Fall in bank deposits

Wednesday 23rd December 2009, 3:00PM GMT.

Jersey Finance chief executive Geoff Cook

THIRD-quarter results show that Jersey bank deposits remained relatively stable and that the number of specialist funds increased.

However, the general value of funds business declined, the asset value of funds having fallen from £198 billion in the second quarter of the year to £163 billion.

Jersey Finance say that the funds decline can be attributed largely to the activities of a single fund promoter which has restructured its business.

Specialist funds – which include those focusing on private equity, venture capital, real estate and also hedge funds – showed quarterly increases ranging from nine to 12.9 per cent.

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