Mike Byrne, chairman of the Jersey Funds Association said: ‘The private equity asset class was the stellar performer and the driver of growth in our funds industry last year, with a number of big-ticket fund launches, while we’re also seeing strong performances across the alternatives spectrum. It’s a fantastic endorsement of Jersey, particularly in the lead up to Brexit, as we continue to work with managers to give them some much-needed support and certainty.’
The figures come on the back of recent news that a Memorandum of Understanding has been signed between the JFSC and the UK’s Financial Conduct Authority giving managers added certainty around accessing UK investor capital through Jersey in the lead up to Brexit. The MoU allows funds domiciled in Jersey to continue to be marketed to UK investors through private placement unimpeded, should EU law cease to apply in the UK in the event of a ‘no deal’ Brexit or at the end of any transitional period.
Banking deposits, which had halved since the 2008 crisis, also saw some modest growth, rising 4% to stand at £122.9bn, the highest figure since 2016. The industry has seen significant restructuring since the financial crisis and the Island now has more than 15 less licensed banks.
