JERSEY’S funds sector is continuing to grow, albeit at a slower rate, according to the latest statistics.

Quarterly information sent out by Jersey Finance shows that although the net asset value of all funds decreased by £1.8 billion, to £244.2 billion, in the second quarter of the year, 37 new regulated funds were set up.

The figures do not include the new unregulated fund class which was launched in May.

Geoff Cook, pictured, chief executive of Jersey Finance, said he was encouraged that the decline in value had been so limited, given the impact of the credit crunch.

‘The global slowdown has seen a 15% reduction, year to date, in major indices, with larger falls seen in emerging markets,’ said Mr Cook. ‘From Jersey’s perspective it is therefore encouraging to see that, although the value of funds under administration has reduced in the last quarter to £244.2 billion, the fall of less than 1% in the value of assets within the funds industry in Jersey has been much lower than that seen in the main markets.’

The net asset value of expert funds fell by £7.7 billion (13%), to £52.1 billion. The number of expert funds went down by 16 (4%), to 385.

The total value of investment business assets under management stood at £18.4 billion.