The figures for the second quarter of 2007 are compiled by the Island’s regulator, the Jersey Financial Services Commission (JFSC), and highlight a buoyant mood across the Finance Industry with all sectors experiencing an upswing in business growth.

The funds and Banking sectors have performed particularly strongly yet again. Compared to the previous quarter, bank deposits have increased by 6.6 per cent overall to £211.7 billion, the highest recorded figure to date, and the Net Asset Value of Funds under administration increased by 8.2 per cent to £210.4 billion.

Geoff Cook, Chief Executive of Jersey Finance Limited, commented: “All key sectors of Jersey’s Financial Services Industry reported excellent growth rates which are testament to the strength and depth of Jersey’s product and service offering provided by our world-class workforce.

“In the second quarter of 2007, company formations were up 77 per cent on the same period in 2006. This represents a definite upward trend of Jersey company formations, primarily for property holding purposes. On an inward investment note, we are very pleased to welcome Investec Bank (Channel Islands) Ltd to Jersey.

“The Expert Funds sector in particular performed outstandingly well, with 105 new Expert Funds being set up over the last 12 month period. We are seeking to build on Jersey’s importance as a leading European fund Domicile and administration centre, with a new funds product offering which will enable Jersey to retain its pre-eminent status, as one of the world’s leading international finance centres.”

Richard Thomas, recently appointed Chairman of the Jersey Funds Association, believes these statistics are particularly pleasing due to the intense competition currently being seen in the market place and are testament to the attractive nature of Jersey’s funds offering and the professional expertise in the jurisdiction.

He said: “Not only has the number of Expert Funds significantly increased year on year, but the NAV has also grown by a hugely impressive 76.6 per cent to now stand at £38.3 billion. Moreover, Jersey’s focus on specialist funds, including private equity, alternative investment and hedge funds, continues to reap rewards. They have increased on the previous quarter by 12.5 per cent to £109.9 billion and now account for well over half the total NAV of funds.”