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The finance industry in Jersey is riding high, with record levels of offshore banking and funds under administration.
Statistics compiled by the islands regulator, the Jersey Financial Services Commission (JFSC), indicate that the Net Asset Value (NAV) of funds under administration and the total level of bank deposits have reached record levels.
Both areas were approaching the £200 billion ($395 billion) mark as of March 31st 2007.
During the first quarter of 2007, bank deposits increased by 4.7 per cent on the previous quarter. The NAV of funds under administration during the same period increased by 8.6 per cent.
Geoff Cook, chief executive of Jersey Finance Limited, said: "These latest figures show that the Island continues to enjoy the confidence of international investors and advisors around the globe."
He continued: "Recent amendments to the funds framework…. demonstrate the islands commitment to innovation and to maintaining and developing reputable funds business in Jersey and we are confident Jersey will continue to build on these successes in 2007 and beyond."
There are hundreds of offshore banking, investing and fund management companies operating from Jersey.
A business choosing the Island as the location for its offshore bank account therefore has plenty of choice when choosing the provider that most appropriately meets its needs.
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