The latest figures for the three months to June show that the value of collective investment funds went up by 2.6%, to £98.3 billion, with bank deposits also up by £802 million (0.5%), to £156.4 billion – an 18% increase over the same quarter last year.
Four new insurance licences were issued.However, the quarterly figures published by the Jersey Financial Services Commission show the impact of the weak US dollar against the pound.
Around half of the bank deposits are held in US dollars, together with a number of fund portfolios.
Company incorporations totalled 442, a decrease of 47% over the same period last year, continuing the trend from the first quarter of the year.
The commission believes that this is mainly due to the current dip in the global economy and changes to stamp duty rules in the UK – factors which are also likely to affect the Island’s competitors.
