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.
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