Jersey sees influx of Eastern cash


Jersey, one of the world’s leading offshore financial centres, is seeing a lot of money coming in from the Far East and Middle East, with around one fifth of all bank deposits in Jersey over the second quarter of 2011 made from eastern destinations.

Gerry Cook from Jersey Finance said: “There continues to be very positive news for the funds sector, which saw an increase in the total net asset value of funds under administration and management. New business instructions were up 25 per cent and, subject to markets stabilising, we expect to see improvements in new funds numbers in the coming months. The investment management sector, meanwhile, reported growth of two per cent in its client base and the net asset value of funds under investment management grew by 4.2 per cent.”

Mr Cook added that:“Given most economies did not recover at the rate economic forecasters were predicting for the second quarter of 2011, these latest figures demonstrate a stable position with improvements in company formation numbers and investment management being sustained.”