Jersey's Finance Industry has started 2006 in a bullish mood, reporting another quarter of strong growth, with the funds sector in particular continuing to perform strongly.
Beverley Le Cuirot, Director of Marketing and Communications, Jersey Finance Limited, commented: 'The more detailed analyses confirm that this growth is largely being driven by the alternative investment classes, including property, private equity and hedge funds, many of which have been established under the Jersey Expert Fund Regime'.
'We believe that the growth in these specialist areas reflects the clear and continuing commitment of the Island's government and regulatory authorities to support the Industry's drive to establish Jersey as the European domicile of choice for alternative investment, and as a leading international funds administration centre.'
The funds sector has surpassed the previous record levels reached at the end of 2005. The Net Asset Value of funds under administration in Jersey has risen by almost 50 per cent compared to the same period last year to reach a new record high of GBP156 billion. Meanwhile, the total number of funds serviced in the Island has broken through the 1,000 barrier.
The key highlights across all sectors are as follows: