The Guernsey Financial Services Commission has released its quarterly statistical review of investment business on the island. The overriding feature is the increase in demand for new funds.
The Commission said that despite difficult market conditions, collective investment funds under management reached a new high of £27.6bn as at September 30 2000, representing an increase of 4 per cent since June 30 2000 and and 20 per cent since December 31 1999.
Within that total, open-ended funds’ net asset value stood at £15.4 billion, representing a 5 per cent increase over the year to September 30, but a 2 per cent fall since June. Closed end funds, by contrast, increased by 13 per cent over the quarter and 48 per cent over the year to reach £12.2bn.
A press release issued by the Commission stated: 'Guernsey’s strength as an international financial centre is illustrated by the number of fund applications which have been approved this year. In the year to September 30, 23 open-ended, and 41 closed-ended, new fund authorisations had been granted. By late November, 26 open-ended, and 48 closed-ended funds had been authorised. Applications for a further 10 open and 34 closed-end funds are progressing actively.'
The detailed statistical analysis is available from the Guernsey Financial Services Commission at http://www.gfsc.guernseyci.com/news/archive/gfscifq15.html
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