Jersey's finance industry is holding up, with the launch of funds and expert funds continuing to rise in the third quarter in spite of difficult market conditions.
The number of expert funds passed the 400 mark for the first time, while 45 new funds were launched, bringing the total to 1,452. Bank deposits held steady since last quarter, increasing marginally from £196.9bn to £197bn. However, the net asset value of funds fell by 1.8% from £244.2bn to £238.9bn. The figures reflect Jersey's position until 30 September. "In the period following we have seen significant turmoil in world financial markets. It is inevitable that we will feel some effects of the downturn in the final quarter of the year," warned Jersey Finance chief executive Geoff Cook....
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