Jersey’s alternative funds market continues to grow, new figures show.
Ogier funds partner Simon Schilder believes the growth, and continuing confidence in the sector, is influenced by ESMA’s recommendation about the extension of the AIFMD marketing passport to Jersey.
The number of Jersey-registered alternative investment fund managers (AIFMs) marketing into Europe through national private placement regimes (NPPRs) under the EU Alternative Investment Fund Managers Directive (AIFMD) rose significantly in the second half of 2015, according to the Jersey Financial Services Commission.
By September 2015, the net asset value of all alternative funds being administered in Jersey had grown by 12% year-on-year to £159bn, including rises of 21% in hedge, 2% in private equity and 16% in real estate funds.
As at December 2015, 104 AIFMs had been authorised in Jersey to market into Europe through NPPRs, up 24% compared to the half-year figure. The number of Jersey AIFs being marketed into Europe through NPPR authorisation was 230, a 12% increase compared to June 2015.
Simon Schilder said: “Following ESMA’s recommendation last year that there were no barriers to the extension of the AIFMD marketing passport to Jersey, these statistics underscore the significance of the certainty that Jersey’s ESMA recommendation has created for investment managers looking to structure fund products into the European market through Jersey structures. We are already seeing a strong pipeline of new fund business for 2016, such that we fully expect to see growth in each of these metrics during the months to come.”
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