Jersey Financial Services Industry Quarterly Report. Period Ended 30 June 2018

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1 Jersey Financial Services Industry Quarterly Report Period Ended 30 June 2018

2 Jersey Finance Financial Services Industry Quarterly Report 2 Executive Summary The number of live companies on the register stood at 32,618 at the end of the second quarter of The net asset value of regulated funds under administration increased from 281.1bn to 296bn during Q The total value of banking deposits held in Jersey increased by 5.7 bn from bn to bn during Q The number of banking licences stood at 28 at the end of Q The total number of regulated collective investment funds remained largely flat from 1,075 to 1,020 as at the end of Q The value of total funds under investment management stood at 24.3bn at the end of Q These figures do not include the total assets under management within the qualifying segregated managed accounts (QSMA) which increased by 1.3bn from 1.3bn to 2.6bn at the end of the quarter. The above statistics do not take account of the strong uptake in the Jersey Private Fund (JPF) regime, the latest addition to Jersey s suite of fund structuring options, which was launched in April and for which up-to-date statistics are due to be reported. This quarterly report is produced by Jersey Finance, the representative body for the finance industry in Jersey. The first part is based upon statistical information collated and prepared by the Jersey Financial Services Commission, supplemented by comments from Jersey Finance. More detailed statistical information is attached in the appendices.

3 United Kingdom Other EU North America Middle East Switzerland Africa Asia Number Jersey Finance Financial Services Industry Quarterly Report 3 Banks Registered banks There were 28 banks registered in Jersey as at 30 June The geographical analysis of registered banks (based on the jurisdiction of the ultimate parent company) is set out in figure 1. Figure 1 Geographical analysis of registered banks as at 30 June 2018 Geographical analysis of licensed banks Country / Region

4 Value ( billions) Jersey Finance Financial Services Industry Quarterly Report 4 Bank deposits Total banking deposits held in Jersey increased by 5.7bn during Q from 115.5bn to 121.2bn. An analysis of the residence of depositors can be found in figures 2 and 3, and in greater detail in Appendix 1. Figure 2 Analysis of bank deposits as at 30 June Bank deposits - Europe Non-EU / All Other All other 50 Europe non-eu 0 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Period Figure 3 Deposits by residence of depositors on 30 June 2018 Analysis of deposits by residence of depositor 2% 2% 8% 18% 4% 7% 59% Jersey and UK Other EU Members European Non-EU Middle East Far East North America Others 1 Deposits are analysed between deposits from European non-eu Members and other deposits. The reason for this split is that European non-eu Members includes a significant element of wholesale fiduciary deposits on which margins are much lower than on other types of deposits.

5 Value ( billions) Jersey Finance Financial Services Industry Quarterly Report 5 Funds and Fund Management The following data includes both Jersey and non-jersey domiciled funds administered in Jersey. However, excluded from the analyses are collective investment funds for which the only services provided in Jersey are distribution or similarly minor activities. These funds are regarded as non-jersey funds for current statistical purposes. The data also includes funds established under the Control of Borrowing (Jersey) Order 1958 (COBO). COBO funds are private schemes with fewer than 51 offers which do not require a permit under CIF Law, but which do require an initial regulatory consent in the form of a consent granted under COBO. Key statistics During the second quarter of 2018 the net asset value of regulated funds under administration increased by 14.9bn from 281.1bn to 296bn. The total number of regulated collective investment funds decreased by 55 from 1,075 to 1,020. Figure 4 Net asset value of all funds as at 30 June 2018 Funds - Total NAV Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Period

6 NAV ( billions) Jersey Finance Financial Services Industry Quarterly Report 6 COBO Only Private Placement Funds There are currently 56 COBO Only Private Placement Funds with a reported collective NAV of 3.5bn. Analysis by investment policy code (asset class) More analysis of funds by investment code can be found in Appendix 2, as well as figure 5. Figure 5 Analysis of funds by investment code as at 30 June 2018 Funds - Analysis by Investment Code Bond Equity Mixed Money Market Specialist 0 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18

7 Number Jersey Finance Financial Services Industry Quarterly Report 7 Company Administration Company incorporations Jersey companies The total number of live companies on the register stood at 32,618 in June More detail can be found in Appendix 3, as well as figure 7. Figure 7 Live companies on the register as at 30 June 2018 The figures only refer to Jersey companies and do not include foreign companies formed and/or administered from Jersey. Live companies on the register 34,000 33,000 32,000 31,000 30,000 29,000 28,000 27,000 26,000 25,000 24,000 23,000 22,000 21,000 20,000 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Live companies on the register Period

