Jersey is best known as an offshore banking centre, providing services to some of the world’s wealthiest individuals and internationally mobile executives and entrepreneurs. But coming up fast is the offshore fund sector, which has grown rapidly and has almost certainly overtaken banking in the last quarter in terms of assets under management.

In the three months to the end of June, the value of bank deposits and the net asset value of funds under administration on the island both broke the £200bn ($147bn) milestone, according to the Jersey Financial Services Commission, the island’s regulator. While bank deposits were still just ahead at £211.7bn, funds under administration were close behind at £210.4bn – and growing faster.