Jersey Fund Administration Biz Takes A Hit

Dec 30 2009 | 11:25am ET

The Channel Island of Jersey is one of the top offshore hedge fund domiciles in the world, but despite the industry’s turnaround in the third quarter, Jersey’s fund administration business took a tumble.

The net asset value of Jersey-administered funds dropped by 17.7% in the third quarter to £163 billion. It’s the lowest quarterly figure for fund administration on the island more than three years.

Jersey Finance blamed the decline on a move by a single company, which chose “to restructure certain functions carried out in relation to its funds.”

“This is not reflective of Jersey’s strong fund offering and has no effect on levels of employment nor on the profitability of our funds business,” it said.

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