8 Value ( billions) Jersey Finance Financial Services Industry Quarterly Report 8 Investment Business Figure 8 Investment business assets under management as at 30 June Investment Business Assets under management 25 QSMA Funds under investment management 5 0 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Period

9 Jersey Finance Financial Services Industry Quarterly Report 9 Appendix 1 Banking Statistics Banks and bank deposits to date. (Source: Jersey Financial Services Commission) Date 31 Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar June Sep Dec Mar 2018 No. of banks billion sterling billion currency billion total June Appendices: Detailed statistical information for quarter ended 30 June 2018

10 Jersey Finance Financial Services Industry Quarterly Report 10 Appendix 1 Banking Statistics (continued) Analysis of deposits June 2018 (Source: Jersey Financial Services Commission) Residence of depositors Jersey-resident depositors Jersey financial intermediaries etc. UK, Guernsey & Isle of Man + unallocated Jersey, UK etc. Subtotal European Non-EU Members Far East Middle East North America Other EU Members Others, unallocated non-jersey, UK etc. Subtotal Overall total of deposits thousand sterling thousand currency thousand total 7,176,354 8,342,636 15,518,990 8,089,889 4,459,860 12,549,749 25,219,065 17,714,242 42,933,307 40,485,308 30,516,738 71,002,046 3,728,170 17,777,827 21,505,997 1,656,785 1,236,520 2,893,305 1,620,342 2,827,873 4,448,215 1,086,430 1,463,201 2,549,631 3,321,523 4,784,449 8,105,972 4,098,813 6,606,880 10,705,693 15,512,063 34,696,750 50,208,813 55,997,371 65,213, ,210,859 Percentage of total Sterling Currency Total Jersey financial intermediaries 5.9% 6.9% 12.8% etc. Jersey-resident depositors 6.7% 3.7% 10.4% UK, Guernsey & Isle of Man + unallocated Jersey, UK etc. Subtotal 20.8% 14.6% 35.4% 33.4% 25.2% 58.6% European non-eu members 3.1% 14.7% 17.7% Far East Middle East North America Other EU members Others, unallocated non-jersey, UK Subtotal Overall total of deposits 1.4% 1% 2.4% 1.3% 2.3% 3.7% 0.9% 1.2% 2.1% 2.7% 3.9% 6.7% 3.4% 5.5% 8.8% 12.8% 28.6% 41.4% 46.2% 53.8% 100%

11 Jersey Finance Financial Services Industry Quarterly Report 11 Appendix 2 Fund Statistics Collective Investment Funds (Jersey) Law 1988 (CIF Law) Control of Borrowing (Jersey) Order 1958 (COBO). Summary of Statistical Survey of Funds Serviced in Jersey as at 30 June 2018 (Source: Jersey Financial Services Commission) Date Total Value Millions Number of Funds Total No. of Separate Pools 30 Sep ,029 1,287 2, Dec ,156 1,294 2, Mar ,514 1,320 2, June ,942 1,287 2, Sep ,941 1,327 2, Dec ,703 1,324 2, Mar ,576 1,364 2, June ,635 1,323 2, Sep ,723 1,365 2, Dec ,424 1,392 2, Mar ,185 1,412 2, June ,375 1,380 2, Sep ,537 1,392 2, Dec ,761 1,388 2, Mar ,262 1,395 2, Jun ,347 1,337 2, Sep ,839 1,348 2, Dec ,152 1,334 2, Mar ,288 1,337 2, Jun ,395 1,283 2, Sep ,403 1,304 2, Dec ,880 1,323 2, Mar ,982 1,322 2, June ,705 1,298 2, Sep ,791 1,311 2, Dec ,792 1,320 2, Mar ,413 1,326 2, June ,228 1,259 2, Sep ,255 1,125 1, Dec ,593 1,195 1, Mar ,331 1,173 2, June ,433 1,141 1, Sep ,056 1,143 2, Dec ,153 1,104 2, Mar ,123 1,075 2, June ,062 1,020 2,120

12 Jersey Finance Financial Services Industry Quarterly Report 12 Appendix 2 Fund Statistics (continued) Analysis of CIFs and COBO Funds Total net asset value millions Total no of funds No of separate pools CIFs Closed 169, ,044 CIFs Open 115, CIFS Subtotal 284, ,905 COBO Closed 10, COBO Open COBO Subtotal 11, Quarter Total 296,062 1,020 2,120 Jersey/Non-Jersey Net asset value millions Total no. of funds No. of separate pools Jersey CIFs 153, ,226 Jersey COBOs 5, Jersey Subtotal 159, ,340 Non-Jersey CIFs with a major function Non-Jersey COBOs with a major function 131, , Non-Jersey Subtotal 136, TOTAL 296,062 1,020 2,120 Appendices: Detailed statistical information for quarter ended 30 June 2018

