Record mid-year figures for funds, banking and corporate sectors

Friday 18 November 2022

The total net asset value of regulated funds administered in Jersey rose by almost £8bn over the first half of 2022, while the corporate and banking sectors also posted record mid-year figures.

According to the most recent quarterly figures to be collated by the Jersey Financial Services Commission (JFSC) for the period ending 30 June 2022, the value of regulated funds under administration increased by £7.7bn, 1.7%, compared to 31 December 2021 to stand at £458bn.

The alternative asset classes, including private equity, real estate and hedge, continued to drive growth, now representing 89.5% of total funds business.

The value of hedge fund business booked in Jersey in particular grew over the past six months, increasing by 14%.

In addition, a total of 556 Jersey Private Funds (JPFs) have now been registered in Jersey since the structure was launched in 2017 an increase of 22% over the past twelve months.  

Meanwhile, the total value of deposits held in Jersey banks increased by £10.8bn, 8%, over the first six months of the year to stand at £144.4bn – the biggest half year increase since 2019. 57% of deposits in Jersey banks were held in foreign currencies. 

Pictured: Michael Johnson, Chair of the Jersey Funds Association (left) and John Moynihan, Jersey Finance CEO (right).

Jersey Finance CEO Joe Moynihan, said: "In a persistently challenging environment, these are really robust figures for our industry. We have seen consistently positive figures and a growth trajectory for our funds industry for some time now, and the past six months have consolidated our position as a leading specialist funds hub in Europe...These positive figures paint a very positive picture of the role Jersey is playing in supporting high quality cross-border capital flows."

Jersey Funds Association Chair Mike Johnson added: "The fact that Jersey has maintained its upward trajectory in 2022 against a backdrop of instability in Europe and a complex post-pandemic fundraising landscape, is a reflection of the high regard in which Jersey is held by managers...The growth of the JPF, five years since it was introduced, is particularly noteworthy."