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solid growth in Jersey’s fund industry


Jersey’s finance industry showed stable overall growth in the second quarter of 2011, with the value of funds administered in the island reaching its highest level for two years, and the value of funds under management increasing by 4.2 per cent. Geoff Cook, Chief Executive of Jersey


Finance, saw signs of stability for Jersey in a persistently volatile global environment, highlighting that company formations, a good indicator of an economy’s health, were up for the third quarter in succession. There was positive news for the funds


sector, which recorded an increase in the net asset value of funds administered in Jersey for the fourth consecutive quarter to stand at £196.7bn, reflecting a 10.5 per cent year-on-year increase. The figure does not include funds established under the Unregulated Funds Regime, of which there were 136 by the end of the period – an 8.8 per cent increase on the previous quarter. The alternative asset classes also reported net asset value growth of £2.3bn (1.6 per cent) to £145.2bn. Cook commented: “There continues


to be very positive news for the funds sector, which saw an increase in the total net asset value of funds under administration and management. New business instructions were up 25 per cent, and subject to markets stabilising, we expect to see improvements in new funds numbers in the coming months.” l


Blue Islands announces Bournemouth service Blue Islands has announced the start of a direct service from Jersey to Bournemouth. Flights begin on 1 November and fares start from £59 including all taxes and charges. Following the purchase of additional aircraft, the airline now has the capacity to offer a direct service on Tuesdays, Thursdays and Saturdays. Rob Veron, Managing Director of Blue Islands is pleased to see this popular destination return to the ever-expanding Blue Islands network. “I’m delighted that we now have the available aircraft to return to Bournemouth,” he says. “This route will complement the success of the Southampton product that we offer, and provide passengers with another destination on the south coast to travel to directly. As well as Bournemouth being a popular leisure destination for Channel Islanders, this service will be hugely beneficial for students in particular, who can enjoy our ‘no baggage charges policy’ when travelling to and from south coast universities.” l


Liberation Group acquires JJ Le sueur


Liberation Group has acquired the business of JJ Le Sueur Limited for an undisclosed sum. The transaction is subject to approval by the Jersey Competition Regulatory Authority (JCRA). Liberation Group is the leading pub, brewing and drinks business in the Channel Islands,


where it already owns Victor Hugo in Jersey and Bucktrouts in Guernsey. JJ Le Sueur is a well established business supplying wines and spirits for a number of


well known brands to customers in both Bailiwicks. The current principals of the business will be appointed to senior roles within Liberation Group, and all other members of staff are to be offered positions with the company. Once JCRA approval is received, it is expected the transaction should be finalised by


October 2011. l





12 businesslife.co October/November 2011


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