Guernsey Fund Decline Blamed On Falling World Markets

by Philip Morton, Investors Offshore.com

24 January 2003

Figures released by the Guernsey Financial Services Commission for the quarter ended September 2002 revealed a £1.4 billion drop in the value of funds under local management, according a report in the Guernsey Press and Star this week.

However, Director of Investment Business at the GFSC, Peter Moffatt was quick to point out that: 'This is down to market values and we are not seeing evidence of people pulling out.'

According to Mr Moffatt, the situation is set to improve in 2003, with a number of new funds in the pipeline:

'Since the end of the last quarter we have seen an increase in new fund applications,' he revealed, adding: 'We have started the new year in a positive manner.'

However, the Guernsey Press report also revealed that the jurisdiction is not complacent with regard to investor sentiment:

'There are people out there who think the stock markets are at the bottom but there are also others who think they are not there yet,' Mr Moffatt observed.

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