Figures show finance industry is ‘resilient’
FIGURES showing how much wealth is managed in Jersey demonstrate that the finance sector was ‘resilient’ in the early stages of the Covid-19 pandemic, an industry spokesman has said.
The value of fund assets managed in the Island, measured by ‘net asset value’ [total assets less liabilities], grew to £361 billion on 31 March, which was 4% higher than three months earlier.
Meanwhile, total bank deposits grew 2% during the same period, reaching £147.7 billion. And the number of private funds registered in Jersey increased by 7% to reach 328.
Corporate activity was also positive, with the number of company formations increasing from 32,493 to 32,956 over the quarter.
Jersey Finance chief executive Joe Moynihan said that the figures would mean investors saw the Island as a ‘resilient’ and ‘stable’ location to place their money.
‘While these figures reflect activity in the early stages of global market disruption caused by the pandemic and before restrictions were introduced in Jersey, these are nevertheless positive figures for the industry,’ he said.
‘The indications are that investors are seeing Jersey as a resilient, stable, high-quality centre for managing assets and structuring investments, and these are qualities that will be highly sought after in the months ahead as we continue to help them navigate a challenging landscape.’
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