Fund success for offshore centres

Funds under administration and the total level of bank deposits in Jersey are each approaching £200bn.

Figures for the first quarter of 2007, compiled by the Island's regulator, the Jersey Financial Services Commission, indicate a general upswing in growth across the finance industry, with the funds and banking sectors performing particularly strongly. Compared to the previous quarter, bank deposits have increased by 4.7% to £198.6bn while the net asset value of funds under administration increased by 8.6% to £194.5bn.

Guernsey's introduction of a registered regime for closed-ended investment schemes has helped increase the value of funds under management to £140bn. There has been an increase of £10.2bn (7.8%) from the £130.2bn recorded at the end of 2006 and a rise of £29bn (26%) year on year. The total value of deposits held with Guernsey banks reached £105.3bn at the end of March, an increase of £13bn (14%) during the quarter from the £92.3bn held at the end of last year.

In the Isle of Man, total bank deposits at the end of March were £45.95bn, an increase of 16% year on year. Funds under management have reached £44.5bn, representing a rise of £15.6bn (35%) year on year.

In the Isle of Man, total bank deposits at the end of March were £45.95bn, an increase of 16% year on year. The statistics from the Isle of Man Financial Supervision Commission showed that funds under management have reached £44.5bn. This represents a rise of £15.6bn (35%) year on year.

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