The latest statistics on Jersey’s Finance Industry show that the funds sector was the star performer of 2007, with the value of funds under administration in Jersey reaching a new high of £246.1 billion ($488 billion) at end 2007, a 37 per cent increase. Banking deposits also enjoyed a solid year of growth, passing the £200 billion milestone during the year and ending at £212.3 billion, an increase of 12 per cent. This was despite a £7 billion dip in deposits during the final quarter as a result of two banks re-structuring their branch operations. Two new banking licences were issued - to EFG Private Bank and Investec Bank (Channel Islands) - and a number of new administrators were authorised including Saltgate Limited, Nordic Capital, Rathbone Fund Services Jersey, Horizon Trustees, Pentera Trust, Walbrook Fund Managers (Jersey) and Investec Trust (Jersey). The total value of funds under investment management increased by £16.7 billion to £78.8 billion during the year, a rise of 26.8 per cent. This was assisted by a number of new entrants, including Savills Private Finance, EFG Offshore, Abbey National Financial & Investment Services, Ermitage Asset Management, Heritage Insurance, Redwood Group Investment Management and DPZ Capital Limited. The figures are compiled by the island’s regulator, the Jersey Financial Services Commission, on a quarterly basis.