The fund servicing industry in Jersey saw assets rise to $277.8 billion at 30 June from $232 billion a year before, with private equity fund growth a key driver and the first annual rise since 2008, according to Lipper, the research firm.

The number of funds and subfunds serviced in Jersey stands at 1,4861, of which 1,157 funds are also domiciled on the island, Lipper’s Jersey Fund Encylopaedia said.

The largest administrator of funds serviced in Jersey is State Street, with $77.8 billion under administration.  Bedell Fund Services ($28.5 billion) and R&H Fund Services ($28.4 billion) rank second and third respectively.

Among professional firms, PricewaterhouseCoopers is the largest auditor (605 funds), ahead of Ernst & Young and KPMG.

Mourant Ozannes provides legal advice to 902 funds, with Carey Olsen and Ogier in second and third positions for this category. For custody services, BNP Paribas services $29.1 billion of assets, ranking it first ahead of State Street and Deutsche Bank.

The industry’s growth in assets has come primarily from private equity ($54.7 billion assets domiciled in Jersey) and real estate funds ($45.1 billion).  In addition, the rise in interest in exchange-traded funds can be seen with ETF Securities extending its lead as the largest promoter of funds domiciled on the island, with assets of $25.6 billion.