joel Hernandez of Mourant said the report provided a "fascinating and comprehensive review" of the Jersey funds sector.
PwC kept its longstanding position as largest auditor with 735 funds. KPMG came in second with 526, while EY’s 243 funds maintained its spot at third.
PwC also led in assets with $195.1bn, and Deloitte earned the second spot with $122.4bn. KPMG maintained its third position, ahead of EY.
Mike Byrne, Partner and Asset Management Leader at PwC Channel Islands, reflected on the recent “ever-changing times”, saying that Jersey has “demonstrated its resilience, capabilities and adaptability, and continues to have a thriving investment management industry.
“This latest accolade reflects our teams’ commitment both in Jersey and across the Channel Islands to both our clients and to the local funds industry and I thank them for the part they continue to play in helping us consolidate this leading position."
Pictured: PwC maintained its position as the largest auditor.
He continued: “In tough times as well as good, we maintain our focus on providing top quality advice to local and global organisations in all sectors of the financial services industry and we have considerable confidence in the future, whatever challenges and opportunities lie ahead.”
Commenting on the report, Karine Pacary, Managing Director of Monterey Insight, said: “The Jersey fund industry continues to exhibit robust growth and resilience, with notable increases in both domiciled and non-domiciled fund assets.
“Private equity and alternative funds emerged as top performers, reflecting their dominance in assets but also in new fund launches during the period."
She added: "Impressively, 93% of the new funds launched were alternative funds, including private equity, private debt, hedge funds and property real estate.”
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