Mixed picture for finance industry

Wednesday 23rd March 2011, 3:00PM GMT.

Jersey Finance chief executive Geoff Cook

IT was a mixed picture for the finance industry in the final quarter of last year with a fall in bank deposits and company numbers but strong growth in the funds sector.

The value of bank deposits fell by three per cent, or £5.5 billion, from £167.2 billion to £161.6 billion. The decrease relates to the restructuring of group deposits from overseas banks in Jersey.

But the funds industry continued to perform impressively with increases in both in the value of funds administered in Jersey and those under investment management.

Jersey Finance chief executive Geoff Cook said that despite market volatility, he was optimistic about the prospects for the industry in 2011.

• Full report in Wednesday’s JEP

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