Total funds under management and administration fell by GBP24.5bn (12.2%) over the quarter ended March 31,2009, to GBP175.9bn. For the year to March 31, 2009, values decreased by GBP27.9bn, a decrease of 13.7%.
Within these totals, Guernsey-domiciled open-ended funds fell by GBP11.1bn (17.4%) over the quarter to GBP52.5bn. This represents a decrease of GBP19bn (26.6%) over the year since March 31, 2008. The decrease in value over the quarter results mainly from the adverse performance of global markets during the first quarter of 2009. Since the end of March 2009 there has been an improvement in global equity markets which is anticipated to affect asset values positively during the second quarter.
The closed-end fund sector also fell in value, with a decrease of GBP9bn (9.8%) over the quarter to GBP82.5bn. Over the year to March 31, 2009, the value of closed-end funds increased by GBP3.5bn (4.4%).
Non-Guernsey schemes, for which some aspect of management or administration is carried out in the Bailiwick, decreased by GBP4.4bn (9.8%) over the quarter to leave their value at GBP40.9bn. This figure is a decrease of GBP12.4bn (23.3%) over the year since 31 March 2008. The decrease in net asset value over the first quarter of 2009 results mainly from the ongoing adverse performance of the global hedge fund sector during this quarter.
“Guernsey is not immune from the continuing volatility of global markets which has affected investment funds everywhere,” concluded Peter Moffatt, Director of Investment Business at the Guernsey Financial Services Commission.
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