Jersey's finance industry has reported a good start to 2006 with the funds sector, in particular, surpassing previous record levels, according to Jersey Finance, the islands trade promotional body. Net asset value of funds under administration in the offshore jurisdiction has risen to a new record high of £156 billion ($296 billion) a rise of 50 per cent year on year. The figures reveal that the total number of funds serviced in Jersey is now over 1,000. During the first quarter bank deposits increased by £3.3 billion to £188 billion, up 1.8 per cent; the number of expert funds in the island increased from 134 to 169; and the total value of funds under investment management increased by £9.1 billion to reach £58.3 billion, a rise of 18.5 per cent. Fund growth is being driven by alternative investment classes, including property, private equity and hedge funds, many of which have been established under the Jersey Expert Fund Regime, according to Beverley Le Cuirot, director of marketing for Jersey Finance.