The Commission said that despite difficult market conditions, collective investment funds under management reached a new high of £27.6bn as at September 30 2000, representing an increase of 4 per cent since June 30 2000 and and 20 per cent since December 31 1999.

Within that total, open-ended funds’ net asset value stood at £15.4 billion, representing a 5 per cent increase over the year to September 30, but a 2 per cent fall since June. Closed end funds, by contrast, increased by 13 per cent over the quarter and 48 per cent over the year to reach £12.2bn.

A press release issued by the Commission stated: 'Guernsey’s strength as an international financial centre is illustrated by the number of fund applications which have been approved this year. In the year to September 30, 23 open-ended, and 41 closed-ended, new fund authorisations had been granted. By late November, 26 open-ended, and 48 closed-ended funds had been authorised. Applications for a further 10 open and 34 closed-end funds are progressing actively.'

The detailed statistical analysis is available from the Guernsey Financial Services Commission at http://www.gfsc.guernseyci.com/news/archive/gfscifq15.html