Private Equity Drives Jersey Funds Growth in 2024
- Andy Bissell
- Jan 27
- 5 min read
Updated: Feb 3
New findings from Monterey Insight, the independent fund research company, reveal the market shares of all service providers in Jersey’s fund industry.
The 30th annual Monterey Jersey Fund Report highlights that fund assets serviced in Jersey increase by 6.1% in US Dollar at as the 30th June 2024, a 6.8% increase in GBP.
US$bn | YoY Change | GBP bn | YoY Change | |
Assets Serviced | 630.0 | 6.1% | 498.4 | 6.8% |
No. Funds | YoY Change | |
Total Number of Serviced Funds | 1,963 | 4.2% |
Total Number of Serviced Sub-Funds | 2,450 | 2.5% |
As in previous years, Private Equity/Venture Capital Funds remain the most popular products among domiciled and serviced funds, ranking first. Property/Real Estate Funds hold the second position, while Exchange Traded Commodity products come in third.
Last year, Private Debt led the growth. However, this year, Private Equity/Venture Capital Funds have experienced the highest growth in net assets, with a 9% increase compared to 2023 for funds with assets over $20 billion.
Rank | Asset Allocations | Total Net Assets US$bn | No. Sub-Funds |
1 | Private Equity/Venture Capital | 464.1 | 1,349 |
2 | Property/Real Estate | 67.0 | 343 |
3 | Exchange Traded Commodities | 23.2 | 12 |
During the period, 145 newly launched and newly serviced sub-funds were recorded, reaching US$25.4bn for new products of domiciled and non-domiciled funds. Of these, over 90 were private equity/venture capital products, totalling US$21.2bn.
Focusing on the Jersey domiciled market share, 89 new Jersey funds and sub-funds were launched or newly reported during the year, totalling $14.3bn in assets.
Turning to service providers, CVC Capital Partners have secured the top position among fund management companies for both domiciled and non-domiciled serviced schemes for the second consecutive year. ARDIAN follows in second place.
SoftBank maintains third position (based on publicly sourced information), with Nordic Capital coming in fourth.
Rank | Promoters/Initiators | Total Net Assets US$bn |
1 | CVC Capital Partners | 94.4 |
2 | ARDIAN | 86.7 |
3 | SoftBank Group | 53.9 |
4 | Nordic Capital | 36.4 |
For fund administration services across both domiciled and non-domiciled funds, Aztec Group has maintained the largest market share for fund assets under administration for the ninth consecutive year.
Saltgate follows in second place, while IQ-EQ has moved up to third place, overtaking R&H Fund Services.
Rank | Administrators | Total Net Assets US$bn |
1 | Aztec Group | 253.2 |
2 | Saltgate | 87.8 |
3 | IQ-EQ | 29.3 |
Simon King, Aztec Group - Head of Jersey, said:
"It’s fantastic to see another year of significant growth for Jersey's funds industry, as highlighted in the latest Monterey Insight report. The notable increase in fund assets underscores Jersey's position as a leading financial centre. We are proud to play a role in this success, maintaining our leadership in fund administration and transfer agent services for the ninth consecutive year. This achievement is a testament to the dedication and excellence of our teams, and we are deeply grateful to our clients for their trust and support. We look forward to continuing to contribute to the ongoing success and innovation within Jersey's thriving funds industry."
Among transfer agents, Aztec Group maintain their lead. The second position also remains unchanged from last year, with Computershare Investor Services in second. However, IQ-EQ has gained one rank, moving up to secure the third position.
Rank | Transfer Agents | Total Net Assets US$bn |
1 | Aztec Group | 243.7 |
2 | Computershare Inv. Services | 29.8 |
3 | IQ-EQ | 22.1 |
BNP Paribas has once again secured the top position as the largest custodian by assets. Apex Group follows in second place, with CACEIS taking the third position.
Rank | Custodians | Total Net Assets US$bn |
1 | BNP Paribas | 13.6 |
2 | Apex Group | 11.3 |
3 | CACEIS | 8.1 |
Among legal firms of serviced and distributed funds, Mourant continues to hold the top spot in the ranking. They are followed by Carey Olsen and Ogier respectively in second and third position.
Rank | Legal Advisers for serviced and distributed | No.Funds |
1 | Mourant | 1,114 |
2 | Carey Olsen | 1,031 |
3 | Ogier | 738 |
In addition to domiciled and non-domiciled funds, the legal advisers table also includes distributed funds. These are non-domiciled funds that are only serviced by a legal adviser.
Joel Hernandez, Jersey Funds Practice Leader, Mourant said:
"As always, Monterey Insight has provided a fascinating and comprehensive review of the Jersey funds sector and its performance over the last year. At Mourant, we have been at the forefront of the Jersey funds industry for over 20 years and are delighted to have once again maintained the leading position as a top funds adviser in 2024. The report illustrates our firm's exceptional growth in 2024 and reaffirms our commitment to delivering excellence in a highly competitive and dynamic market."
For the market share of Jersey domiciled funds, Carey Olsen has maintained the first place for the fifth consecutive year. Mourant ranks second, followed by Ogier in third place.
Rank | Legal Advisers for Jersey domiciled funds | No.Funds |
1 | Carey Olsen | 679 |
2 | Mourant | 427 |
3 | Ogier | 338 |
PwC continues to be the largest auditor, as has been the case for many years. KPMG follows in second place, with EY remaining in third.
Rank | Auditors | No.Funds |
1 | PwC | 735 |
2 | KPMG | 526 |
3 | EY | 243 |
For assets, PwC also leads with $195.1bn. Deloitte follows in second place with $122.4bn. KPMG maintains their third position, ahead of EY.
Mike Byrne, Partner and Asset Management Leader at PwC Channel Islands, said:
“It’s great news that we have retained our leading position again as the largest auditor of Jersey serviced funds. In these ever-changing times, Jersey has demonstrated its resilience, capabilities and adaptability and continues to have a thriving investment management industry, being well-recognised as a global centre of excellence for investment funds, providing appropriate structures, a robust regulatory environment and first-class professional services. This latest accolade reflects our teams’ commitment both in Jersey and across the Channel Islands to both our clients and to the local funds industry and I thank them for the part they continue to play in helping us consolidate this leading position. In tough times as well as good, we maintain our focus on providing top quality advice to local and global organisations in all sectors of the financial services industry and we have considerable confidence in the future, whatever challenges and opportunities lie ahead.” `
Karine Pacary, Managing Director of Monterey Insight, said:
“We are pleased to reveal the new results of the Jersey Fund Industry in our 30thedition of our Monterey Jersey Fund Report 2024.
The Jersey fund industry continues to exhibit robust growth and resilience, with notable increases in both domiciled and non-domiciled fund assets. Private Equity and Alternative Funds emerged as top performers, reflecting their dominance in assets but also in new fund launches during the period. Impressively, 93% of the new funds launched were alternative funds, including private equity, private debt, hedge funds, and property real estate.”
For more information, please contact:
Karine Pacary
Managing Director, Monterey Insight
Tel. +44 (0)845 625 3863
Notes to Editors
Monterey Insight is an independent fund research company that provides comprehensive statistical analysis of the Jersey, Guernsey, Ireland, Luxembourg and UK fund industries: the only complete reference of service providers for all funds serviced in these jurisdictions.
Source: Monterey Insight, Jersey Fund Report 2024, data as at 30th June 2024.