13 Jersey Finance Financial Services Industry Quarterly Report 13 Appendix 2 Fund Statistics (continued) CIFs and COBOs by policy code. For information in relation to sales and repurchases please contact Jersey Finance. Investment policy No. of single class funds No. of umbrella subfunds Net asset value millions as at 31/03/18 Net asset value millions as at 30/06/18 B01 Bond Global ,148 1,300 B02 Bond UK Debt ,390 1,374 B03 Bond US Debt B04 Bond Europe B05 Bond Other ,296 1,366 Subtotal Bond ,102 5,308 E01 Equity - UK ,445 2,513 E02 Equity Europe (incl UK) E03 Equity Europe (excl (UK) E04 Equity - US (North America) E06 Equity - Far East (incl Japan) E07 Equity - Far East (excl Japan) E08 Equity Global Emerging Markets ,246 16,094 2,946 1,078 1,281 1, ,131 2,012 E09 Equity Global Equity ,163 6,626 E10 Equity Other ,942 6,718 Subtotal Equity ,112 37,171 Appendices: Detailed statistical information for quarter ended 30 June 2018

14 Jersey Finance Financial Services Industry Quarterly Report 14 Appendix 2 Fund Statistics (continued) CIFs and COBOs by policy code Investment policy No. of single class funds No. of umbrella sub-funds Net asset value millions as at 31/03/18 Net asset value millions as at 30/06/18 X01 - Mixed Equity Bond ,755 11,483 Subtotal Mixed ,755 11,483 M01 - Money Market Sterling M02 - Money Market - US Dollar M03 - Money Market - Euro M05 - Money Market - Other Subtotal Money Market S01 - Specialist -Venture Capital / Private Equity - Emerging Markets ,149 8,583 S02 - Specialist -Venture Capital / Private Equity -Other S03 - Specialist - Real Property ,760 78,012 39,146 39,580 S04 - Specialist Derivatives S05 - Specialist -Traded Endowment Policies ,481 1,573 S06 - Specialist - Hedge/Alternative Investment Funds S07 - Specialist -Other ,723 54, ,194 59,646 Subtotal Specialist 827 1, , ,642 Total 1,020 2, , ,062 Appendices: Detailed statistical information for quarter ended 30 June 2018

15 Jersey Finance Financial Services Industry Quarterly Report 15 Appendix 3 Companies Quarterly company incorporations 31 March 30 June 30 September 31 December Live companies on the register 31 March 30 June 30 September 31 December , , , , , , , , , ,125 33,811 33,187 33,074 33,570 33,634 32,722 33,116 33,194 32,508 32,938 32,628 32,503 33,037 33,272 32,479 33,207 33,414 32,717 33,425 33,739 33,063 33,582 33,094 32,249 32,728 32,949 32,027 32,618 Appendices: Detailed statistical information for quarter ended 30 June 2018

16 Jersey Finance Financial Services Industry Quarterly Report 16 Appendix 4 Insurance Business Licence Q Net movement Q Category A Category B Total Appendices: Detailed statistical information for quarter ended 30 June 2018

17 Jersey Finance Financial Services Industry Quarterly Report 17 Appendix 5 Jersey Listed Companies on Global Exchanges (as at 30 June 2018) Territory Exchange Market Appendices: Detailed statistical information for quarter ended 30 June 2018 Number of Companies Market Cap ( bn) UK LSE UK Main Market AIM SFM Europe Euronext Amsterdam LUX Euro MFT 1 - Asia HKEx HK Stock Exchange North America NASDAQ NASDAQ NYSE New York Stock Exchange TSX Toronto Stock Exchange Total Please note that the Jersey Listed Companies on Global Exchanges information was not supplied by the Jersey Financial Services Commission. The data is based on research done by Jersey Finance and is taken from our fact sheet Jersey Holding Companies as Listing Vehicles. Disclaimer This document is provided for general information purposes only and does not constitute or offer legal, financial or other advice upon which you may act or rely. Specific professional advice should be taken in respect of any individual matter. Whilst every effort has been made to ensure the accuracy and completeness of the information contained herein, Jersey Finance cannot be held liable for any error or omission.