Jersey Financial Services Commission Quarterly Report

The Jersey Financial Services Commission has today 29 November 2002 issued its quarterly report for the period 1 July 2002 to 30 September 2002.

Funds
As of the 30 September 2002 the value of funds in the Island stood at £97 billion. This is a decrease of 8.7% since the last quarter. This decrease could be attributed to the drop in the value of the underlying portfolios caused by the poor performance of the stock markets. Compared with the same quarter last year, the values of funds have increased by 2.2%. The number of funds for this quarter has increased from 368 to 403. Sub-funds have increased to 1,762 since the last quarter. 42 new Collective Investment Funds have been authorised during this quarter.

Bank Deposits
Jersey bank deposits have increased to £136 billion. This is an increase of 3.1% against the last quarter, but an increase of 5.7% against the same quarter last year. The number of banking licences has remained at 62 since the last quarter.

Investment Business
The total funds under investment management (class B of the Financial Services (Jersey) Law 1998) stood at £29 billion. When compared to the same quarter last year, this shows a decrease of 7.2%. However, against the last quarter this represents a 0.6% decrease.
As at 30 September 2002 the total number of clients of investment managers was 22,851.

Conclusion

Richard Pratt, Director General of the Commission, commenting on the quarterly statistics said today, "Jersey continued to show its strength as a leading international finance centre with the increase in bank deposits and the highest ever number of funds. The value of the funds has held up well against the current volatility in the world markets. I welcome further evidence that Jersey continues to strengthen its position in global financial markets."

To read the press release in full, please visit the press section of www.jerseyfsc.org