Collective investment funds under management in Guernsey made an impressive leap in the second quarter of 1996 reaching an all time high of £14.8 billion, up £858 million (6.2%) from the previous quarter.
The most significant increase was in authorised open-ended schemes where total net asset value rose by £661 million to a record level of £9.8 billion, up 7.3% from the previous quarter. Eight new open-ended funds were authorised, one of which saw the introduction of a new Swiss promoter for a derivatives fund aimed at professional and institutional investors. There was a net increase of five new funds in the quarter owing to three suspensions of existing funds (at their managers' request). As with the previous quarter, net new investment was again very positive at £3 56 million continuing the trend of strong investor interest in open-ended schemes noted at the beginning of the year, particularly emerging market funds.
Of the 194 authorised open-ended schemes 45 are "retail funds" which may be marketed to the public in seven countries: Australia, Hong Kong, Japan, the Netherlands, Republic of Ireland, Switzerland and the UK. The number of umbrella funds has increased by two and there was a large increase in the number of sub-classes from 412 in the previous quarter to 456. (In some statistical analyses the umbrella classes are counted as separate schemes which, in Guernsey's case, would bring the total number of authorised open-ended schemes to 577).
Closed-ended funds also increased in value by 4. 1 % with assets under management up by £ 1 97 million from the previous quarter to a new high of £5 billion. As with the open-ended sector, the second quarter saw a new promoter for a Guernsey fund - a US based investment group which launched an Egyptian closed-ended fund. There were a further three new funds granted consent in the quarter, although the actual total number of closed-ended funds has decreased by two as a result of liquidations and the decision of two funds to change their status to become authorised open-ended schemes.
Currently there are 29 new funds in the pipeline of which 16 are closed-ended and 13 are open-ended schemes. Two of the new funds are proposing to emigrate from another European jurisdiction to Guernsey and there is a good mix of products, including venture capital and emerging market funds.
An Appendix which summarises and analyses the returns is attached.
Enquiries to:
Nigel Taylor, Superintendent of Investment Business
Tammy Menteshvlli, Deputy Superintendent of Investment Business
Tel: (01481) 712706
1. OPEN-ENDED SCHEMES
At Number of Authorised Value of Schemes Number of Registered
Schemes (£mn) 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
31 Mar 1996 189 9,108 105,847
30 Jun 1996 194 9,769 106,716
During quarter Sales Repurchases Net Investment
ended (£mn) (£mn) (£mn)
31 Dec 1989 512 26O 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
31 Mar 1996 1,116 785 331
30 Jun 1996 1,058 702 356
ANALYSIS BY TYPE, CLASS, ETC AT 30 JUNE 1996
Type Total Class A Class B OEIC UT Stock-Exchange
Listed
Securities Scheme 86 20 66 53 33 30
Umbrella Funds 73* 17 56 49 24 16
Govt & other Public Funds 13 5 8 6 7 1
Funds of Funds 6 1 5 6 - -
Futures & Option Funds 3 - 3 3 - 2
Money Market Funds 3 1 2 2 1 -
Feeder Funds 3 1 2 2 1 1
Other 7 - 7 3 4 2
TOTAL 194 45 149 124 70 52
* COMPRISING 456 SUB-FUNDS.
Class A schemes are those which meet the Commission's Collective Investment Scheme Rules 1988 and are therby eligible for recognition by the UK Securities and Investment 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 Scheme (Class B) Rules 1990.
OEIC - Open-Ended Investment Companies
UT - Unit Trusts
CLOSED-ENDED SCHEMES
At Number of Value of Number of Stock-Exchange
Schemes Schemes (£mn) Registered Listed
Holders
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
31 Mar 1996 146 4,828 8,392 45
30 Jun 1996 144 5,025 8,437 48
3. TOTAL FUNDS UNDER MANAGEMENT
At Number of Value of Number of Stock-Exchange
Schemes Schemes (£mn) Registered Listed
Holders
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
31 Mar 1996 335 13,936 114,239 96
30 Jun 1996 338 14,794 115,153 100
NEW E-MAIL AND INTERNET ADDRESSPlease note: The Financial Services Commission has a new E-mail address which is info@gfsc.guernsey.net and its information site on the Internet can now be located on http://gfsc.guernsey.net
However, http://www.itl.net/go/to/GuernseyFSC will remain active for the foreseeable future.
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 on Tel: +44 (0) 1481 712 706 or fax: +44 (0) 1481 712 010.
Visit the Guernsey Financial Services Commission Web Site at Click Contact Link