Jersey Fund Industry Breaks New Records
New findings from Monterey Insight, the independent fund research company, reveal the market shares of all service providers in Jersey’s fund industry.
The 24th annual Monterey Jersey Fund Report highlights that fund assets serviced in Jersey rise to US$411.1bn at the end of June 2018, up 18.7% from 2017. The number of serviced schemes increased to 1,279, up 6.5% and the total number of sub-funds recorded were also up to 1,721 which represents a 3.5% increase.
For fund administration services across both domiciled and non-domiciled funds, the Aztec Group maintain the largest market share for fund assets under administration for the third consecutive year, with US$126.0bn in assets. They are followed in second place by Saltgate with US$40.2bn and Ocorian take the third position with US$23.3bn.
Of serviced funds, among transfer agents, the Aztec Group accentuate their lead, with a total net asset of US$129.1bn, ahead of Computershare Investor Services with US$21.9bn and Intertrust ranked in third position with US$20.9bn.
Edward Moore, Chief Executive Officer and founder of the Aztec Group, commented: “It is wonderful to be named Jersey’s leading fund administrator for the third consecutive year. In the past 12 months, our commitment to delivering outstanding service has seen us continue to develop existing client relationships and build a number of exciting new partnerships. We very much look forward to the future as we maintain our focus on investing in our people, systems and processes to ensure our clients receive the best possible service.”
The custody ranking of serviced funds remains again unchanged with BNP Paribas securing their first position as the largest custodian by assets with US$22.3bn. JP Morgan maintain their second position with US$11.8bn and Link Asset Services remain in third place with US$9.7bn.
Among legal firms, Mourant Ozannes keep their ranking as the number one legal adviser, advising on 791 funds, followed as last year in second place by Carey Olsen with 670 funds. Ogier with 372 funds maintain their third place.
Mourant Head of Investment Funds, Jersey, Felicia de Laat said: "It's really pleasing to see another increase in fund and asset numbers in Jersey this year. From a Mourant perspective, our clients are our focus and we never take their loyalty for granted, so it is very gratifying to maintain our number one ranking in Jersey for yet another year. On the strength of our current fund formation pipeline, it looks like 2018/2019 will be an even busier year for our clients, their service providers and our fantastic team, which is also great news for Jersey."
Among auditors and as last year, PwC hold again the first position being the largest auditor with 452 funds ahead of KPMG and EY, respectively with 320 and 199 funds.
Of Assets, PwC is also leading with US$105.5bn followed by Deloitte and KPMG (respectively with US$77.2bn and US$69.2bn).
Mike Byrne, Partner and Asset Management Leader at PwC Channel Islands, said: “We’re delighted to have once again held on to our leading position as the largest auditor of Jersey serviced funds. In this vastly changing environment, Jersey continues to have a thriving funds management industry and is recognised as a global centre of excellence for private equity, providing appropriate structures, a robust regulatory environment and first class professional services. It’s clear that there is real momentum within Jersey’s funds industry at the moment and this ranking is a reflection of the hard work PwC puts in to provide top quality advice to local and global organisations in all sectors of the financial services industry and beyond.”
Among fund management companies of both domiciled and non-domiciled schemes, Ardian is in first position with assets totalling US$39.5bn, followed in second position by CVC with US$33.5bn.
Most popular fund types for Jersey domiciled funds, Private equity/venture capital and infrastructure funds, rise to US$143.6bn. This is a staggering increase of 57.6%, thanks to some very large funds launched during the year. In fact, just the top five funds in this category represents a massive US$42.7bn. Overall, over 110 groups/schemes were launched since June 2017 adding a total of US$54.2bn.
Karine Pacary, Managing Director of Monterey Insight, commented:
“Another strong and positive year for the Jersey fund industry which managed to attract a great inflow of new business as promoters choose the island to set up their funds. Specifically, 32 promoters/initiators chose Jersey to set up their funds while 12 others decided to service their funds in the jurisdiction, bringing a total inflow of US$39.0bn.”
For more information, please contact:
Managing Director, Monterey Insight
Tel. +44 (0)845 625 3863
Notes to Editors
Monterey Insight is an independent fund research company that provides comprehensive statistical analysis of the Jersey, Guernsey, Ireland, Luxembourg and UK fund industries: the only complete reference of service providers for all funds serviced in these jurisdictions.
As at 30th June 2018, leading service providers for all funds serviced in Jersey (i.e. including non-domiciled funds under administration or custody in Jersey - very private funds have been excluded from the analysis) were as follows:
Source: Monterey Insight, Jersey Fund Report 2018