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Jersey Finance Industry Rebounds | 2010 06 01

The Jersey government has released statistics on economic activity in Jersey during the first quarter of 2010. Over the period, total banking deposits increased by some 7.5% to GBP177.6bn (USD258.5bn).

The statistics collated and prepared by the Jersey Financial Services Commission for the three month period ending March 31, 2010, also show that the net asset value of funds under administration grew by 8.6% and 26 new funds were established, compared to only seven in the final quarter of 2009.

Of particular note is a dramatic increase in banking deposits from the Far East, now accounting for 8.9% of the total, compared to 3.5% at the end of the final quarter of 2009.
The headline figures from the statistics are as follows:

  • Banking deposits increased by GBP12.4bn (7.5%) during the first quarter of 2010 from GBP165.2bn to GBP177.6bn;
  • The Net Asset Value of funds under administration increased by GBP14.4bn (8.6%) from GBP166.2bn to GBP180.5bn during the first three months of 2010. The total number of funds increased by 26 from 1,294 to 1,320;
  • The value of funds under investment management increased by GBP1.3bn (6.8%) compared to the previous quarter from GBP19.7bn to GBP21bn; and
  • Company formations were up 22.9% compared to the first quarter of 2009. The total number of live companies on the register increased by 305 during the first quarter of 2010.
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