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Alternative funds growth for Jersey as private placement uptake breaks 200 barrier

Wednesday, August 26, 2015
Opalesque Industry Update - The number of Jersey funds marketing into Europe through national private placement regimes (NPPRs) under the EU Alternative Investment Fund Managers Directive (AIFMD) has broken through the 200 barrier (June 2015), underpinned by strong combined performances in Jersey’s alternatives sector where net asset values under administration rose 15% on the previous year.

According to latest figures (June 2014) from the Jersey Financial Services Commission (JFSC), 205 Jersey funds are now being marketed into Europe through private placement regimes, an increase of 10% on December 2014, whilst 84 fund managers have now received private placement authorisation, up 40% over the previous six months.

Meanwhile, further statistics collated by the JFSC show that the net asset value of all regulated funds under administration in Jersey grew by around 9% year on year as at June 2015 to stand at £218bn, and that the fund formation rate remains strong with on average one fund being established in Jersey every week during the first half of the year.

In particular, the alternative asset classes grew 15% annually. Hedge fund business grew by 31% year-on-year, real estate funds business was up by 16% annually, and private equity maintained a steady yearly increase of 2%.

Whilst Jersey’s current marketing route into Europe via national private placement regimes looks likely to remain in place until at least 2018, the European Securities and Markets Authority (ESMA) announced in July that it was recommending Jersey should be included in the first wave of ‘third non- EU countries’ whose managers could seek authorisation for a passport to market their alternative investment funds to professional investors throughout EU Member States.

Geoff Cook, Chief Executive, Jersey Finance, commented:

“Whilst of course the endorsement from ESMA in July was a significant development for Jersey’s funds community, it’s extremely pleasing that at the same time managers and promoters are continuing to find appeal in the ‘business as usual’ private placement route. With private placement expected to remain in place until at least 2018 and the potential to activate the AIFMD passport in Jersey in due course, the evidence all points to genuine confidence in Jersey for the management, domiciliation and servicing of funds across a range of strategies and target markets.”

Ben Robins, Chairman, Jersey Funds Association, added:

“These figures underline Jersey’s role as a specialist centre for alternative funds, with the emphasis Jersey is placing on high quality rather than high volume business paying real dividends. The value of funds under administration is growing whilst fund formation, by both established and new promoters, is looking strong again this year, and we fully expect this trend to continue, particularly with the growth we are seeing in other alternative asset classes including debt, credit and infrastructure funds as well as hedge, private equity and real estate.”

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