The total value of funds business in Guernsey grew by £4.9 billion (2.2%) during the third quarter of the year.

Figures from the Guernsey Financial Services Commission (GFSC) show that, at the end of September 2015, the net asset value of all funds under management and administration in the Island stood at £224.8 billion.

Guernsey closed-ended funds increased by £2.9 billion (2.1%) to £138.4 billion while Guernsey open-ended funds increased in value by £0.3 billion (0.8%) to £39.4 billion. Non-Guernsey schemes - open-ended funds that are not domiciled in Guernsey but have some aspect of their management, administration or custody carried out in the Island - also increased in value by £1.7 billion (1.3%) during the third quarter to reach £47 billion.

Dominic Wheatley, Chief Executive of Guernsey Finance, said: "It is pleasing to see that all three categories, open-ended, closed-ended and non-Guernsey schemes enjoyed growth during the third quarter. The figures are an endorsement of Guernsey as a jurisdiction for the administration of a diverse range of funds and further illustrate the current strength of our sector with a number of positives at play in recent months, such as VinaCapital's announcement in October that it is migrating the domicile of its Vietnam Opportunity Fund from the Cayman Islands to Guernsey."

In total, Guernsey's financial services regulator approved 19 new investment funds during the third quarter, comprising 14 closed-ended funds, two open-ended funds and three non-Guernsey open-ended schemes, meaning the total number of funds currently approved for domiciling or servicing in Guernsey stands at 1,045.

Data from the investment management and stockbroking sector, for the period up to the end of June 2015, confirmed total gross assets under management in Guernsey of £148.9 billion, based on the returns of 157 firms.

Mr Wheatley said: "This figure demonstrates the health of the investment sector in Guernsey, which when coupled with the latest funds position helps to paint a bright picture for Guernsey."

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