* A Record 2005 for JerseyJersey Finance has reported strong growth for last year, with record levels of bank deposits and fund assets at the end of 2005, despite the onset of the EU's Savings Tax Directive regime.Deposits rose by 16.8% throughout the year to GBP184.6 billion, an increase of GBP26.5 billion on the figure at the end of 2004. Similarly, the Net Asset Value of Funds under administration grew by 32% during the year, reaching a new record high of GBP137.4 billion, a GBP33.3 billion increase. The key highlights are as follows:
- Bank deposits grew by GBP5.0 billion (2.8%) to GBP184.6 billion over the last quarter of 2005. This represents an increase of GBP26.5 billion (16.8%) during the whole of 2005. The Net Asset Value (NAV) of Funds under administration in Jersey grew by GBP15.5 billion (12.7%) during the quarter to reach GBP137.4 billion. During 2005 the NAV of Funds under administration has risen by GBP33.3 billion (32.0%). The number of Expert Funds increased by 36 and the NAV of Expert Funds grew by GBP2.3 billion during the quarter. During the whole of 2005 the number of Expert Funds grew by 90 to 134 and the NAV increased by GBP10.2 billion.
- The total value of funds under investment management increased by GBP6.3 billion (14.6%) to GBP49.2 billion during the quarter. During 2005 the total value of funds under investment management increased by GBP14.8 billion (43.0%).
Phil Austin, Chief Executive, Jersey Finance Limited, commented:“It is pleasing and encouraging to have finished 2005 with all key sectors of the Industry continuing to report strong growth. We believe this reflects Jersey’s position as a leading, influential and reputable international finance centre which continues to enjoy the confidence of international investors and their advisors around the globe.
“2005 has been particularly successful for our funds sector, which has seen very positive growth in the number and value of specialist alternative funds established and/or administered in the Island. Moreover, we are continuing to consult with Government and the Regulator on a number of initiatives which we believe will strengthen Jersey’s proposition across all key areas; namely as a preferred centre for European managers wishing to establish a physical presence; as the domicile of choice for European managers seeking an offshore domicile for their alternative funds; and as a credible centre for alternative funds administration services. We are therefore confident that we will continue to build upon the successes of last year in 2006 and beyond.