Jersey sees rise in AIFMD-related activity

EUThe number of Jersey funds being marketed into Europe through private placement under the Alternative Investment Fund Managers Directive is on the rise, local industry authorities say.

Six months after the implementation phase for the AIFMD ended, figures from the Jersey Financial Services Commission show that 60 alternative investment fund managers have received authorisation under Jersey's AIFMD private placement regime.

Through private placement, there are also 186 Jersey alternative investment funds being marketed into Europe.

In addition, 14 alternative investment fund depositary notifications have now been received under AIFMD from five different Jersey depositary service providers.

Geoff Cook, chief executive of Jersey Finance, says the figures – including those for broader growth in the local funds industry – make "impressive reading".

"This growth is symptomatic of the confidence alternative funds professionals have in Jersey and why a number of major alternative fund houses have made the move to establish or expand their presence in the jurisdiction recently."

The latest figures for Jersey’s finance industry for the period ending December 2014, show that the net asset value of funds under administration in Jersey grew by £23.5 billion (€32 billion) over the final quarter of last year to stand at £228.9 billion – a 19% increase compared to December 2013 and the highest level since December 2008.

Ben Robins, chairman, Jersey Funds Association, says: "The fact that there has been a strong upward trend across the core private equity, real estate and hedge fund asset classes as well as the debt and infrastructure fund spaces in the six months since AIFMD was implemented is clearly pleasing."

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