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GFSC Unveils Q3 Fund Statistics

by Philip Morton, Investors

07 December 2006

Funds under management and administration in Guernsey grew by GBP5.7 billion (5%) over the quarter ended 30 September 2006 to reach a total of GBP120.5 billion, according to the Guernsey Financial Services Commission.

For the year since 30 September 2005, values increased by GBP28.8 billion, an increase of 31.4%.

Within these totals, closed-end funds grew, with increases of GBP5 billion (13%) over the quarter and GBP15.8 billion (56.7%) over the year since 30 September 2005, to reach GBP43.7 billion, a new record.

The value of new fund approvals in the open-ended sector meant that, despite falls in market value suffered by some existing funds, overall, Guernsey domiciled open-ended funds grew by GBP62 million (0.1%) over the quarter and by GBP9.7 billion (22%) over the year since 30 September 2005 to reach a new record total of GBP54 billion.

The value of non-Guernsey schemes for which some aspect of management or administration is conducted in the Bailiwick increased during the quarter by some GBP631 million (2.8%) to GBP22.8 billion. Since 30 September 2005 the value of non-Guernsey schemes has risen by 17.1%.

In the year to 30 September, a total of 32 new open-ended funds, 172 new classes of open-ended funds and 83 new closed-end funds were approved by the Commission. This compares with 30 open-ended funds, 92 new classes and 48 closed-end funds approved in the equivalent period of 2005.

Of the funds approved by 30 September 2006, 36 were Qualifying Investment Funds. Since launch of the scheme in February 2005, a total of 72 Qualifying Investment Funds had been approved.

Peter Moffatt, Director of Investment Business at the Guernsey Financial Services Commission, observed that:

“New fund approvals continue to run at record levels and there is a continuing flow of inquiries, both from those with an established track record of domiciling their international funds in Guernsey and promoters new to the jurisdiction. Demand from promoters to establish their funds in Guernsey, attracted by the quality of Guernsey’s service providers and the recognition for pragmatic regulation has continued to increase significantly."

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