The 2004 survey of financial institutions shows that the level of profits increased by five per cent in both sectors during 2004, compared to the previous year when fund management profit rose by 12% and trust profit by nine per cent.
For the first time, the profits of legal firms and trust and company administrators were calculated separately, at £46 million and £57 million respectively.
However, the States statistics unit say that because of the relatively poor response received from legal firms, these figures should be regarded as provisional.