FUND specialists in Jersey remain bullish about the potential for sophisticated products, despite the difficult market conditions.

Statistics for the first three months of this year show that the Net Asset Value of funds overall remained flat, at £246 billion, in contrast to the significant growth of 2007. However, the NAV of ‘expert’ funds rose by £1.5 billion (2.6%) to £59.8 billion.

Expert funds are products with a higher risk, suitable only for the more experienced or institutional investors. This is the area of business which Jersey financial services firms have been targeting for some time.

And in the past two years new legislation has been introduced to attract the experienced investor.

Geoff Cook, chief executive of Jersey Finance, commented: ‘Although the reduction in banking deposits and the stabilisation of the total NAV of funds are a reaction to the effects of the global slowdown, there is plenty of evidence that this volatility is not affecting the flow of new business. Markets worldwide have struggled and net asset values have held up reasonably well, considering the conditions.’