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Alternative Market Briefing

A 39% drop and fourth year of decline finds the fund business in Jersey struggling

Wednesday, July 03, 2013

Beverly Chandler, Opalesque London:

The Statistics Unit of Jersey, has released the 2012 Survey of Financial Institutions report which covers banks, fund managers, investment trusts, accountancy and legal firms on the island. Jersey is one of the Channel Islands and an offshore financial centre, home to a substantial financial services business, including hedge funds and fund administration firms.

Over 2012, Jersey's finance sector recorded total gross operating surplus of £720m ($1bn) representing a fall of 1% compared with 2011, and total gross operating surplus has been substantially flat for the last three years. The banking sub-sector accounted for more than three quarters of the total net profit. In 2012, the fund management sub-sector recorded a decrease in net profit of almost two - fifths (39 %) on an annual basis, representing the fourth consecutive year of decline. Since a peak in 2008, when the net profit of Fund management was estimated at £180 million, the net profit for this sub - sector has decreased by more than four - fifths .

In 2012 , the net profit of the Fund management sub - sector was estimated at £25 million. The net profit for Accountancy in 2012 was estimated at £ 27 million , representing the highest level for this sub - sector since at least 1998 .

In the latest year , the net p......................

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