Reporting strong inflows of new business for the first quarter of the year, the Guernsey Financial Services Commission has announced that total funds under management and administration have reached £60 billion for the first time.
The figure represents an increase in the level of funds of £4.3 billion, or 7.7%, since the end of December 2003, and a £17.2 billion, or 39.6% increase since the end of March 2003.
Within this total, there was a £3.6 billion (16.1%) increase in the value of open-ended funds during the first quarter to £25.7 billion, which over the year to the end of March 2004 have grown by £9.2 billion (55.6%).
The value of closed-ended funds however, fell slightly over the first quarter to £19.3 billion, a 1.7% decline, although these are up 9% (£1.6 billion) over the year to March 31 2004.
The value of non-Guernsey schemes for which some aspect of administration is conducted in Guernsey increased over the quarter by £1.1 billion (7.6%) to £15.7 billion. and over the year by £6.4 billion (69.5%).
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