Island in the Funds: Jersey Shows Growth

LONDON (HedgeWorld.com)–The Jersey hedge fund industry has continued to expand, with the number of funds now serviced there rising almost 14%, to 839 funds and subfunds, over the year previous to June.

Total net assets represented by those funds rose from $US102.3 billion to $US107 billion, according to Fitzrovia, which published the findings in its 10th annual Jersey Fund Encyclopedia.

Looking solely at actual funds domiciled in Jersey, Fitzrovia found that total assets under management for them grew by almost 25%, from US$62.6 billion to US$78.2 billion. The number of Jersey funds grew to 744, up from 638.

Assets in property/real estate funds from the island more than doubled over the 12-month period ended June 30, 2004, increasing to US$22.7 billion from US$10.5 billion. The second-largest asset class there is private equity/venture capital funds, with assets of US$14.3 billion, which Fitzrovia took as a sign that Jersey is establishing itself as a center for specialized funds.

In the service provider category, the largest administrator on the island is Mourant International Finance Administration, which serviced fund assets of US$30.9 billion. Mourant secured the greatest amount of new business over the year, adding US$12.7 billion in administered assets.

SG Hambros Trust leads the administrators category in sheer number of funds serviced, with 141.