A Record Year for Jersey's Finance Industry

Stephen Harris

28 February 2007

The net asset value of funds under administration in Jersey has reached nearly £180 billion ($352 billion) as at 31 December 2006, whilst bank deposits have reached an all time high of nearly £190 billion, according to figures for the fourth quarter of 2006 compiled by the Island’s regulator, the Jersey Financial Services Commission. Bank deposits during the year increased by 2.7 per cent overall to £189.7 billion, the highest recorded figure to date and funds under investment management during the year also increased by 26.2 per cent to more than £60 billion. The number of Expert Funds increased by 39 (16.5 per cent) and the NAV of Expert Funds grew by £4.1 billion during the quarter. During the whole of 2006 the number of Expert Funds grew by £140 to £274 (104 per cent) and the NAV increased by £15 billion (103 per cent) to £29.5 billion. The total value of funds under investment management increased by £3.9 billion (6.7 per cent) to £62.1 billion during the quarter. During 2006 the total value of funds under investment management increased by £12.9 billion (26.2 per cent).