The value of investment funds in Guernsey grew by £12bn
(7%) in the third quarter of the year.
This positive result reverses the trends experienced during the
previous twelve months and takes the net asset value of funds under
management and administration in Guernsey to £181.5bn at the
end of September.
However, the figures from the Guernsey Financial Services
Commission (GFSC) show that this still represents a contraction of
£20bn (10%) year on year.
Peter Niven, Chief Executive of Guernsey Finance – the
promotional agency for the Island's finance industry, said:
"It is very pleasing to see that there is some light at the
end of what has been a long tunnel. Many firms in the Guernsey
funds sector have been reporting an upturn in business during the
last few months and this is now being endorsed by the figures from
"It is still early days but hopefully we are starting to
see confidence return to the markets. There is a growing feeling
that asset values have bottomed and that now is the time to invest
for the future through an increasing number of new vehicles.
"Guernsey is picking up business and very well placed to
win more due to its comprehensive menu of options, including being
able to offer a variety of structures, several different regulatory
processes, administration and custody providers and high quality
Guernsey domiciled open-ended funds reached a net asset value of
£51.5bn at the end of September, which is a rise of
£0.9bn (1.2%) during the quarter but down £14.2bn
(21.6%) year on year.
The closed-ended sector was valued at £81.1bn by the end
of the third quarter – up £7.2bn (9.7%) during the
three months to the end of September but a decline of £4.8bn
(5.6%) compared to twelve months previously.
Non-Guernsey schemes, where some aspect of management,
administration or custody is carried out in the Island, saw growth
of £3.8bn (8.4%) during quarter three to reach £48.9bn
although this is £0.9bn (1.8%) below the value at the end of
The GFSC figures also show that the gross asset value of all
Guernsey funds reached £217.2bn at the end of September. This
is a rise of £15.2bn (7.5%) from the end of June, which was
the first quarter for reporting the information.
This latest set of statistics also contains figures supplied by
the growing investment management and stockbroking sector, where 75
respondents confirmed gross assets under management of
Mr Niven added: "Together these figures show that
Guernsey's funds industry is beginning to bounce back from the
effects of the financial crisis. The extension of the statistics to
also include the asset management and stockbroking firms is very
much welcomed and will be a useful additional measure for gauging
the development of the industry over the coming months and
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