Funds under management in the Isle of Man rose 54 per cent and bank deposits increased by more than 40 per cent in the last year, according to the annual report of the Financial Supervision Commission. Bank deposits rose in the year to the end of March by more than 40 per cent to £43 billion. Funds under management and administration have more than tripled to £45 billion and incorporations of new Isle of Man companies in 2006 were at their highest since 1999, according to the commission's report. The total number of funds rose by 22 per cent from 372 to 452. The report said expansion in the local fund industry is attributable to growth in the closed ended and overseas fund sectors. The total net asset value of closed ended investment companies has grown by $5.53 billion and the total net asset value of overseas funds has grown by $5.51 billion. Last year 3,465 companies were incorporated under the 1931 Companies Act, the highest number since 1999. A further 722 were incorporated in the period ending on 31 March 2007 under the Companies Act 2006 which came into force on 1 November 2006. A further 241 companies were converted from 1931 Act companies to 2006 Act companies allowing them to trade within the more flexible framework of the 2006 Act.