Guernsey FSC Releases Funds Under Management Figures

by Mandy Robinson, Tax-News.com, London

06 September 2001

The Guernsey Financial Services Commission (GFSC) has released details of funds under management on the Island for the second quarter of 2001.

According to the GFSC, the net asset value of Guernsey domiciled funds increased by £5.5 billion during the quarter ended 30 June 2001 to reach a total of £32 billion. Within that total, open-ended funds under management grew by £1.6 billion to a total of £16 billion and closed-end funds under management increased by £3.9 billion to a total of £16 billion.

An additional 8 open ended funds in the second quarter were authorised but the number of closed-ended funds authorised during the same period (7 funds) showed a slower rate of growth compared with the two previous quarters. However, the GFSC explains that 'some of those funds were extremely large and this is the main reason for the very substantial growth in net assets of closed-ended funds over the quarter.'

Open-ended non-Guernsey schemes under administration in the Bailiwick increased in value by £532 million (6.7%) to £8.5 billion.

The GFSC adds: 'Although markets have not generally been positive over the quarter, some contributors to the statistics noted improved conditions in specific markets as factors contributing to growth in net assets; sterling weakness against the US dollar also affected reported values in sterling.'

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