Private equity and venture capital funds fuelled the growth of Jersey’s fund industry in 2024, with serviced fund assets rising by 6.1% in dollar terms as of June 30, according to fund research company Monterey Insight.
Private equity and venture capital funds maintained their dominance, achieving a 9% increase in net assets for funds with over $20 billion. This marked a shift from last year, where private debt drove growth. Property/real estate funds secured the second spot, followed by exchange-traded commodity products in the third.
New fund launches were strong, with 145 newly serviced sub-funds valued at $25.4 billion introduced during the period. Over 90 of these were private equity or venture capital products, accounting for $21.2 billion. Within Jersey-domiciled funds alone, 89 new funds or sub-funds were launched, totalling $14.3 billion in assets.
Karine Pacary, MD of Monterey Insight, said: “The Jersey fund industry continues to exhibit robust growth and resilience, with notable increases in both domiciled and non-domiciled fund assets. Private equity and alternative funds emerged as top performers, reflecting their dominance in assets but also in new fund launches during the period. Impressively, 93% of the new funds launched were alternative funds, including private equity, private debt, hedge funds, and property real estate.”
CVC Capital Partners led fund management companies for both domiciled and non-domiciled schemes, followed by Ardian and SoftBank. Nordic Capital secured the fourth position. Among fund administrators, Aztec Group retained its leading position for the ninth consecutive year, with Saltgate and IQ-EQ rounding out the top three.
In the transfer agent category, Aztec Group also held the top spot, followed by Computershare Investor Services. IQ-EQ moved up to third, reflecting its growing presence. For custodian services, BNP Paribas held its lead, while Apex Group and Caceis secured second and third positions respectively.
In the legal domain, Mourant continued to dominate as the top legal advisor for serviced funds, with Carey Olsen and Ogier following in second and third positions. Carey Olsen also retained its lead in the Jersey-domiciled market for the fifth consecutive year, with Mourant and Ogier trailing closely.
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PwC maintained its dominance as the largest auditor, overseeing $195.1 billion in assets. Deloitte ranked second with $122.4 billion, while KPMG and EY held third and fourth positions, respectively.
Joel Hernandez, Jersey funds practice leader, Mourant, said: “At Mourant, we have been at the forefront of the Jersey funds industry for over 20 years and are delighted to have once again maintained the leading position as a top funds adviser in 2024. The report illustrates our firm’s exceptional growth in 2024 and reaffirms our commitment to delivering excellence in a highly competitive and dynamic market.”
Mike Byrne, partner and asset management leader at PwC Channel Islands, said: “In these ever-changing times, Jersey has demonstrated its resilience, capabilities and adaptability and continues to have a thriving investment management industry, being well-recognised as a global centre of excellence for investment funds, providing appropriate structures, a robust regulatory environment and first-class professional services. This latest accolade reflects our teams’ commitment both in Jersey and across the Channel Islands to both our clients and to the local funds industry and I thank them for the part they continue to play in helping us consolidate this leading position.”
Simon King, Aztec Group – head of Jersey, said: “The notable increase in fund assets underscores Jersey’s position as a leading financial centre. We are proud to play a role in this success, maintaining our leadership in fund administration and transfer agent services for the ninth consecutive year. This achievement is a testament to the dedication and excellence of our teams, and we are deeply grateful to our clients for their trust and support. We look forward to continuing to contribute to the ongoing success and innovation within Jersey’s thriving funds industry.”
