Reported net assets in Bermuda’s investment fund sector rose to $342.37 billion in the second quarter, according to the latest data from the Bermuda Monetary Authority.

The financial-services regulator’s second-quarter update showed a $22.53 billion increase from the first quarter, representing a 7.05 per cent rise. The total number of funds increased by one to 762.

Professional closed funds recorded the largest quarter-over-quarter increase in net assets, up $7.36 billion to $85.76 billion. Professional class A funds followed, rising by $7.13 billion to $47.56 billion. Together, the two categories accounted for nearly two thirds of the overall increase.

Standard funds reported net assets of $83.13 billion, while institutional funds held $68.28 billion and private funds $41.15 billion.

The authority cautioned that the figures should not be interpreted as showing gains arising solely during the second quarter. Funds report valuations monthly, quarterly or annually, depending on their class, so the comparison reflects the most recently available valuations at each reporting date.

The BMA said the increase, despite little change in fund numbers, pointed to higher average assets per fund, investor flows and reporting and timing effects.

Overseas funds increased by five to 137, while Professional class A funds added one to reach 86. Those gains offset small declines in institutional, private and professional Class B funds.

The total fund count includes overseas funds, but their assets are excluded from the reported net asset values. These funds are regulated in their home countries rather than supervised by the BMA.

• See the BMA funds update under Related Media

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BMA Q2 investment fund statistics