Funds Managed And Administered In Guernsey Approach GBP70 Billion

by Jason Gorringe, Tax-News.com, London

19 November 2004

Total investment funds under management and administration in Guernsey increased by 8.6% over the third quarter to reach a total of GBP69.1bn, the Financial Services Commission has announced.

The latest figures mean that over the year to the end of September, funds have increased by a total of £12.8 billion, or 22.6%, the FSC stated.

Within the total, the value of open-ended funds increased most strongly, rising over the quarter by GBP3.2bn (11.2%) to GBP31.6bn and by GBP9.4bn (42.5%) over the year.

However, the FSC noted that closed-end funds also began to grow again after a relatively quiet period, increasing by GBP1.6bn (8.0%) to GBP21.5bn over the quarter, and GBP1.9bn (9.6%) over the year to September.

Meanwhile, the value of non-Guernsey open-end schemes administered reversed the small decline noted last quarter, increasing by GBP0.7bn (4.5%) to GBP16.0bn. Over the year the value of such funds increased by GBP1.4bn (9.8%).

According to the regulator, by the end of October, more Guernsey domiciled investment vehicles had been authorised than in the whole of 2003.

The data shows that 26 new open-ended funds had been authorised (compared with the same number for the whole of 2003), as well as 114 new portfolios of existing funds (compared to 108 in 2003), while 37 close-ended funds had received consent (33 in 2003), along with 11 new portfolios for existing structures (3 in 2003).

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