05/04/23

JERSEY: Finance sector hits a record high.

As published on bbc.co.uk, Wednesday 5 April, 2023.

Jersey's finance sector achieved record investments in 2022, said the Jersey Financial Services Commission (JFSC).

It said the value of regulated funds under administration reached a new high of £488.8bn, up £38.6bn (8.6%) compared with 31 December 2021.

The rise was driven by a strong hedge fund sector, which grew by 24% over the year.

Jersey Finance said the figures showed a "positive picture of our finance sector".

The JFSC also revealed that 638 Jersey private funds had been registered in Jersey since 2017, with a total value of £61.7bn.

Meanwhile, the banking and corporate sectors also posted positive figures, with the total value of deposits in Jersey banks rising by £14.8bn (11%) over 2022 to stand at £148.3bn, the highest level since 2013.

In addition, 79 Jersey company vehicles were now listed on global exchanges around the world, with a combined total market capitalisation of £167.4bn.

Jersey Finance chief executive Joe Moynihan said: "These are strong year-end figures that paint a sustained positive picture of our finance sector, particularly against the backdrop of global economic flux.

"The consistent growth of our funds sector confirms the appeal of Jersey as a leading international finance centre for alternative asset managers and investors."

He added: "We are also pleased to see the resilience and innovation of our banking and corporate sectors, which continue to attract high-quality business and support global trade and investment flows.

"As we look ahead to 2023, we remain confident that Jersey will maintain its position as a trusted and reputable jurisdiction for financial services."