Statistical returns from the fund industry reveal that the second quarter of 1999 was the most successful ever recorded, with the total number of funds, their net asset value, and sales of, and net investment in, open-ended funds all reaching new highs.

This report contains a detailed analysis of the returns, but the highlights may be summarised as follows (figures in brackets show previous records and dates) -

AT 30 JUNE 1999

Total number of Guernsey Funds


(399, 31 March 1999)

Value of open-ended funds

£12.5 billion

(£12.1 billion, 30 September 1997)

Value of closed-ended funds

£6.5 billion

(£6.1 billion, 30 June 1997)

Total assets under management

£19.0 billion

(£17.8 billion, 30 September 1997)


Open Ended Funds - Sales
- Net Investment

£1.8 billion
£800 million

(£1.6 billion, 31 December 1997)
(£751 million, 31 March 1997)

Over the quarter, total assets under management increased by more than £2.5 billion, up 15.5%.

Peter Crook, Director General of the Commission, commented "these excellent figures demonstrate that external challenges have not affected the confidence of international financial services institutions and investors in Guernsey as a quality finance centre".

Nigel Taylor, Director of Investment Business, said "the Guernsey fund industry is to be congratulated on these impressive results which have been achieved despite an increasingly competitive environment".

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.