The Guernsey Financial Services Commission has released details of funds under management on the Island for the third quarter ending 30 September, 2001.
According to the Commission, the overall net asset value of Guernsey domiciled funds fell by £2.4 billion during the quarter to a total of £29.5 billion. Within that total, open-ended funds under management fell by £1.8 billion to a total of £14.2 billion, and closed-ended funds under management fell by £600 million to a total of £15.3 billion.
The Commission points to the September 11 terrorist attacks in America, stating that they clearly had a significant effect on Guernsey-domiciled funds as they have had everywhere else in the world.
The open-ended sector has been affected the most where the totals of funds under management fell sharply from the position at end-June and finished the quarter slightly below March levels. In the closed-ended sector, by contrast, the Commission said that the effect was much less marked, as the position was cushioned by a continuing flow of new investment vehicles.
It was noted that the value of non-Guernsey open-ended schemes increased by £334 million.
Further details can be found on the Commission's website at: http://www.gfsc.guernseyci.com/news.html
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