Fund services / 30 November 2018
Crestbridge funds growth highlighted in Jersey Monterey report
The value of funds administered by Crestbridge in Jersey has almost doubled over the past five years driven by strong new business flows, according to figures in the latest Monterey Insight Jersey Fund Report 2018.
The report, published this month, shows that Crestbridge grew its total value of assets under administration in Jersey by 98%, whilst the number of funds administered by the firm also saw impressive five-year growth (28%).
The rise means that Crestbridge moves up into the top ten fund administrators in Jersey in terms of total value of fund assets administered, whilst the firm is also now recognised in the top five for Jersey domiciled unregulated funds.
Figures in the report also show that Crestbridge added $1.6bn in new funds business in Jersey over the past twelve months, the fourth best performance of all administrators in Jersey.
Michael Newton, Head of Fund Services at Crestbridge, said: “These are strong figures and a reflection of the growth we’ve seen across our global funds business in recent years, including here in Jersey. Our focus is on supporting fund managers and helping them to be successful and generate returns for investors, and the fact that we’ve seen such strong growth in Jersey in new business over the past year is evidence that we are achieving that.”
Also highlighted in the report are figures for Jersey’s funds industry as a whole, which show that, as of 30 June 2018, total net assets stood at US$411.1bn, up 19% on 2017 and the highest level ever recorded.
Michael added: “From a jurisdictional point of view, it’s also really positive that Jersey is clearly continuing to prove an attractive proposition, not just as a European funds centre but as a funds centre with real, global expertise and capabilities right across the alternatives space.”