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Guernsey Funds Industry Recovers In Q3 2009,
by Jason Gorringe, Tax-News.com, London
Tuesday, December 08, 2009
The funds sector in Guernsey has shown definite signs of recovery, according to
statistics released by the Guernsey Financial Services Commission. While funds
under management remain below 2008 levels, the industry experienced resurgence
in the quarter ending September 30, 2009.
The net asset value of total funds under management and administration grew
by GBP11.9bn (7%) over the quarter ended September 30, 2009, to GBP181.5bn.
Year-on-year, total net asset values have decreased by GBP19.9bn (9.9%).
Within these totals, Guernsey domiciled open-ended funds increased by GBP900m
(1.2%) over the quarter to reach GBP51.5bn, down GBP14.2bn (21.6%) on that recorded
in September 30, 2008. The closed-ended sector saw significant growth over the
quarter, with an increase of GBP7.2bn (9.7%) to reach GBP81.1bn, down GBP4.8bn
(5.6%) year-on-year.
Non-Guernsey schemes, for which some aspect of management,
administration or custody is carried out in the Bailiwick, increased by GBP3.8bn
(8.4%) over the quarter to reach GBP48.9bn. Since September 30, 2008 the net
asset value of this sector has fallen GBP900m, or 1.8%.
The gross asset value of Guernsey open-ended funds as at September 30, 2009,
was GBP59.2bn, implying an average gearing level of some 15%. The gross asset
value represents an increase of GBP2.2bn since June 30, 2009 (the first quarter
for which this information was reported to the Commission).
In the closed-ended
sector, as would be expected, the gearing level remains higher, gross asset
values of GBP102bn (June 2009: GBP97bn) implying a gearing level of just over
25%. The gearing implicit in non-Guernsey open-ended collective investment schemes
is approximately 14%, based on gross asset values of GBP56bn (June 2009: GBP48bn).
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