The Guernsey Financial Services Commission has released investment statistics for the second quarter of 2009, confirming that global conditions continue to negatively affect the Guernsey investment fund industry. The Commission has for the first time added more comprehensive statistics, on gearing, to allow stakeholders a better overview of the firms' financial situations.
Net asset values (NAV) showed a further decline over the quarter, reflecting in the closed-ended sector’s continuing reappraisal of values in real property and private equity funds. The differing impacts on the open-ended and closed-ended sector are highlighted by the fall in NAVs of open-ended funds (3.5% on the quarter but a fall of 31.3% compared with a year ago, with falls in closed-ended fund NAVs of 10.4% on the quarter and 12.8% for the year to June 30). Overall the total NAVs of Guernsey domiciled open and closed-ended funds fell by 7.7% in the quarter and 21.4% year-on-year. By contrast the NAVs of non-Guernsey domiciled schemes increased by some GBP4bn (10.2%) to end the period 7.6% below the levels recorded in June 30, 2008. Overall, Asset Values, at GBP170bn as at June 30, 2009, were 3.5% below the level at March 31 and 18% below levels recorded on June 30, 2008.
The gross asset value of Guernsey domiciled open-ended schemes as at June 30 was GBP57bn, implying an average gearing level of some 13%. In the closed-ended sector, as may be expected, the gearing levels are higher, gross asset values of some GBP97bn implying an average gearing level of just under a third. Gearing implicit in non-Guernsey open-ended schemes, at around 6%, based on gross asset values of some GBP48bn, appears modest, the Commission considers.
Peter Moffatt, Director of Investment Business said “these figures show, as expected, that Guernsey is not immune from the pressure on asset values which has been experienced worldwide. We hope that the publication of more comprehensive data will help to put those developments in context.”
.
Network Tweets Archive
| Resources | Partners
| Site Map | Links
| Newsletter
Archive | Contact
| RSS Feeds
About | Syndication |
Advertising & Marketing |
Recruitment |
Terms & Conditions |
Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
All content provided by BSI Media
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment