Press Release - 30 August 2001
Jersey Financial Services Commission Quarterly Report
The Jersey Financial Services Commission has today (30 August 2001) issued a quarterly report for the period 1 April 2001 to 30 June 2001.
The value of funds continues to rise and now stands at £106 billion. This is the first time that the value of funds has ever risen above £100billion.
Assets under management rose to £36 billion
As of the 30 June 2001 the value of funds stands at £106 billion. This is an increase of 21.23% over the same quarter last year, and the first time the figure has exceeded £100 billion. ( See Appendix A )
The number of funds for this quarter have fallen from 313 to 302. However, sub funds have continued to rise to 1575.
Jersey bank deposits have risen to £126 billion. This is a rise of 9.2% against the same quarter last year. ( See Appendix B )
The number of banking licences has remained consistent with the first quarter of 2001 at 70.
The total funds under investment management (class B of the Financial Services (Jersey) Law 1998) stands at £36 billion. When compared to the same quarter last year, this shows an increase of 8.6%.
As at 30 June 2001, the total number of clients of investment managers was 22,049.
The total incorporations for the second quarter of 2001 is 679, which shows a decrease of 6.6% over the same period last year. The total for each quarter has now been remarkably stable over the past year.
The number of fast track companies for the first quarter is 188 and the number of normal company incorporations for the first quarter is 491. (See Notes to Editors)
The Registry continued their excellent success in minimising delays in their area and have recorded a 97.6% rate against their self imposed targets. (See Notes to Editors)
The following tables (Figs 1 & Appendix C.) illustrates the number of new company incorporations over the past four years.
One category A permit has been cancelled, and two have been surrendered following the completion of their acquisition by another company.
One captive insurance company has closed and transferred its assets and liabilities to Bermuda, due to an acquisition.
The table at Appendix D shows the steady growth in insurance in the first six months of the past four years.
All Insurance Licences
The number of security issues by Special Purpose Vehicles (SPVs) authorised during this quarter is 66.
The table at Appendix E shows the movement in the number of SPVs approved in the first six months of the past four years as of 30 June 2001.
One issuer has temporarily suspended new issues pending a review of their internal systems and this has resulted in a reduction in the quarterly figures.
SPVs as at 30 June 2001
Richard Pratt, Director General of the Commission commenting on the quarterly statistics said today, "It is encouraging that funds and bank deposits continue to rise in difficult world economic conditions. It is likely that these conditions will continue to affect business growth but these results show that Jersey is still experiencing a healthy influx of business."
Annual growth in Collective Investment Funds to date. £ Millions
Annual growth in Banks and Bank Deposits to date. £ Millions