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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...................... To view our full article Click here
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