The total net asset value of investment funds in Bermuda increased by more than 3 per cent to $286.46 billion in the second quarter of the year, the Bermuda Monetary Authority has reported.

The quarterly Investment Fund Statistics summary by the island’s financial services regulator revealed that the second quarter total NAV figure was up 3.09 per cent on the first quarter figure of $277.9 billion.

The number of funds at the end of the quarter was 778, up four compared with the first quarter.

However, both the number of funds and their total NAV was down compared with the prior year quarter.

At half-year in 2023, there were 806 funds with a total NAV of $293.63 billion.

The number of funds in each category, and the comparison with the first quarter totals are: administered funds, two, no change; professional class A funds, 75, down one; professional class B funds, 49, up one; professional closed funds, 115, up 15; institutional funds, 149, down one; private funds, 187, down four; standard funds, 77, down one; and, overseas funds, 124, down five.

Year-on-year, the biggest changes were in professional closed funds, up 23; institutional funds, down 15; private funds, down 20; and overseas funds, down 14.

Overseas funds are not subject to the BMA’s supervision and regulation. The NAV for overseas funds is not included in the quarterly calculations.