The net asset value of funds under administration and the total level of bank deposits have reached further record levels in the UK Crown Dependency, Jersey, with each approaching the £200 billion ($396 billion) milestone as at 31 March 2007. The figures for the first quarter of 2007 indicate a general upswing in growth, with the funds and banking sectors performing particularly strongly yet again. Compared to the previous quarter, bank deposits have increased by 4.7 per cent - £8.9 billion - and £10.6 billion (5.6 per cent) during the year to £198.6 billion, a record; the NAV of funds under administration increased by 8.6 per cent - £15.4 billion - in the second quarter, and £38.5 billion (24.7 per cent) in the year to £194.5 billion. The total value of funds under investment management increased by £3.7 billion (6 per cent) to £65.8 billion during the quarter. During the year the total value of funds under investment management increased by £7.5 billion (12.9 per cent). Gary Clark, chairman of the Jersey Funds Association, said: “Particularly pleasing is the increase in specialist funds, including private equity, alternative investment and hedge funds. They have increased on the previous quarter by 13 per cent to £97.6 billion, now accounting for over half the total NAV of funds.”