Jersey’s asset servicing industry saw assets rise 20% to $278 billion (€200 billion) in the year ending 30 June, according to data firm Lipper, driven by growth of private equity and real estate funds. The figure exceeds the previous high of $270 billion in 2008.
Lipper says there are now 1,486 funds and sub-funds serviced in Jersey, of which 1,157 are domiciled on the island.
State Street is the biggest administrator of funds serviced in Jersey, with $78 billion under administration, followed by Bedell Fund Services and R&H Fund Services. BNP Paribas is the biggest custodian with $29 billion under custody.
“While rocky markets over the summer are likely to have dented fund assets – as elsewhere in the world – the longer term trend of growth being re-established will give a real boost to the industry,” said Ed Moisson, head of UK & cross-border research at Lipper.
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