The Net Asset Value of funds under administration in Jersey has risen to a new high of nearly £170 billion, with almost half the total figure relating to specialist funds such as private equity, property and hedge funds.
The figures for the third quarter of 2006 compiled by the Jersey Financial Services Commission show that, while the number of banking licences dropped by one during the quarter, following the surrendering of a deposit taking licence by BBVA Privanza (Jersey) Limited, there was still an increase in bank deposits to £187.6 billion. This is a renewed upturn following a decrease in the level of bank deposits in the previous quarter.
“The figures for
“While the number of banking licences reduced by one during the period, the banking sector reported a healthy increase of £3.9 billion to £187.6 billion in banking deposits during the quarter, a positive sign after the fall recorded in the previous quarter.”
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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