Jersey financial services sector steady over past year

By added on 18/08/2016

Recently released statistics by Jersey's Government show a steady or improving picture for the financial services sector in 2015, reports Tax News.

There were 32 banks holding licences issued by the Jersey Financial Services Commission, one less than in 2014, while total bank deposits fell nine percent to GBP126.5bn (US$165bn).

The total value of collective investment funds administered from Jersey fell 1.5 per cent to GBP225.8bn (US$294.5bn), and the total number of funds in 2015 nominally falling to 1,320 from 1,323 in 2014.

The number of investment business clients in December 2015 was two percent lower than in 2014 (11,664 to 11,464), while total assets increased by 13 percent. The number of companies registered in Jersey increased in 2015 by 346 to 33,063.

The value of economic activity of the finance sector taking place in Jersey in 2015 decreased by GBP10m (US$13m) to GBP1,680m (US$2,191m). This decrease was primarily driven by a fall in the value of economic activity in the banking sub-sector.