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Q9. Jurisdiction Statistics

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Abu Dhabi

Regime only began in November 2015 and has only begun its marketing efforts in June 2016.

Bermuda

  • Innovative legislative and regulatory developments over the past two years (in particular a modernised fund legislation and enhancements to the partnership act) has seen a 12% increase in the number of Bermuda funds.
  • Bermuda continues to lead the industry in the risk transfer market, providing the capital markets access to insurance risk. The Bermuda Stock Exchange accounts for over 70% of the global capitalisation of insurance linked securities.
Source: BSX, September, 2015

British Virgin Islands

The below figures represent the cumulative statistics as at 30 June 2015**

(a) No. of investment business licensees - 491

(b) No. of Authorised Representatives – 47

(c) No. of Approved Investment Managers – 87

(d) No. of Mutual funds:

(i) Professional – 1,452

(ii) Private – 504

(iii) Public – 82

    Source: **http://www.bvifsc.vg/Portals/2/Qtr%202%202015%20Statistical%20Bulletin.pdf

    Cayman

    • Estimated that in excess of 75% of all offshore hedge funds are established in the Cayman Islands.

    • 28% of Cayman Islands Regulated Funds (by $NAV) have NAV Services provided by a Cayman Islands contracted Administrator***

    37% of Cayman Regulated Funds (by $NAV) have RTA Services provided by a Cayman Islands contracted Transfer Agent. ***

    Source: *** CIMA Investments Statistical Digest, 2013

    Dubai

    Regime only began in November 2015 and has only begun its marketing efforts in June 2016.

    Guernsey

    Guernsey plays host to an extensive array of businesses involved with investment funds. These include investment advisers, stockbrokers and more than 50 fund managers, custodians and administrators who offer a range of products and services for both retail and institutional investors.

    Guernsey was within the first wave of jurisdictions placed on the Organisation for Economic Co-operation and Development (OECD) ‘white list’ in April 2009 In January 2011, IMF commended Guernsey’s high standards of financial regulation, supervision and stability along with its robust criminal justice framework to the extent that the island scored the highest of any jurisdiction so far assessed.

    • 2014 saw 137 new fund structures registered in Guernsey

    • Guernsey remains the largest non-UK location for LSE listings

    • 86% private equity NAV growth in last 5 years****

    • Introduction of AIFMD dual regime

    Source: **** Guernsey Funds Forum

    Hong Kong

    As at 31 December 2012, net asset value of authorised unit trusts and mutual funds reached US$1,238 billion; of which bond funds and equity funds contributed US$467,175 million and US$498,959 million respectively to the total. Number of authorised unit trusts and mutual funds reached 1,847 as at 31 March 2013.

    Source: http://www.sfc.hk/web/EN/files/SOM/MarketStatistics/d03.pdf

    Ireland

    1. Ireland is consistently rated a Top 10 location by the World Bank for ease of doing business.
    2. Dublin is rated first in the world for human capital - 13,000 employed in funds industry.
    3. On 5th December 2013, Ireland was named the ‘best country for business’ in rankings carried out by renowned US financial magazine Forbes.
    4. EUR 3.8 Trillion in over 13,037 investment funds located in Ireland.
    5. With over 455 fund promoters from over 50 countries have set up funds in Ireland.
    6. International industry based in Ireland for nearly 30 years.
    7. Irish funds are sold in over 70 countries around the globe.
    8. 40% of the global hedge funds are serviced in Ireland making it the largest hedge fund administration centre in the world.
    9. Ireland is a leading domicile for UCITS funds (which account for over 77% of assets of Irish domiciled funds.
    10. Ireland is the leading European fund domicile for internationally distributed Exchange Traded Funds (ETFs). ETFs domiciled in Ireland manage assets in excess of €199 billion. This represents over 49% of the European market.
    Source: Irish Funds Industry Association 2015 (IFIA)

    Japan

    Financial assets held by households in Japan are 1708 trillion yen.

    JPY 160,665 bn (9,553 funds) of funds regulated under Investment Trust and Corporation Act.

