Mon, Nov 24, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
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......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Regulatory - Stringent rules for hedge funds make the financial system fragile[more]

    From FT.com: …It is one thing to impose a regulatory burden when there is a clear need to do so. Banks are underwritten by taxpayers via deposit insurance as well as the too-big-to-fail safety net; they need to be reined in, and if they shrink as a result, that may be welcome. But it is another thin

  2. Investing - Apple: Hedge funds are crazy about it, Greenlight Capital took stake in Citizens Financial after IPO, Tiger Global added to Hertz, exited Dollar General last quarter, Oberweis sells NQ Mobile stake as Valiant adds shares, Whitney Tilson sticks to losing bet on MagicJack shares, Brigade Capital backs €90m Quinn sale[more]

    Apple: Hedge funds are crazy about it From Techinsider.net: Apple Inc. is still the most popular stocks among hedge funds. According to a recent report by hedge fund tracking site Insider Monkey, more than one out of 5 hedge funds are invested in Apple Inc. At the moment there are

  3. Greenlight Re CEO says hedge fund reinsurance strategy buzz is validating[more]

    From Artemis.bm: The attention being paid to the hedge fund reinsurance business model and the fact that others are now looking to leverage bits of it within their own strategies, is validating for reinsurer Greenlight Capital Re, according to CEO Bart Hedges. There has been an increasing buzz

  4. Legal - Hedge fund manager fights £8m tax tribunal ruling[more]

    From FT.com: A hedge fund manager who may have to repay £8m in tax is trying to overturn a tribunal ruling that found he had attempted to shelter millions in an avoidance scheme. Patrick Degorce, chief investment officer at Theleme Partners, lost a tax tribunal case last year. HM Revenue & Customs c

  5. Europe - Hedge funds face exit tax as Iceland central bank discusses plan[more]

    From Bloomberg.com: Hedge funds and other creditors with claims against Iceland’s failed banks face an exit tax as the island looks for ways to unwind capital controls without hurting the economy. The government targets having a plan it can present by year-end that would map out how Iceland will sca