The Jersey Financial Services Commission has reported particularly strong performance from the island's fund sector during the first quarter of 2012, with a 3.5% increase in the net asset value of funds under administration, and funds registered reaching 1,412, the highest figure recorded since 2009. According to statistics from the Commission, the net asset value of funds under administration increased to GBP196.2bn (USD303.9bn). The total number of unregulated funds, geared towards sophisticated, professional and institution investors, also increased by an impressive 8.5%, with a total of 13 new funds being established during the first quarter. The value of total funds under investment management increased at a lesser rate of 0.9%, growing from GBP20.8bn to GBP21bn. Finally, the total number of live companies in Jersey at the end of March 2012 was 32,816, with 646 new companies formed during the quarter, the Commission reported.