The finding is among the conclusions of an independent survey carried out last year – the first in-depth overview of the industry to be conducted in the Island.
The survey was sent out to members of the Jersey Association of Trust Companies (JATCo), of whom 50% provided a response, with the replies analysed by a UK consultant.
All of the raw data has been kept confidential, with only a numerical analysis made public.
Overall the survey confirmed that as a long-established sector of the Jersey community, trust and company business is primarily ‘local’.
Most companies have been in existence for over ten years, over 50% are locally owned and 85% of around 4,000 staff have residential qualifications.
In contrast, trust work is an export business, with over 90% of clients based outside the Island.
Over half of that business is conducted with UK residents (mainly non-domiciles), with the remainder widely spread around the world.
Nonetheless, trust companies generate a considerable amount of revenue for the Jersey exchequer through taxation, spending over £25 million last year on services and taking up over 4,000 bed nights with visiting clients.
Trust and company business staff are highly trained – over 1,100 have professional qualifications and a further 400 are progressing their studies.
In terms of business growth, 85% of activities continue to be based around core trust and company administration.
However, while growth has slowed in this area, firms are now looking at new markets and broadening out into mutual fund administration, corporate work and niche products such as Islamic banking services.