    Breakdown:

    • Publicly offered investment trusts: JPY 103,758 bn (5,748 funds) incl. JPY 7,116 bn (53 funds) of REIT
    • Privately offered investment trusts: JPY 56,906 bn (3,805 funds) incl. JPY 795 (14 funds) of REIT
    http://www.toushin.or.jp/statistics/statistics/data/ July 2015

    Jersey

    • Rated by the IMF in 2009 as one of the best global international finance centres.

    • One of the first international finance centres to be placed on the OECD “white list” as having implemented internationally agreed tax standards in 2009.

    • Invited by the French Chair of the Organisation for Economic Co-operation and Development (OECD) Peer Review Group to be Vice Chair alongside Japan, Singapore and India in 2009.

    • The results of Jersey’s 2011 OECD Peer Review found “Jersey’s practices to date have demonstrated a responsive and cooperative approach”.

    • Received favourable British Crown Dependencies Review (conducted by UK government – Foot Review 2009).

    • Rated as the top Offshore Jurisdiction in the last nine GFCI Indices (Global Financial Centres Index).

    • Named Best International Finance Centre in the International Fund & Product Awards 2010, 2011 and 2012.

    • Best Offshore Centre, Global Investor/ISF Awards 2013.

    • IFC of the Year, Citywealth International Financial Centre Awards, 2013, 2014 and 2015.

    • IFC of the Year, Wealth Briefing Awards, 2013 and 2014.

    The number of funds and total NAV in Jersey at 30 June 2015 were as follows:**

    • Total NAV: £219bn

    Number of funds: 1,298

      Source: ** Jersey Financial Services Commission, June 2015

      Luxembourg

      90% of the top 50 European asset managers have Luxembourg fund structures*

      Promoters are originated from 76 countries**

      Luxembourg is the second country in the world after the US for fund domiciliation with 10.9% market share in terms of AUM ***

      27% of AUM of UCITS funds in Europe are domiciled in Luxembourg ****

      Luxembourg net assets represented 26.2% of European market as of end 2012 and this percentage continues to increase in 2013.

      The net sales of Luxembourg was 4.3 billion EUR, with a EU market net outflow of 12 billion EUR

      Luxembourg posted the largest growth in term of relative weight of domiciled hedge funds, from 1.3% in 2008 to 12.4% in Q2 2013 (source HFR).

      First domiciliation centre for cross-border UCITS: 67% of authorisation agreements for distribution granted to worldwide funds are allocated to Luxembourg funds *****

      386 management companies are based in Luxembourg******

      Source: *Luxembourg Fund Association (ALFI) 31.12.2014 ** Monterey Luxembourg Fund Survey Market Share 31.12.2014 ***EFAMA, Fourth Quarter 2014 ****EFAMA Trends in the European Funds Industry, 31.12.2014 *****Luxembourg Stock Exchange, 31.12.2014 ****** CSSF Newsletter (December 2014)

      Malta

      • Malta has, been named European domicile of choice in the Hedge Funds Review Service Provider Rankings in both 2013 and 2014
      • 15th position in Financial Market Development (World Economic Forum’s Global Competitiveness’ Report 2012 – 2013 (142 countries reviewed))
      Source: PwC Research

      Singapore

      At end-2014, total AUM reached AUM €1.51tn. The increase in AUM level represents a 5-year AUM growth rate of 14% per annum.

      More than 81% of AUM was sourced from outside Singapore, demonstrating Singapore’s primary role in serving regional and international investors.

      As at end of 2014, Singapore was the top cross border fund market in Asia, hosting 86% of top 100 cross border fund management groups. In global terms Singapore ranks eleventh for the number of fund registrations by the top 100 cross border fund management groups.

      UK

      The UK fund management industry is responsible for €7.06 trillion of assets under management, and €2.81 trillion or 40% of assets are managed on behalf of overseas clients. ***

      Institutional clients account for 78.5% of funds under management in the UK. ***

      Retail and Private clients account for 19.8% and 1.7% respectively. ***

        Source: Investment Management Association (IMA)
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