Investors boost Jersey funds to pounds 30.7bn record
Saturday 08 February 1997
The ending of apartheid and a slight relaxation of the restrictions on moving capital out of South Africa has led to the establishment of several SA-controlled funds in Jersey. Liberty Life was the first to set up and others have followed. There are now 1,338 collective investment funds operating in the Island, with 130 being established during 1996 and a further 41 new funds being processed.
The Jersey authorities are delighted with the way in which funds from all over the world continue to pour into the tiny finance centre. They see the continued growth as clear evidence that investors' faith in Jersey's reputation and stability has not been shaken, despite recent criticism of their controversial limited liability partnerships law and an alleged $27m (pounds 17m) foreign currency fraud.
John Pallot, deputy director of the island's Financial Services Department, said: "It demonstrates the continuing health of this sector in Jersey and the confidence that the international funds industry and its clients have in the island.
"However, these statistics are only half the story as the more private funds, usually offered to fewer than 50 investors, are not included in the results. The value of these is estimated at about pounds 22bn, bringing the total value of Jersey's fund industry to well over pounds 50bn."
The applications for the 41 new funds being processed come from promoters all over the world including the US and the Middle East as well as western Europe and South Africa.
Neighbouring Guernsey has also enjoyed growth in this sector, the total value of its investment funds rising by 4.6 per cent last year to pounds 13.4bn.
There are now 337 different investment schemes based in the island, representing a record number of 116,390 unit or shareholders.
Nigel Taylor, Guernsey's Superintendent of Investment Business, said: "In terms of trends there is an increasing interest in distressed securities as an asset class, emerging market debt instruments and a re-emergence of cash and property funds." He added there were 31 new funds in the pipeline.
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered
- 3 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 4 Now we know whose fault it is if you end up being murdered in Thailand
- 5 35,000 walrus gather ashore on north-west Alaska beach 'for a rest'
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Five facts you never knew about your (almost obsolete) tax disc
The Aral Sea: Nasa pictures show how what was once the fourth largest lake in the world has become almost completely dry
Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
Benefits 'smart cards' plan revealed by Iain Duncan Smith to stop claimants spending welfare money on alcohol
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...