Guernsey: Funds Under Management Reach New High

Last Updated: 20 February 1996
With virtually all major equity and bond markets achieving positive returns in the final quarter of 1995, total collective investment funds under management in Guernsey rose by 5.2% to a record level of £12.8 billion at 31 December.

There was particularly strong growth in the closed-ended sector, with 16 new funds established and an increase in value over the quarter of 9.6% to a high of £4.4 billion.

Although the number of authorised open-ended schemes fell by six, there were in fact a net two new funds authorised, the difference being due to the merger of eight existing authorised schemes into an existing umbrella fund. The number of classes of umbrella funds rose from 381 to 412. Investment flows remained positive, with net sales of £46 million virtually unchanged from the previous quarter. At 31 December funds under management totalled £8.4 billion, up 3%.

Over the calendar year 1995 total assets under management rose by 11.9%.

An Appendix which summarises and analyses the returns is attached.

GUERNSEY COLLECTIVE INVESTMENT FUNDS : STATISTICS       APPENDIX

1.OPEN-ENDED SCHEMES

     At    Number of Authorised  Value of Schemes       Number of 
                Schemes              (£mn)          Registered Holders

31 Dec 1989       123                2,563               60,054
31 Dec 1990       156                3,069               67,767
31 Dec 1991       153                4,297               61,524
31 Dec 1992       158                5,462               68,721
31 Mar 1993       169                5,957               80,264
30 Jun 1993       174                6,166               82,702
30 Sep 1993       185                7,217               84,839
31 Dec 1993       194                8,310               88,721
31 Mar 1994       186                8,630               92,070
30 Jun 1994       194                8,358               90,442
30 Sep 1994       199                8,350               95,473
31 Dec 1994       201                7,879               93,660
31 Mar 1995       198                7,441               92,924
30 Jun 1995       198                8,010               98,536
30 Sep 1995       200                8,142              100,447
31 Dec 1995       194                8,389              103,853

During quarter   Sales             Repurchases       Net Investment 
    ended        (£mn)                (£mn)              (£mn)

31 Dec 1989       512                  260                252
31 Dec 1990       409                  183                226
31 Dec 1991       619                  263                356
31 Dec 1992       693                  692                  1
31 Mar 1993       915                  801                114
30 Jun 1993       862                  817                 45
30 Sep 1993     1,124                  706                418
31 Dec 1993     1,251                  592                659
31 Mar 1994     1,404                  975                429
30 Jun 1994       770                  691                 79
30 Sep 1994       652                  700                (48)
31 Dec 1994       508                  725               (217)
31 Mar 1995       499                  619               (120)
30 Jun 1995       824                  609                215
30 Sep 1995       622                  579                 43
31 Dec 1995       761                  715                 46

ANALYSIS BY TYPE, CLASS, ETC AT 31 DECEMBER 1995

         Type             Total  Class A  Class B  OEIC  UT     Stock- 
                                                              Exchange 
                                                                Listed 
Securities Schemes          85      20       65     52   33       30
Umbrella Funds              72*     17       55     47   25       16
Govt & other Public Funds   16       5       11      7    9        1
Funds of Funds               6       1        5      6    -        -
Futures & Options Funds      3       -        3      3    -        1
Money Market Funds           3       1        2      2    1        -
Feeder Funds                 2       1        1      1    1        1
Other                        7       -        7      3    4        2

TOTAL                      194      45      149    121   73       51

* COMPRISING 412 SUB-FUNDS.

Notes: Class A schemes are those which meet the Commission's Collective Investment Scheme Rules 1988 and are thereby eligible for recognition by the UK Securities and Investments Board for sale to the public in the United Kingdom by virtue of Guernsey's designation under Section 87 of the Financial Services Act 1986.

Class B schemes are also authorised under the Protection of Investors Law 1987, and are subject to the Collective Investment Schemes (Class B) Rules 1990.

OEIC - open-ended investment companies/UT - unit trusts

2.CLOSED-ENDED SCHEMES

     At      Number of      Value of       Number of           Stock- 
              Schemes     Schemes(£mn)  Registered Holders    Exchange
                                                                Listed
31 Dec 1990      55           1,341           5,690              N/A
31 Dec 1991      68           2,111           6,069               27
31 Dec 1992      78           2,829           6,221               31
31 Mar 1993      79           2,824           6,455               31
30 Jun 1993      80           3,047           7,106               32
30 Sep 1993      84           3,149           5,916               32
31 Dec 1993      86           3,763           5,972               33
31 Mar 1994      89           3,643           6,332               35
30 Jun 1994      96           3,620           6,479               36
30 Sep 1994     101           3,574           6,773               36
31 Dec 1994     107           3,596           6,992               38
31 Mar 1995     113           3,225           7,760               39
30 Jun 1995     120           3,908           8,167               42
30 Sep 1995     124           4,056           7,547               42
31 Dec 1995     140           4,447           8,096               43

3.TOTAL FUNDS UNDER MANAGEMENT

     At         Number of      Value of       Number of        Stock- 
                 Schemes     Schemes (£mn) Registered Holder  Exchange
                                                                Listed
31 Dec 1990          211         4,410        73,457               N/A
31 Dec 1991          221         6,408        67,593                59
31 Dec 1992          236         8,291        74,942                64
31 Mar 1993          248         8,781        86,719                65
30 Jun 1993          254         9,213        89,808                66
30 Sep 1993          269        10,366        90,755                68
31 Dec 1993          280        12,073        94,693                72
31 Mar 1994          275        12,273        98,402                78
30 Jun 1994          290        11,978        96,921                82
30 Sep 1994          300        11,924       102,246                84
31 Dec 1994          308        11,475       100,652                90
31 Mar 1995          311        10,666       100,684                90
30 Jun 1995          318        11,918       106,703                93
30 Sep 1995          324        12,198       107,994                93
31 Dec 1995          334        12,836       111,949                94

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

For further information contact Peter Crook, Director General, Tel:(01481) 712801,Fax:(01481) 712010 (International dialling: 44-1481.
Visit the Guernsey Financial Services Commission Web Site at Click Contact Link

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