Bumper year for finance industry

Tuesday 4th March 2008, 12:00AM GMT.

JERSEY’S finance industry has reported another bumper year, with both funds and bank deposits reaching new highs.

The end of year figures show a 37% increase in funds value, to £246.1 billion. Bank deposits rose by 11.9% during the year, to ฃ212.3 billion.

Geoff Cook, chief executive of Jersey Finance, said: ‘While 2007 was an excellent year of growth across all sectors we are particularly pleased with the continued growth in new entrants to the Island, which illustrates the attractiveness of doing business in Jersey.’

During the year the regulator approved two new banking licences, for EFG Private Bank and Investec Bank.

New fund administrators authorised included Saltgate Ltd, Nordic Capital, Rathbone Fund Services Jersey, Horizon Trustees, Pentera Trust Company, Walbrook Fund Managers, and Investec Trust.

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