Almost half of the £170bn funds under administration in Jersey relate to specialist funds, according to recent findings.
The quarterly figures released by the Jersey Financial Services Commission reveal in the third quarter of 2006, the Net Asset Value (NAV) of funds in Jersey grew by £10.1bn to £169.8bn.
Of these almost £82bn is invested in specialist funds such as private equity, property and hedge funds, while over the last three months an additional 21 expert funds have been authorised by the Island, bringing the total to 235.
And as a result the figures reveal the NAV of expert funds grew by £3.7bn to £25.3bn over the last quarter, while the overall total bank deposits on the Island increased by £3.9bn to £187.6bn.
But although the number of live companies on the Island’s register at the end of June stands at 31,996, with 774 new companies incorporated over the last three months, the JFSC reveals the total value of funds under investment management has fallen by £0.9bn to £58.2bn.
Beverley Le Cuirot, director of marketing at Jersey Finance, says the latest figures are encouraging, especially as it is a time of intense competition within all sectors of the finance industry.
She adds: “The figures for the funds sector show another strong quarter for specialist funds administered in Jersey. With the NAV of specialist funds approaching £82bn, and the number of expert funds authorised in Jersey increasing by a further 21, Jersey continues to establish itself successfully as a leading European jurisdiction for this type of specialist funds work.”
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