The results were described by Jersey Finance, the marketing arm of the Channel Island's financial services industry, as "another comparatively solid and stable performance".
In the three months to the end of September, bank deposits held in Jersey decreased by around 3.7% to stand at £145.2bn, with foreign currency deposits representing around 64% of that total, according to the the data, obtained by Jersey Finance from the Jersey Financial Services Commission and published this week.
Deposits emanating from the Gulf and Far East markets continued to represent around 18% of the total on deposit in the island's banks, Jersey Finance said.
The currency movements also affected the funds sector, with the net asset value of funds administered in Jersey decreasing by 3.2% to end the quarter at £194.8bn, down from £201.3bn at the end of June.
The alternative investment funds sector continued to account for around 70% of the total value of funds under administration, while the number of newly formed regulated and unregulated funds increased slightly, Jersey Finance said in its summary of the results.
Meanwhile, there were 667 company incorporations in the third quarter of 2013, a quarterly increase of 235, with 33,272 live companies on Jersey’s company register, the highest number since September 2010.
Other third quarter headline figures across all sectors of the industry include:
- The net asset value of funds under administration in Jersey decreased by £6.5bn, to £194.8bn, while the total number of regulated funds increased by 11 to 1,348 over the same period
- The total number of unregulated funds grew by 4, to 193
- The value of total funds under investment management slid by £700m, to £21.8bn
- The total number of live companies increased by 235 to 33,272
Jersey Finance chief executive Geoff Cook said the data revealed an overall "stable picture for Jersey", and noted that the focus of the island's financial services industry remained on developing new business opportunities.
"In the short term we are particularly keen to work with fund managers that are looking for a flexible solution outside the AIFMD [Alternative Investment Fund Management Directive]," he added, referring to a new package of regulations that will dictate how alternative investment funds are to be sold across the European Union. The directive officially took effect in July, although it is only beginning to be implemented.
"This is particularly relevant for funds with more challenging asset classes," Cook added.
"Jersey is also the first third country to offer a fully compliant AIFMD regime, which further enhances the flexibility of our range of funds products.”
To read and download a copy of the quarterly data, click here.
