Guernsey Funds Under Management Hit Record Levels

by Carla Johnson, Investors Offshore.com

18 February 2004

The total amount of funds under management in Guernsey has for the first time surpassed the £55 billion mark as the Financial Services Commission recorded further growth in its fourth quarter 2003 investment statistics.

According to the GFSC, the value of Guernsey open-ended funds reached £22.2 billion by end-December, an increase of 7.6% over the quarter, up just under 40% over the year as a whole. By the end of December, closed-ended funds had reached a value of £19.6 billion, representing 14.4% growth over the entire year.

Taken together, the open and closed-ended sectors reached an end-year value of £41.8 billion, an increase of 26.6% over the year and 4.1% over the quarter.

Despite weaker markets, 26 new open-ended funds, and a remarkable 108 new classes of existing open-ended funds, were authorised during the year, compared with 17 new funds and 75 classes in 2002. Thirty-one new closed-end vehicles received consent compared with 36 in 2002.

The GFSC noted that the figures were attributable to both improving capital values as markets recovered, and the growing reputation of the jurisdiction as a well administered and reputable financial centre.

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