Investors boost Jersey funds to pounds 30.7bn record

Funds from all over the world but especially from South Africa poured into Jersey-based investment funds last year, swelling their total value by 26 per cent to a record pounds 30.7bn.

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.

News
peopleFrankie Boyle responds to referendum result in characteristically offensive style
Arts and Entertainment
'New Tricks' star Dennis Waterman is departing from the show after he completes filming on two more episodes
tvHe is only remaining member of original cast
Arts and Entertainment
tvHighs and lows of the cast's careers since 2004
Sport
Harry Redknapp. Mark Hughes and Ryan Shawcross
footballNews and updates as Queens Park Rangers host the Potters
PROMOTED VIDEO
News
ebooksAn unforgettable anthology of contemporary reportage
New Articles
i100... with this review
Voices
Holly's review of Peterborough's Pizza Express quickly went viral on social media
New Articles
i100
Arts and Entertainment
musicHow female vocalists are now writing their own hits
Arts and Entertainment
musicBiographer Hunter Davies has collected nearly a hundred original manuscripts
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Senior BA - Motor and Home Insurance

£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...

Market Risk & Control Manager

Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...

SQL Developer - Watford/NW London - £320 - £330 p/d - 6 months

£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...

Head of Audit

To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...

Day In a Page

Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments
These Iranian-controlled Shia militias used to specialise in killing American soldiers. Now they are fighting Isis, backed up by US airstrikes

Widespread fear of Isis is producing strange bedfellows

Iranian-controlled Shia militias that used to kill American soldiers are now fighting Isis, helped by US airstrikes
Topshop goes part Athena poster, part last spring Prada

Topshop goes part Athena poster, part last spring Prada

Shoppers don't come to Topshop for the unique
How to make a Lego masterpiece

How to make a Lego masterpiece

Toy breaks out of the nursery and heads for the gallery
Meet the ‘Endies’ – city dwellers who are too poor to have fun

Meet the ‘Endies’ – city dwellers who are too poor to have fun

Urbanites are cursed with an acronym pointing to Employed but No Disposable Income or Savings
Paisley’s decision to make peace with IRA enemies might remind the Arabs of Sadat

Ian Paisley’s decision to make peace with his IRA enemies

His Save Ulster from Sodomy campaign would surely have been supported by many a Sunni imam