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Guernsey's Asset, Fund Managers Feel The Pinch

by Jason Gorringe, Tax-News.com, London

03 February 2003

A report in the Guernsey Press and Star last week revealed that asset managers and fund managers are feeling the pinch as a result of sliding equity markets.

According to the newspaper, uncertainty over the possibility of a US-led war with Iraq has pushed already depressed markets still lower, meaning that those who take their fees based on share values are no longer seeing the profits that they once were.

However, vice-chairman of the Guernsey Fund Managers' Association, John Le Provost told the Guernsey Press that the diverse nature of the asset and fund management business in Guernsey has meant that, overall, the industry has maintained revenue levels.

According to Mr Le Provost, although fees from equity funds have been reduced as a result of falling stock prices, and asset managers have seen a decline in their compensation levels of late, revenues from cash and other funds have not been overly affected.

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