Jerseys fund servicing industry saw assets rise from $232.0bn to $277.8bn over the year to 30 June 2011, according to Lippers 17th annual analysis of the Islands fund industry. This represents the first annual rise since 2008, when assets reached their previous high of $270.3bn.
The Jersey Fund Encyclopedia revealed that the industrys growth in assets has come primarily from private equity ($54.7bn assets domiciled in Jersey) and real estate funds ($45.1bn). In addition, the rise in interest in ETFs can be seen with ETF Securities extending its lead as the largest promoter of funds domiciled on the Island, with assets of 25.6bn.
The number of funds and sub-funds serviced in Jersey now stands at 1,486 of which 1,157 funds are also domiciled on the Island.
Ed Moisson, head of UK Ireland & Cross-border Research, Lipper, said: While rocky markets over the summer are likely to have dented fund assets as elsewhere in the world the longer term trend of growth being re-established will give a real boost to the industry.
The largest administrator of funds serviced in Jersey is State Street, with $77.8bn under administration. Bedell Fund Services ($28.5bn) and R&H Fund Services ($28.4bn) are second and third.
Among professional firms, PricewaterhouseCoopers (PwC) is the largest auditor (605 funds), ahead of Ernst & Young and KPMG.
Meanwhile Mourant Ozannes provides legal advice to 902 funds, with Carey Olsen and Ogier in second and third positions for this category.
For custody services, BNP Paribas services $29.1bn of assets, ranking it first ahead of State Street and Deutsche Bank.
(JDC)