New findings from Monterey Insight, the independent fund research company, reveal the market shares of all service providers in Jersey’s fund industry.
The 27th annual Monterey Jersey Fund Report highlights that fund assets serviced in Jersey rose from US$493.0bn in 2020 to US$605.4bn at the end of June 2021, up 22.8%. The number of serviced schemes increased to 1,672, up 11.8% and the total number of sub-funds recorded were also up to 2,192 which represents a 10.7% increase (from 1,495 and 1,981 respectively).
Private equity/venture capital funds, still the most popular products, remain the key drivers to the Jersey fund market industry and account for US$419.1bn of assets for domiciled and non-domiciled funds exceeding the thousand mark for the first time with over 1,070 funds and sub-funds. Property/Real Estate Funds rank second with US$75.6bn and a total of 335 funds.
For new products, of domiciled and non-domiciled funds, over 250 newly launched and newly serviced sub-funds were accounted during the period, reaching US$31.2bn. Of these newly launched/reported serviced funds and sub-funds, more than the half were private equity products totalling US$20.7bn.
For the domiciled market share, there are more than 190 new Jersey funds and sub-funds that were launched/reported during the year, totalling US$20.4bn of assets.
Turning to service providers, among fund management companies of both domiciled and non-domiciled schemes, SoftBank maintain their first position with assets totalling US$100.6bn (information publicly sourced). CVC Capital Partners with US$54.1bn create the surprise and snatch the second position ahead of ARDIAN who take third place with US$49.9bn.
For fund administration services across both domiciled and non-domiciled funds, Aztec Group with US$220.1bn in assets, maintain the largest market share for fund assets under administration for the sixth consecutive year. They are followed in second place by Saltgate with US$56.7bn and R&H Fund Services taking third position with US$30.0bn.
Among transfer agents, Aztec Group also maintain their lead, with total net assets of US$213.9bn. Second and third spots remain unchanged from last year with Computershare Investor Services in second position with US$31.9bn ahead of Intertrust ranked in third position with US$27.2bn.
Edward Moore, Chief Executive Officer and founder of the Aztec Group, commented:
“Being named Jersey’s leading fund administrator and transfer agent is a testament to the hard work and commitment of all of our teams in Jersey and across the wider Group. They are dedicated to delivering the best possible service to our clients, and we’re proud to see that dedication reflected in our market-leading position.”
BNP Paribas Securities Services, once again secure top position as the largest custodian by assets with US$19.0bn followed by Sanne Trustee Services who maintain second spot with US$12.0bn. Apex Group create the surprise and are in third place this year with US$11.3bn.
Among legal firms of serviced and distributed funds, Mourant took first position and secured the overall top spot in the rankings, advising on 894 funds. They are followed by Carey Olsen with 776 funds and Ogier maintaining third position with 585 funds.
Felicia de Laat, Jersey Funds Practice Leader at Mourant said:
"We are proud of achieving the top position in total market share ranking by both funds and assets as well as the biggest increase in serviced funds and highest growth rate in terms of new business. This is testimony to the continued confidence our clients have in the quality of our legal advice and consistency and continuity of service which we achieve through our team of dedicated and excellent funds lawyers".
For the market share of domiciled funds, Carey Olsen continue in first place for the second consecutive year with 484 Jersey funds while Mourant rank second advising 401 funds. They are followed by Ogier with 311 funds.
Among auditors of serviced funds, as has been the case for many years, PwC are once again the largest auditor with 520 funds ahead of KPMG with 445 funds. Deloitte maintain third place with 202 funds closely followed by EY with 201 funds. For assets, Deloitte lead again this year with US$151.8bn followed by PWC and EY.
Mike Byrne, Partner and Asset Management Leader at PwC Channel Islands, said:
“I am delighted that we have retained our market-leading position yet again as the largest auditor of Jersey serviced funds. Despite the economic challenges of COVID-19, the Island has demonstrated its resilience, strength and adaptability and continues to be a well-recognised, global centre of excellence for investment funds, providing flexible structures, a robust regulatory environment and first-class professional services. Here at PwC, we recognise that our people are our biggest strength and this accolade is a true testament to both their capabilities and their commitment across the Channel Islands to our clients and to the local funds industry. Our people continue to play a key role in helping us maintain this leading position and we are so proud of their unwavering commitment, especially during the current unsteady climate. We are confident that Jersey will continue to serve an important role in the alternative funds industry, and will maintain its focus on providing top quality advice to both local and global organisations in all sectors of the financial services industry.”
Karine Pacary, Managing Director of Monterey Insight, commented:
“We are pleased to reveal the new results of the Jersey Fund Industry in our 27th edition of our Monterey Jersey Fund Report.
This is a fantastic result for the Jersey fund industry to return to double digit growth and in accumulating positive growth for the past 6 years. This demonstrates the dynamism and the success of the Jersey fund industry, thanks in particular to the excellence level of services from its professional providers and its robust regulatory system.”
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 2021, leading service providers for all funds serviced in Jersey (i.e. including non-domiciled funds with an appointed administrator, custodian or transfer agent in Jersey) were as follows:
Source: Monterey Insight, Jersey Fund Report 2021.