Finance industry "resilient" in first quarter

Thursday 09 July 2020

Jersey’s financial sector showed resilience in the first quarter of the year despite emerging global market challenges, with values of fund assets being serviced and bank deposits both increasing.

Figures collated by the Jersey Financial Services Commission (JFSC) show that the net asset value of regulated funds under administration in Jersey grew by £15.3bn (up 4%) compared to the previous quarter to stand at £361bn.

Meanwhile, the number of Jersey Private Funds registered in Jersey, which are not included in the headline figures, increased by 7% over the quarter to stand at 328.

Bank deposits held in Jersey also rose slightly over the period, growing 2% from £143bn to £145.7bn.

Corporate activity was also positive, with the number of company formations increasing from 32,493 to 32,956 over the quarter.

“While these figures reflect activity in the early stages of global market disruption caused by the pandemic and before restrictions were introduced in Jersey, these are nevertheless positive figures for the industry," Jersey Finance CEO Joe Moynihan said. 

"The indications are that investors are seeing Jersey as a resilient, stable, high-quality centre for managing assets and structuring investments, and these are qualities that will be highly sought after in the months ahead as we continue to help them navigate a challenging landscape.”