Business: First coding students graduate, and fund sector leading the way for Jersey’s finance industry

The graduation followed six months of study for the eight students, who have completed a coding curriculum supported by technical experts from local industry.

The objectives of the course were to give learners the technical skills the industry requires for coding/programmer vacancies, experience in project management and problem solving and the ability to make an immediate contribution to the workplace. To achieve this, the students committed to 30-plus hours of study a week and developed their knowledge of the industry by attending a number of events held by Digital Jersey, including the Creative Unconference, Learn, Create, Produce, and a Coding Tour, giving them many opportunities to network with thought leaders.

Students also developed their interpersonal skills by participating in regular workshops at the hub, covering areas such as problem solving, psychometric testing and working with clients.

The course was designed to produce highly employable graduates, reflected by seven of the programme’s graduates having already gained employment and/or further training in the digital sector with companies such as Switch Digital, Freedom Media, The States of Jersey IT Department, Race Nation and Calligo.

To build on the success of this year’s programme, and to further Digital Jersey’s objective of developing home-grown talent, the next coding programme will begin in May, with recruitment taking place this month.

Programme technical expert Tom Hacquoil said: ‘The Digital Jersey coding programme was an intensive self-directed learning course, equipping students with a comprehensive tool kit to enter the digital industry. I have greatly enjoyed working alongside the students and seeing their skills develop, and wish the graduates continued success. The programme is answering a deeply felt need in the Island for a home-grown technology skills base and I support its rerunning next year.’

Student Damian Borowski said that the coding programme had been ‘my life’s golden ticket’.

‘Over just six months, I have met crowds of inspiring people and participated in a number of intriguing events, workshops, industry tours and seminars,’ he added. ‘I was introduced to a world where people are warm, open-minded and above all engaging, with real passion for their profession. Although the programme was very demanding, requiring commitment and determination throughout the learning process, it was worth every moment.’

Funds sector leads the way for Jersey finance industry

Geoff Cook of Jersey Finance

THE latest figures for all sectors of Jersey’s finance industry reflect an overall good performance, with the funds sector once again leading the way and recording its fourth consecutive quarter of growth to reach its highest level in seven years.

The statistics highlight that the net asset value of regulated funds increased by £23.5 billion in the final quarter of 2014 and by around 19% year-on-year, to reach £228.9 billion, the highest figure since December 2008.

This was led by another strong performance in the alternative asset classes, with the value of hedge fund business growing by 46% year-on-year, real estate business growing by 32% to its highest ever level, and private equity maintaining a steady increase of five per cent in the same period.

Although bank deposits fell slightly, they remain stable, while now almost 19% of deposits emanate from the Middle and Far East combined. The company formation rate for the final quarter of 2014 was at its highest since June 2008 with 772 company formations.

The latest statistics, collated and prepared by the Jersey Financial Services Commission, are for the three-month period ending 31 December 2014. Headline figures include:

lThe total value of banking deposits held in Jersey decreased by £4.2 bn from £136.6 bn to £132.4 bn during the fourth quarter of 2014 representing an annual decrease of just over five per cent.

lThe net asset value of regulated funds under administration increased by £23.5 bn from £205.4 bn to £228.9 bn during Q4 2014, a year-on-year increase of 19%.

lThe total number of regulated collective investment funds increased by 19 from 1,304 to 1,323 over the quarterly period, while as at the end of the fourth quarter of 2014, there were 123 active unregulated funds (of the 208 unregulated funds notified to the Commission).

lThe value of total funds under investment management decreased slightly by £0.5 bn from £21.3 bn to £20.8 bn during the fourth quarter of 2014.

The total number of live companies on the register stood at 32,717 at the end of Q4 2014, while there were 722 company formations in the final quarter of the year, the highest number since June 2008.

Geoff Cook, the chief executive of Jersey Finance, said: ‘The latest figures for all sectors of Jersey’s finance industry reflect an overall good performance, with the funds sector leading the way and recording its fourth consecutive quarter of growth to reach its highest level in seven years. Bank deposits fell slightly but remain stable and almost 19% of deposits now emanate from the Middle East and the Far East combined.

‘The figures for our funds industry make impressive reading. Not only has the value of funds business reached its highest level since 2008, the sizeable annual increase of almost 20% is particularly pleasing in a global fundraising environment that is still challenging.

‘The total value of funds under investment management decreased slightly by £0.5 bn from £21.3 bn to £20.8 bn during Q4 and the company formation rate for the final quarter of 2014 was at its highest since June 2008 with 772 company formations.’

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