The total number of investment funds in Bermuda continued to drop for the second quarter, according to the Bermuda Monetary Authority's (BMA) latest statistics.

The BMA's Regulatory Update for September 2009 revealed that the number of investment funds on the Island fell to 1,038 in the second quarter, compared to 1,286 a year ago and 1,107 in the previous quarter - a figure that has been in decline since the second quarter of 2008.

The total net asset value was also significantly down at $154.6 billion for the second quarter of 2009 versus $235.3 billion for the same period last year. The figure has been decreasing for the past five quarters.

But the number of insurance companies setting up in Bermuda rose for the second quarter this year to 12 from nine in the second quarter of 2008 and was the same as in the opening quarter of last year.

However the total amount of company authorisations was down at 214 for the second quarter of 2009 from 371 the previous year, and from 237 for the first quarter of this year. In fact the number has been dwindling since the second quarter of 2008.