Guernsey Financial Services Commission Unveils Last Year's Fund Growth

Amanda Banks, Tax-news.com, London

12 March 2001

The Investment Business Division of Guernsey's Financial Services Commission (GFSC) has published its latest Quarterly Statistical Review revealing details of the growth in the funds market in the final quarter period of 2000.

According to the GFSC, significant market corrections were instrumental in slowing down the growth of Guernsey domiciled funds with end-year figures coming in at 4% below end-September's all time peak. Funds under management increased by 15% over the year to a total of £26.4 billion at end-December. Within that total, open-ended funds increased by 1% to £14.8 billion while closed-ended funds increased by 41% to £11.71 billion.

A total of 95 new funds (37 open-ended and 58 closed-ended) were authorised throughout last year and 29 open-ended funds surrendered their licences.

In its Review, the GFSC publishes data on open-ended (but not closed-end) non-Guernsey schemes administered in the Bailiwick. At the end of December 2000, the value of open-ended non-Guernsey schemes under administration was £7.71 billion, an increase of 8% over the year. The Commission says it has commenced a wide review of closed and open ended non-Guernsey schemes administered on the Island with a view to publishing more comprehensive statistics in the future.

The full text of the GFSC's detailed statistical analysis can be found at: http://www.gfsc.guernseyci.com/news/archive/gfscifq16.html

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