The funds sector is continuing to play a central role in the overall growth of Jersey's Finance Industry as the latest statistics show a strong second quarter of 2006. 

The funds sector is continuing to play a central role in the overall growth of Jersey's Finance Industry as the latest statistics show a strong second quarter of 2006. 

The Net Asset Value of Funds under administration in Jersey has reached yet another record level of GBP 159.7 billion, whilst the number of new Expert Funds established in the Island increased by more than 26% in the last quarter alone.  Meanwhile, activity at the Companies Registry remains buoyant with a total of 875 new company incorporations during the quarter.

The headline figures are as follows:

• The Net Asset Value (NAV) of funds under administration in Jersey grew by GBP 3.7 billion to GBP 159.7 billion.
• The number of Expert Funds established in Jersey has broken the 200 barrier, increasing by 26.6% on the last quarter from 169 to 214.  The total NAV of Expert Funds grew by GBP 3.8 billion to GBP 21.7 billion.
• The aggregate value of bank deposits decreased by GBP 4.3 billion to GBP 183.7 billion during the quarter, primarily as a result of a single transaction undertaken by an institution as part of a group re-organisation (see below).
• The total value of funds under investment management increased by GBP 0.8 billion to GBP 59.1 billion.
• The number of live companies on the register as at 30th June 2006 stood at 32,234, with a total of 875 new companies being incorporated during the second quarter of 2006.

Beverley Le Cuirot, Director of Marketing & Communications of Jersey Finance Limited, commented: 'Whilst total bank deposits decreased by GBP 4.3 billion this quarter, this is due primarily to a specific reallocation of certain intra-group currency deposits by a banking institution as part of a wider group re-organisation which had been planned for several months.  The transaction is not expected to have a material impact on either the scale of the institution's operational presence in Jersey or the total revenues and profitability of its Jersey-based operations.

''On the funds side, we have continued to see encouraging levels of growth across the alternative investment classes.  Promoters of funds targeted at high net worth specialist investors are increasingly recognising Jersey's flexible regulatory regime and its depth of expertise in legal & accounting, investment, administrative and custody services.  The latest published statistics for the funds sector are testimony to the Island's growing importance as a leading European fund domicile and administration centre.''

'New Expert Fund registrations in particular have continued to show strong growth, with more than 200 such funds now established under the Expert Fund regime.  This represents a 26.6% increase from the previous quarter with 45 new Expert Funds established in the last quarter alone.'