The value of Guernsey domiciled funds continued to grow during the quarter ended 30 June 2004, with both open and closed-ended sectors recording new highs, the Financial Services Commission reported.
The value of open-ended funds reached a new record total of £28.4 billion, an increase of £2.7 billion (10.3%) over the quarter, and £10.0 billion (54.3%) over the year to 30 June.
Closed-ended funds increased in value by £0.6 billion (3.2%) to £19.9 billion, also a new high. Over the year to 30 June, closed-ended funds grew in value by £2.2 billion (12.4%).
By contrast, although the number of non-Guernsey schemes for which some aspect of management, administration or custody is conducted in Guernsey continued to rise, the value of these funds fell slightly, by £0.4 billion (2.3%) to £15.3 billion. Over the year to 30 June, however, their value increased by £4.9 billion (47.0%).
As a result, the overall value of funds domiciled or administered in the Bailiwick rose by £2.9 billion to £63.6 billion, an increase of 4.8% over the quarter and 36.7% over the year.
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